Though a younger demographic is needed to replace retirees in the financial services industry, whether new entrants have the proper qualifications, ideals and level of commitment are of concern - particularly if they are doubling up on their duties.
“Mortgage brokers are not moving in the same direction that I feel the financial planning profession is supposed to be moving in,” explains fee-only advisor Matt C. Altro, partner and chief operating officer at Altro Levy LLP. “Anytime you are selling another product, for me, it is not the best situation for the client. It’s not my version of financial planning.”
Though he is not against the financial-advice add-on, Paley believes mortgage brokers, who typically don’t see see their clients on a regular basis, would struggle to meet their financial needs..
“I see a logical connection in the purchase function, but I’m not sure if a mortgage broker would be willing to service a client on a long-term basis,” he says. “I do see a potential conflict of interest, and that will always be there.”
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