Apparently a broker can only "tell" you of the different products available, while an advisor can give you "advice" about which one is most suitable. I use a broker and am happy with the services, I do not see much value added by any additional advice over what I currently get, but was just wondering whether anyone has had differences in service provided between the two.
I always found it odd the people licenced to advise are usually the most likely to sell something inapropriate.
I am forever having to disclaim when i speak to clients (ie when I tell them 80% of people 'lose' over time when fixing rates, or that they can negatively gear an investment etc), but if they visit their local accountant or financial planner they get stitched up with trees or managed funds, or worse.
Of course there are plenty of dodgy MB's out there, as well as bank staff/ mobile lenders.
I used to see heaps of people who had signed up for LOC products with budgeting software attached to pay off their mortgage in 3 years etc etc. Those kinds of MB companies (the ones that call at dinner time) give the whole proffession a bad name.
Loan Arranger perhaps is a better term?