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6 Nov 2019 (AFR) – Agents offered ‘eye-watering’ 13pc commission to sell apartments

(6 November 2019, AFR, p38, Duncan Hughes, Reporter) ‘The commission payments are available for one-bedroom apartments, which are selling from $345,000, and two beds from $499,000. Agents are being offered massive commissions of around $65,000 to sell two-bedroom $499,000 off-the-plan apartments in a Bowen Hills development about 3 kilometres north-east of Brisbane. The 13 per … Continue reading

15 Nov 2018 (AFR) – Metro Property and H&T Realty in court over defaulting apartments

(15 November 2018, AFR, p29, by Su-Lin Tan) ‘Real estate agency H&T Realty is suing developer Metro Property Development over $4 million in off-the-plan apartment sales commissions. H&T, which sells apartments in Sydney, Melbourne and Brisbane, alleges Metro withheld commissions after blaming the agent for a 20 per cent to 25 per cent default rate at seven of … Continue reading

23 Mar 2017 (AFR) – ‘One big house of cards’ – Brisbane developer offers brokers ‘massive’ $35,000 townhouse commission

(23 March 2017, AFR, p31, by Larry Schlesinger) ‘A Brisbane project marketing firm is offering selling agents “massive” commissions to flog townhouses off-the-plan to investors in the city’s outer suburbs.’ <snipped…> ‘ “It’s one big house of cards and dodgy spruikers are getting to unsuspecting investors who think they are getting a deal,” said Sydney … Continue reading

22 Oct 2014 (AFR) – Life cover policies lapse in light of lousy advice

(22 Oct 2014, AFR, p25, Jeremy Chunn) ‘If life insurance is meant to reward the living with peace of mind and the loved ones with security, in many cases it’s the salesperson who gets a nice payout. The Australian Securities and Investments Commission found in just over a third of cases where cover is bought through … Continue reading

10 Oct 2014 (TheAge) – Take cover from shoddy advisers – Watchdog report finds one in three customers receive poor life insurance advice

(10 Oct 2014, The Age, BusinessDay, p21, Adele Ferguson) ‘Teagan Couper was stunned when she heard that one in three customers receive shoddy advice on life insurance policies according to a study by the corporate regulator into the $44 billion life insurance industry. “That blows my mind,” she said. “It is crazy that so many … Continue reading

6 Oct 2014 (TheAge,SMH) – Regulator taking aim at life policy ‘churning’ rorts – Life insurers brace for ASIC report

(6 Oct 2014, The Age, BusinessDay, p27, Sally Rose) ‘Australia’s biggest life insurers are bracing ahead of the release of a report from the corporate watchdog, slated for release this week. It is expected to be damning of the exorbitant commission fees the industry offers financial planners to sign customers up to their policies. Pressure … Continue reading

3 Jul 2014 (TheAge) – Fees still flowing to CBA from ‘Zombie funds’

[COMMENT: Is this at all galling to those investors who are affected?] (3 July 2014, The Age, BusinessDay, p21, Adele Ferguson and Ben Butler) ‘Financial planners at the scandal-plagued Commonwealth Bank are still raking in lucrative commissions and fees for tipping their clients into $3.2 billion so-called ”zombie funds” that have been frozen for six … Continue reading

Jun 2014 (CNBC) – Confessions of a financial advisor

[COMMENT: This is a great read, for those who are a little in the dark about the financial advice industry. Now this material originated in the US where the laws may be a little different to other countries (like Australia); but the warnings still apply. It pays to make no assumptions about the financial advice … Continue reading