Recent media reports of poor financial advice from our big banks is concerning but not surprising. Over the last 10 years or so, the banks have shed many experienced staff in favour of less experienced and cheaper options. You only have to head into any bank branch and get asked by the staff if you are interested in another bank product without being given the reason and how it would suit your financial requirements or objectives. I have had many clients who have gone to their local bank branch to complete their mortgage requirements without being given an option to set their repayments on either a weekly or fortnightly basis which could have saved clients many thousands of dollars in interest costs and seen a reduction in their overall term. Many of those experienced staff that have left are now in either finance broking or some other form of financial industry area, and thats why 60% of all Australians now use a mortgage broker!
