I am about to start mortgage broking ….I know not the best time to start … plan to operate part time until i have enough confidence and clients to switch full time. I have completed the diploma in fin and mortgage broking and also a cpa. Goal is to be a finance planner and mortgage broker and operate full time in few years.
Looking for advise from mortgage brokers in group for a good aggregator and mentor.
Thanks
c.o.r.r.e.c.t.l.y.
Gold star for you
I see what you did there
I’d like to buy a vowel
thanks mate. fixed.
Please advise any good aggregator and mentor. Tried google already. Looking for advice from someone who is experienced in this field. Thanks
Do you think that being a financial planner and mortgage broker is sort of a conflict of interest?
a financial planner and mortgage broker is sort of a conflict of interest?
Why would that a conflict?
You are suppose to get unbias / product agnostic advice when you go to a FP. They can lead you down the path of what they think are good products for you but should let you make a decision. Mortgage brokers usually have a favourite product or two to put people into, why? Because it'll be semi competitive in the short term but give them absolutely brilliant trailing commissions.
I just feel if you wear both hats. You will never be truly unbiased because you know if you recommend and set up certain mortgages for your clients, that you'll earn big bucks.
People that do both will tell you that they have integrity and would never do this, but it is not regulated in any way for them not to do this, so how would you ever know? If being a FP wasn't a funnel to get people into their mortgage broker business, would these people even do both? You know why you don't see FP/Stockbroker hybrids? Because their isn't an easy buck to be made out of it. But if you did see one, they'd surely be "advising" you that this is an excellent time to be investing in the stock market, and by the way, did you know they have just the product for you to get started?
Thanks for the detailed feedback. Appreciate if you can guide me regarding aggregator and mentor question I have.
Our workshop service and repair vehicles. We also sells tyres and batteries. We carry a number of different brands. The customers may want a brand of their choice when they come in, but in many cases may purchase the one that we recommend. The brands that are recommended perform just the same way as the others, but they're cheaper with a higher profit margin.
Is there a conflict of interest here? If there is then is it an acceptable practice? Do you mind as customer that the shop sells an inexpensive good of reasonable quality while the shop makes more profit by doing so?
BTW. The story isn't real.
@whooah1979: Fixing a car is a little bit different than someone guiding you on your financial future. Maybe I put the position of FPs too high on the trust list. They are suppose to be giving you unbias advice, that is the whole mantra of the job and a way that they position themselves differently from someone going to a Bank or other large FI for financial advice. I just feel if you are also wearing another hat where they are pushing a select few products to maximize their wealth and not yours, that would irk me.
If I was personally seeing a FP and he was also a mortgage broker, I'd be wary of any advice he gave me on mortgages and would do a lot of my own research. But if some retiree went to them, they'd just take whatever they say as gospel.
On your car shop story. Say you push a battery that is cheaper but higher profit margin but then fails on me within 3 months, should I be ok with that? If I go back to the shop they'll say they are workshop that repairs vehicles, and that they are not battery experts. However with a FP/Mortgage broker they are suppose to be the financial experts AND mortgage expert. So if they get me into a loan that is high GPM for them that jacks the rate on me 3 months later, should I be ok with that? I don't think so.
Again, I know buyer beware and all of that. But a financial planner is suppose to be providing a service for a fee, not doubling up on profits.
Mortgag wasn’t that alfs sister in home and away
Rip
What is an aggregator, may I ask?
someone who aggregate mortgage together
Well now I am soooo clear lol …. what needs aggregating in a mortgage?
more or less like massdrop
that's why some broker can nego better rates
but then these days there are a lot of small/individual brokers in the market just offer crap standard deals no better than bank itself, claiming they're worth for their 'advice' on picking the 'right' homeloan for you.
Thanks guys for the comments. Appreciate if anyone can guide me with my query. Cheers
Why do you want to be mortgage broker when you are CPA. I presume CPA makes quite alot of money than mortgage broker and looks like 2 are different career paths.
advice from a non mortgage broker; spell correctly.
.