Why is broker suspected & not the lender?
..... because neither is a charity, and they both sell financial products with the incentive of making profit either through a commission kickback or by charging interest or a fee for collecting and passing on product information thats readily available to consumers if one was to use a combination of a small amount of intelligence, a healthy dose of scepticism, and a revision downward of over optimistic expectations.
That is quite a serious acqusation to make without proof- I bet you wouldn't use your real name to any correspondence making these claims- might just get you a day in court!
.... Well my name is roro123, just like yours is Yellow Belly. Sure the courts might be full of those dastardly bankers being prosecuted, I might never get my day in court and anyway I have a very good solicitor and he could argue my case and save the day (god bless him!)
I am now a broker (was a banker) and to be honest guys if you only knew how under handed & sneaky the banking system is from within you would be damn glad to deal with a qualified independent person to handle your dealings with them
That is quite a serious acqusation to make without proof- I bet you wouldn't use your real name to any correspondence making these claims- might just get you a day in court!
(particularly as in most cases it costs nothing extra)
Yes , thats true, it costs nothing to talk to a broker or financial advisor or a shop assistant for that matter, but transact some business and hey presto , there is a magic invisible slice given to the middle man in the transaction, namely upfront commission from the sneaky Bank , a fee for the financial advisor in lieu of the commission from the sneaky Bank, or an hourly wage for the shop assistant.
I think people really need to not only understand what they are committing to but how the brokerage system works and how independant the advice is when there's business transacted through a broker.
I'm sure there are people who work in banks who view what they do ,as best for their customer, as well as those that spin yarns to close a deal.
and you guys still feel that it is safe to deal with them without someone assiting you?
Well if they trust you to sell their products for them......
Hard to do that without fleecing someone? And to be fair to them they managed all this and still have idiots who think that they know how to get good deals from banks without some form of professional help- cannon fodder!
Thank god there is someone out there to protect us from ourselves.
I agree, any idiot who thinks they are getting a good deal from a bank or an agent of the bank(s) should seek professional help but not the kind you offer.
Brokering out business suits the banks on many levels. They have agents on commission, they don't need to cover pay and conditions or pensions or holiday.. the list goes on. All they needed to do was to offer the broker a discount introductory rate to sell on to the client. No wonder the rates were higher dealing directly with the banks, they obviously need to cover those employee related costs. The broker then shows the client which bank (a broker can act on behalf of many banks) offers the best value for the client at the time. The client says "Wow" , the broker says "Phew" and the Bank says "Che-Ching!"
Fast foward 2 and a half years later when the introductory rates expire , then client says "How?" , the broker says "Who?" and the bank says "Che-Ching!".
Sniper fire has the same outcome.
I am now a broker (was a banker)
You are still a banker, only an outsourced version of one. There's no "Road to Damascus" here, just a conflict of interest.