Here at Mortgage Advice we are fee for service mortgage brokers. Now this doesn’t necessarily mean we charge you up front – as we can and do retain the bank commissions until our fee is paid, after which we rebate all further commissions back to you- the client. We do this because I believe the client should be rewarded for loyalty to a bank, not the mortgage broker or loan writer at the bank.
Fee for Service is what the financial planning industry is currently trying to adjust to and the regulations around FOFA seem to constantly be under review. But the move to non conflicted remuneration for financial services professionals should be seen as the way to go. The Accounting industry is the best example of this, they give advice for a set fee or hourly rate based on experience and expertise.
Until moving to the Fee for Service model a couple of years ago I was planning on leaving the industry after almost 14 years as I was disenfranchised with how the industry worked. However I heard about the this model and thought I should try to help change the way financial services firms work in Australia.
Over 2 years have past and Mortgage Advice is a growing company. To me this proves that professional financial services advisors can make a successful career without hiding how we earn income. In many ways it’s even an advantage for us and our clients. As once our fee is paid off the rebated commissions effectively make us cheaper than going direct to the bank. Allowing me to offer you many lenders with quality advice while knowing you the client will be in a better position for it.
So get in touch with us and see if we can help you. If I/We can’t improve your situation now I am more than happy to tell you so and to come back at the appropriate time- this is how I believe we should operate- working for you, the Client.
