Canadian Mortgage Hangout Oct. 23, 2013 “Ex-Banker Tells All” with Sandi Martin

Canadian Mortgage Hangout is very pleased to be joined today by special guest Sandi Martin from Spring Personal Finance. In a segment we are calling “Ex-banker tells all” please join us at 1PM EST/ 10AM PST for this weeks Canadian Mortgage Hangout.

Canadian Mortgage Hangout is very pleased to be joined today by special guest Sandi Martin from Spring Personal Finance. In a segment we are calling “Ex-banker tells all” please join us at 1PM EST/ 10AM PST for this weeks Canadian Mortgage Hangout.

If you have a question for Sandi during the Hangout, please use the #cmhTV hashtag on Twitter.

About Scott Dawson

Scott Dawson is a Mortgage Professional based out of Vancouver, British Columbia. Since the start of his career Scott has used Social Media to build his personal brand awareness and establish relationships with clients & referral sources. Scott is also well respected for his knowledge within the the mortgage industry and has been featured in Canadian Mortgage Broker News, Canadian Living, Moneyville, MoneySense Magazine and The Toronto Star. You can also find him on and Twitter.
  • Geoff Cook

    Confused…It seems as though you are talking down commission based business.

    Do all you mortgage brokers get paid by charging by the hour and wave your commission or return it to the client?

    • http://firstfoundation.ca/ @kiltedbroker

      Confused as well… What gave you the impression we are talking down commission based business?

      • Geoff Cook

        Well… I am just getting started but Jackson says “When you dig into actual way the typical was a financial planner gets compensated…it is really not good…they get paid on products that they offer… to the person it is free…You are basically getting hosed”

        Don’t mortgage brokers often get paid commission on the products they sell?…

        To the client it is free too or does Jackson not get paid a commission by the Mortgage provider and charge a fee to the client and waive the commission to the client or give the client the commission?

        • Geoff Cook

          Disclosure: I am an independent CFP and get paid commissions and or fee for service depending on what kind of work I am doing, and what kind of work the client needs.

          This just seems like a jab to financial planners who get paid commissions, but the reality is often people would rather I get paid commission then pay me out of pocket.

        • http://firstfoundation.ca/ @kiltedbroker

          Thanks for the clarification. I was speaking on some of my personal experience and client experiences around the misconception that a financial plan as offered by a financial planner is “free”. When in actual fact there is a cost involved, whether through deferred sales charges or management fees.

          I certainly have no problems with brokers or financial planners receiving a commission for services. I just want to see more transparency around how and what that commission is.

          The context of the video was an ex-banker (who is now a fee-only financial planner) helping brokers understand some of the things that go on at the branch level to increase our sales ability (as mortgage brokers) with respect to objection handling. It was never meant to be a commentary on the personal finance industry in Canada.

          I certainly don’t begrudge you or any other financial planner doing a great job with your clients, however you will never find me in support of a single product provider dominating the marketplace as is the case in Canada. I believe choice is the best option for the consumer and outline my value proposition as such, even if that choice ends up with the clients going with a bank.

          I meant no foul, and honestly after being burned by a financial planner many years ago, I have invested my money in myself and growing my own business instead of in the market. So please excuse my ignorance and generalizations.

          • GeoffCook

            Well said.

            I would agree that transparency is an issue in the financial services world and unfortunately like so many things, it seems that a group of people can ruin it for everyone.

            I stumbled across this post through For Advisors Only (FAO) and it looks like several people found it was a bash against our industry (Life Insurance, Investments etc) which is really set up for compensation similar to the mortgage business.

            I am envious of your channel, I wish I had a group of Independent planners/advisors I could chat with live and share with the community.

            I would agree with Sandi in that the best thing we have going for us vs. the bank is our independence. We have accountability, freedom of choice, flexibility to control how we charge/offer/do, and can offer much more service than any bank can.

            None the less…Thank you for acknowledging the comment and best of luck in the future
            :) Geoff