On January 1st new legislation for brokers comes into play – it is called Best Interest Duty.
So, how do you actually find a broker who will act in your best interests?
It is a sad comment on an industry of which I have been a part for 23 years, with multiple awards in that time, that a Royal Commission highlighted the need for legislation to compel brokers to do what should be integral to their ethos.
In general, people act out of self-interest and there is nothing wrong with that.
If I did not get paid, I would not be a broker.
The problem is not self-interest, but that when conflict arises between a client’s best interests and the broker’s, that a broker may act by putting their own needs above the clients.Read more