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Jessica Darnbrough
Fee for advice could soon be adopted by the majority of mortgage brokers, Adelaide Bank's general manager third party lending Damian Percy has claimed.
Speaking at the Bernie Lewis advice conference in Noosa, Mr Percy said while it is unlikely that the industry as a whole will move towards a fee for advice model, the majority could soon start charging for their advice as brokers get increasingly sick of letting the banks determine what they are worth.
"Why should the banks determine what a broker is worth. By allowing the banks to do that, brokers are saying that they work for the banks. That is not a successful career, nor is it particularly rewarding," he said.
"Looking forward I think in time the majority of brokers will start charging a fee for advice. It will not be because commissions have dropped, it will be that consumers fully appreciate the value that brokers deliver to them and will be prepared to pay for that advice."
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