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Wealth Professional | 07 Nov 2013, 12:00 AM Agree 0
Mortgage brokers under 30 add on financial-advice designation, according to an Australian study
  • Lynda Weinrib | 08 Nov 2013, 10:21 AM Agree 0
    In my opinion, any designation is only a starting point in gaining knowledge. And most designations, just like a BA, begin with minimal requirements. It is only through experience you learn to apply the theory learned in the courses - whether they were at University, at college or from an online course -to real-life situations so that you can actually help clients.
  • Jim R | 09 Nov 2013, 11:03 AM Agree 0
    Mortgage Brokers have an incentive for leverage investing.More debt for clients may not be in the best interest for the client. Broker gets paid for mortgage, paid for investment, Govt gets taxes for investment income and client takes all the risk of losing his house.
  • JSydneyH | 14 Nov 2013, 08:03 AM Agree 0
    Interesting comments. I personally (as a mortgage broker and financial coach) have had to rescue people from an overzealous CFP who leveraged their real estate to the point they were about to lose their house.

    So I argue that anyone holding an MFDA or IIROC designation not be permitted to become a licensed mortgage agent in the province to prevent that from happening.

    The CFP designation has become so watered down and meaningless that it is irrelevant. If every bank employee has it and we know they provide only bank specific advice to their customers, so why carry the designation?
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