Reardon’s own definition of good advice was shaped by cases like this one, which is why he warns against reducing the profession to loan processing as lending complexity continues to grow.
Same client, different outcomes
Reardon pointed to inconsistency across lenders as evidence that expertise matters beyond finding the lowest advertised rate.
“Two lenders can review the same client and reach quite different conclusions,” he says.
“There is a significant difference between processing a loan and providing strategic mortgage advice. Processing looks at the transaction in front of you. Advice considers where the client wants to be in five or 10 years.”
A call for closer lender-adviser collaboration
Instead of pointing to regulatory change, Reardon said the industry’s response should focus on education, technology, and stronger support systems, alongside better cooperation between advisers and lenders.