Unless you’ve been living under that proverbial rock, you’ve likely heard about the Royal Commission into the financial services sector, and numerous allegations of misconduct targeting banks, accountants, financial planners, property agents and of course, mortgage brokers.
The picture being painted out of the ongoing inquiry, including testimonial from victims who’ve allegedly been stitched up by the questionable practices of self proclaimed professionals, offering obviously biased advice, is far from pretty.
Much of the ado is around recommendations of SMSF’s for mum and dad investors. Particularly where it’s obvious that the only ones who stand to profit in any big way from this often ‘costly to implement’ structure are those making the recommendations, and reaping the resulting (often hefty) commissions.
Then there’s some of the questionable remuneration practices around broker referrals, where seeming conflict of interest issues have been ignored.
This self-interest based product peddling is finally coming under closer scrutiny, thanks to the much anticipated investigation. Rightfully so, when you consider the number of pensioners who’ve appeared before the Commission, testifying to being left penniless in their ‘golden years’, after being convinced to accrue massive debt against their assets and equity, that they couldn’t possibly service.
One bad apple
With reporting from the Royal Commission currently highlighting the bad apples in the bunch, it can be easy to start tarring and feathering the entire financial services sector with the same broad-stroke opinion.
But there are a lot of good apples. In fact, some of us are thankful for this Commission and what it’s bringing to light. Those of us who take what we do seriously, because we understand our integral role in the planning for your future financial security, have known for some time that things needed shaking up.
Trilogy has consistently adhered to a high standard of conduct, taking part in a wider industry push to tidy up lending practices, crack down on cowboy deals and dodgy commission takings, and enforce an across the board code of conduct for the sector.
We long anticipated this necessary weeding out of ‘flash-in-pan’, speculative players who always pop up when the property markets are performing well and the industry is running hot.
In fact most of the suggestions put forward by the forum are already considered best practice here at Trilogy, as we’ve been adhering to them since…well…since our doors first opened.
It’s about your outcome
At the end of the day, if we’re not fostering and nurturing client relationships based on trust, and a mutual desire for you to get the most out of your growing property investment portfolio, then we’re not here for the long haul.
And that’s always ben our intention. Because we know the deals we make happen are not about our short term gain, but your long term outcomes…your future hopes and dreams for your family.
Importantly, as avid investors ourselves, we understand that property investment and associated loan portfolios are long term interests. As such, we know success comes from riding out the cycles and understanding how to navigate the often unpredictable seas of property’s ups and downs.
Importantly, many of the brokers who’ve been targeted for their less than scrupulous dealings lacked the knowledge and expertise you’ll find here at Trilogy.
They simply didn’t have the high volumes and subsequent variety of loan structure scenarios that our combined experience affords. That’s the big, difference. No matter what curveballs our clients throw at us, we’re likely to have an appropriate solution that we know will work.
Try us out! Throw your best curveball our way! We’ll come out swinging with a long term solution in your best interests. Because ultimately, your best interests, are our best interests!
About the Author
Since 2008, David Thomas has built a business aimed at servicing the needs of property investors, owner occupiers and small business owners. David is recognised as one of the top 10 independent mortgage brokerages in the country, David and his team have settled almost billions of dollars worth of residential and investment loans over the last decade.
Known for his straightforward, relatable style, David believes by educating people about property funding; they fare better in the market. By sharing his expertise openly, some of the people he educates will likely become his clients. It's a win-win approach.
David Thomas is a credit representative (Representative Number 506153) of BLSSA Pty Ltd, ACN 117 651 760 (Australian Credit Licence 391237).