It’s a recurrent theme at MB that property advice is an unlicensed area of wild west speculation. Now, according to the AFR, the area is booming:
Financial advisers are being offered “no course, no examination, 100 per cent success rate” real estate qualifications that could provide big commissions from investors wanting to plunge into booming property markets.
…“There should be all sorts of flashing red lights going on,” said Fausto Pastro, an accountant and financial adviser for William Buck, a financial consultancy.
Many financial advisers, whose traditional commission income is under threat from new regulations, are seeking real estate qualifications to buy and sell property, typically for SMSFs. Real estate and mortgages are not considered investments, which means financial advisers are not authorised to make recommendations or buy and sell on behalf of their clients.
Companies such as Capital Direct Property are offering accountants, mortgage brokers and advisers “fast track real estate licences” that have no exams, no online courses and 100 per cent success rate.
Candidates must attend a seminar and their suitability for qualification is based on “life experiences”.
A natural extension of our competitive edge.
