DomaCom backs efforts to weed out spruikers
DomaCom has called on advisers to join forces with industry bodies seeking to create a more professional property investment advice sector.
DomaCom head of sales and marketing Warren Gibson is encouraging financial advisers, accountants and mortgage brokers to join the Property Investment Association of Australia (PIAA) or Property Investment Professionals of Australia (PIPA) in an effort to regulate the sector.
“Much has been written about investing in the property market, particularly in relation to the SMSF sector, with concern voiced from many quarters about its appropriateness and the lack of regulation surrounding property,” said Mr Gibson.
“If financial planners, accountants and brokers support these bodies and gain the credentials being offered, they can increase their client reach, extend their revenue potential and bring property into a regulated space.”
Mr Gibson said independent planners, accountants and mortgage brokers have an opportunity to “drive out the spruiker element” and give the sector “a better image”.
“[Also] giving consumers more protection through qualified advice and property recommendations,” he added.
PIAA and PIPA are two industry bodies established to help regulate the advice side and provide education and qualifications along with a code of professional conduct and ethics.
“This will help protect their client base and deliver better outcomes,” said Mr Gibson.