{"id":21812,"date":"2018-07-19T01:00:54","date_gmt":"2018-07-18T15:00:54","guid":{"rendered":"https:\/\/realestatetalk.com.au\/?p=21812"},"modified":"2018-07-19T01:00:54","modified_gmt":"2018-07-18T15:00:54","slug":"trust-me-i-am-a-banker-veronica-morgan","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/trust-me-i-am-a-banker-veronica-morgan\/","title":{"rendered":"Trust me \u2013 I am a banker! \u2013 Veronica Morgan"},"content":{"rendered":"

Veronica Morgan<\/strong> asks the question \u2013 \u201cCan we trust the banks anymore?\u201d.\u00a0 In light of what we are hearing from the Banking Royal Commission, some people are wondering about the whole finance and property industry.\u00a0\u00a0\u00a0 Who can you trust?<\/p>\n

Transcript:<\/strong><\/p>\n

Kevin:\u00a0\u00a0<\/strong>Well, if nothing else, one thing that the Banking Royal Commission has told us is that even those who we thought we could trust, we probably can\u2019t. This relates very much to what we\u2019re hearing, some of the evidence that\u2019s been quite staggering that\u2019s coming out of the Royal Commission.<\/p>\n

It raises the question: how can you trust banks? How can you trust anyone in property? I\u2019m going to discuss that now with Veronica Morgan. Veronica is a buyer\u2019s agent, she\u2019s from GoodDeeds.com.au, and is also a cohost of\u00a0Location, Location, Location Australia<\/em>\u00a0with Bryce Holdaway.<\/p>\n

Veronica, nice to have you on the show again.<\/p>\n

Veronica:\u00a0\u00a0<\/strong>Hello, Kevin. Nice to be here.<\/p>\n

Kevin:\u00a0\u00a0<\/strong>Yes, a sensitive subject, this one, about trusting the banks or even trusting anyone. It\u2019s really very concerning.<\/p>\n

Veronica:\u00a0\u00a0<\/strong>It\u2019s shocking, actually. When you hear the Royal Commission, some of the stories that have been coming up, it\u2019s absolutely mortifying. And it\u2019s interesting that there are a lot of parallels, though, with what\u2019s being talked about and the things that have been revealed, there are a lot of parallels with the property market and the property industry.<\/p>\n

And in particular, the investment space and the property spruikers and the muddiness around what\u2019s an advisor when it comes to investment property. I see a lot of parallels between the bank-employed financial planners and \u2013 using inverted commas here \u2013 \u201cadvice\u201d that they\u2019ve been giving and property spruikers or marketers and investment specialists who are actually pushing product.<\/p>\n

Kevin:\u00a0\u00a0<\/strong>It\u2019s been staggering to listen to some of the people whose lives were just totally wrecked. And it\u2019s not just the banks; there have been some brokers and some investment advisors who have done some very shonky things.<\/p>\n

Veronica:\u00a0\u00a0<\/strong>Yes, they have. In fact, obviously, the mortgage brokers are being to some degree, I think, thrown under the bus by the banks as well and are being blamed, where there are a lot of very good brokers out there, a lot of very good financial planners out there as well.<\/p>\n

And I think that hopefully at the end of all this, it will be possible for consumers to easily distinguish between the two. And I think the idea of independence is very important, and I think that needs to come out loud and clear. But there are unfortunately some unscrupulous people who are always going to prey on the desire of some people to get rich quick, false promises.<\/p>\n

Kevin:\u00a0\u00a0<\/strong>They are in every industry. And it\u2019s not just the banks and it\u2019s not just the brokers; there are lots of people who shouldn\u2019t be there. But I think the companies who are taking this seriously, Veronica\u2026 And I had a meeting just today with someone who heads up a very large brokerage firm in Australia, and they are treating this extremely seriously, so much so that they\u2019ve been terminating some of their agreements \u2013 and they have been for quite some time \u2013 if they found that everything\u2019s not going the way that it should be.<\/p>\n

Veronica:\u00a0\u00a0<\/strong>Which is great. I think it has to be hit hard. It\u2019s funny; on the real estate side of things, there\u2019s a Pathway to Professionalism Initiative that has been gathering momentum. It\u2019s been spearheaded now by the REIA. And what\u2019s behind that is really turning the idea of being a real estate agent into a profession.<\/p>\n

I\u2019ve been talking to some of the people involved in that and in their surveys of agents across the country \u2013 and I\u2019m sure it\u2019s very similar to brokers and financial planners \u2013 is that there\u2019s a massive, wide gap between those who are really great practitioners and those who aren\u2019t, but also just a lack of general training and mentoring, education across the board.<\/p>\n

And as a real estate agent, we\u2019re behind the financial services sector, which is even more scary.<\/p>\n

Kevin:\u00a0\u00a0<\/strong>You mean in terms of credibility?<\/p>\n

Veronica:\u00a0\u00a0<\/strong>Well, (a) in terms of credibility, but (b) in terms of actual education standards.<\/p>\n

Kevin:\u00a0\u00a0<\/strong>I see what you mean, yes. Well, I know that John Cunningham\u2026 I don\u2019t know whether he\u2019s the person you\u2019ve been talking to.<\/p>\n

Veronica:\u00a0\u00a0<\/strong>He\u2019s one of them, yes.<\/p>\n

Kevin:\u00a0\u00a0<\/strong>John has been very strong\u2026 John is a wonderful real estate agent. He has his own business, Cunningham\u2019s Real Estate. And John has really been pushing very hard for this, understanding that the credibility of how they train agents to be credible is just so important to keeping the industry alive.<\/p>\n

Veronica:\u00a0\u00a0<\/strong>Yes. I think I mentioned when I\u2019ve spoke to you before, I\u2019ve just launched a new podcast recently called\u00a0The Elephant in the Room<\/em>, and we\u2019ve been interviewing people like John. We\u2019ve interviewed a number of agents \u2013 Shannon Whitney is one we\u2019ve interviewed as well \u2013 where we\u2019ve really dug into this whole idea of professionalism and why it is that the real estate industry has such a terrible reputation and what needs to change and the attitudinal changes, but also the whole standards of the industry and how success is measured, all of those things.<\/p>\n

There are a lot of excellent agents out there who really do the right thing, and I think John Cunningham is one of those people who is a beacon in the industry, but there\u2019s a lot to be done.<\/p>\n

Kevin:\u00a0\u00a0<\/strong>There is. But thank goodness there are people doing it, and thank goodness too for the Banking Royal Commission, because it has unearthed lots of things that we were not aware of that no doubt are going to be fixed, and I think all of that is great stuff.<\/p>\n

Veronica, thank you so much for your time. Wonderful insight. Veronica is from GoodDeeds.com.au. Thanks for your time.<\/p>\n

Veronica:\u00a0\u00a0<\/strong>My pleasure.<\/p>\n","protected":false},"excerpt":{"rendered":"

Veronica Morgan asks the question \u2013 \u201cCan we trust the banks anymore?\u201d.\u00a0 In light of what we are hearing from the Banking Royal Commission, some people are wondering about the whole finance and property industry.\u00a0\u00a0\u00a0 Who can you trust? Transcript: Kevin:\u00a0\u00a0Well, if nothing else, one…<\/p>\n","protected":false},"author":176692473,"featured_media":21804,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[10,11,13,35,36,18,22,25],"tags":[101],"class_list":["post-21812","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-kevin-turner-sponsored-channels","category-kevin-update","category-latest-story","category-property-development-topic","category-property-investment-topic","category-property-management-topic","category-research-topic","category-sponsored-channels","tag-podcast"],"yoast_head":"\nTrust me \u2013 I am a banker! \u2013 Veronica Morgan - Realty Talk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/channels.realty.com.au\/realtytalk\/trust-me-i-am-a-banker-veronica-morgan\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Trust me \u2013 I am a banker! \u2013 Veronica Morgan - Realty Talk\" \/>\n<meta property=\"og:description\" content=\"Veronica Morgan asks the question \u2013 \u201cCan we trust the banks anymore?\u201d.\u00a0 In light of what we are hearing from the Banking Royal Commission, some people are wondering about the whole finance and property industry.\u00a0\u00a0\u00a0 Who can you trust? 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