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I disagree with you Luke Jackson as you’re basically saying Advisors go where they are paid the most! If you work out the commission of a loan over a 5 year period then the commission generally works out to be the same between the banks anyway, some customers have the choice of using any bank, and some don’t.
I think that is not a bad deal for the clients really- the leg work- the expertise sits with the mortgage adviser. If he- she does a good job by the client (through the clients eyes) and the client knows that they are not being asked to pay one red cent for that leg work for that their industry expertise- then what is the problem??? Bankers and other "employee" type arrangements get annual bonus's- do they disclose those specific numbers- $$$'s to their their zillion clients. Your argument- like many before you is slanted and rather than reflective of 98% of us that play the game (disclosure wise) above the line. Here is a thought- why not smack that 2%- don't smack the honest masses as it is all getting really really boring and repetitive. It is almost like- if you earn commission that is bad- you are the bad guy versus if you earn a salary and have bonuses that is good- you are the good guy. What do I think- I think "my arxe............................" - you can work out what the "x" really stands for- denotes- hmmmmmmmmmmmmm.
@ Dr Jekyll, great point, and further to that, one should also look to the current CEO and their respective history in Financial Services. Leaves Hanover Finance in a shock (according to the press at the time) move prior to it falling to the GFC pressures, and then helms Tower, which by all accounts was a similar business to the current insurers that were under the spotlight for soft commissions... That's what irks me I think, to be throwing stones around, when their own history is not quite so squeaky clean. Maybe he has been redeemed... Yeah..Nah!
Is it just a branding thing that Simplicity is trying to set themselves up are holier than thou? For a provider that relies so heavily on donated services, they have some real questions to answer about risk management within their own business.
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