There is a growing trend within the banking industry towards digital advice and online banking.
What this means for the consumer is an increasing reliance on technology based decisions where “one size fits all”. A computer algorithm weighs up information and produces a “yes” or “no” answer. This decision of course relies on information being entered correctly, and does not take into account any “outside” factors such as unique personal situations, future events or temporary situations.
So then, what happens when the customer is not sure of their facts, does not understand the question or simply gets the facts wrong? An experienced person might query the facts based on experience or their knowledge of the client – or simply ask another question and so clarify the situation.
When someone wants to borrow money for a large purchase such as property, a positive outcome is incredibly important to them. Not only that, but a small mistake or miscalculation can prove to be VERY costly!
The question then is, “what is it worth to get good advice?” If talking to a professional, it might cost several hundred dollars per hour. So, what about financial advice? Good financial advice could save you a significant portion of the amount just mentioned – maybe more!
Let’s look at a couple of examples:
A client with a business and a number of private residential properties was being threatened with an increase of several percent interest on all loans because the loan servicing income related to the business only. We were able to work out a strategy to reduce those interest rates to “residential property interest rates”, and so save the client around $20,000 per year – and we were able to persuade the bank to agree to it.
Another client was paying a high rate of interest to a second tier lender, and we were able to restructure the debt to minimize the amount of borrowing on the higher interest rates, and place some of the debt with another lender at lower and certainly more attractive interest rates. Again, this produced a saving of several thousand dollars.
Given these levels of savings, the clients were happy to reimburse us for our time. Would you be prepared to do that?
Perhaps YOU know someone who might need that sort of help? Why not put them in touch? You could be doing them a real favour!
Contact Peter (03) 281 8605 (option 1) E. firstname.lastname@example.org
Or Jerome (03) 281 8605 (option 2) E. email@example.com