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New technology aims to defeat 'spruiker' mentality

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Australian Broker | 13 Jun 2013, 08:00 AM Agree 0
Property investment adviser group Forrester Cohen has launched an online and App-based quiz which they claim will help move borrowers away from the 'spruiker' mentality - and they want brokers to use it with their clients.
  • Brian C | 13 Jun 2013, 10:42 AM Agree 0
    Maybe ASIC will take notice & regulate Property Investment advice just like Financial Planning & Mortgage Broking & force the property spruikers & their unethical selling methods from the industry.
  • Peter Fast | 13 Jun 2013, 10:58 AM Agree 0
    True property investment "advice" will only ever be achieved when the presentation of that advice is in the same format as a Statement of Advice provided by Financial Planners.

    It will therefore include full disclosure of all fees, charges and commissions relating to the transaction and hopefully an analysis of the cashflow projections and tax implications.

    Until all levels of Government support that with robust legislation , it won't happen.
  • QEDRisk | 13 Jun 2013, 11:15 AM Agree 0
    I get that John is being genuine and certainly this sounds like a great product. But the reality about self-regulation is that the hard issues are never tackled. Look at the Banking Code of Conduct. Ten years on and it's just a bag of wind.

    Agree with Peter and Brian - the only way to finally lay this one to rest is for all of us to turn up the heat on government to hand this industry over to ASIC.
  • Rosemary | 13 Jun 2013, 11:20 AM Agree 0
    Absolutely we need a regulated property investment sector and PIAA as a professional association is a champion for this process. Forrester Cohen Advisors are members of PIAA. PIAA uses ASIC financial planning standards for its education and its members can source advice based PI insurance.

    Now we just need an election and the attention of the Government to move forward.
  • NoTimeLikeTheFuture | 13 Jun 2013, 12:20 PM Agree 0
    "Now we just need an election and the attention of the Government to move forward".

    Regulation like this actually has a better chance under Labor.

    Libs get a bit emotional around 'regulation or "red tape"' as they'd call it - even when it's needed.

    Labor did pretty well with NCCP. It was a victory for our industry and our clients.
  • Chris C | 17 Jun 2013, 10:42 AM Agree 0
    I have seen a Statement of Property Investment Advice completed by one of the Forrester Cohen Advisors and this in fact does achieve what Peter mentions is necessary.

    It does include full disclosure of all fees, charges and commissions relating to the transaction and an analysis of the costings and modelling of such.

    This is a fantastic model and really helps people avoid dealing with Property Marketing Companies and Spruikers, many of these are one in the same.

    I love the Quiz.
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