I suspect by now that you have heard the news that the Macquarie Financial brand will no longer be available in the broker market. To be clear, because there seems to be some confusion in the broker market, Macquarie Financial is not exiting the Canadian market place. They will continue to operate other lines of business in Canada, as well as support multiple brands in the broker space. But the big “O” (Macquarie Logo) will in time disappear from the broker landscape. However, their legacy, and the enormous amount of talent they assembled, will carry on. Macquarie’s success in the broker space will reverberate for years to come.

I remember it like it was yesterday. I was sitting in my office at Merix, and across my computer screen came the official press release that Macquarie had purchased a lender, and that they were committed to a trailer fee model for mortgage brokers. Even though Merix was the pioneer and present day champion of trailer fees, Macquarie’s entrance into the market gave me a sense of relief. I was relieved because another entity would preaching the same story as ours. More importantly a recognizable brand such as Macquarie’s legitimized what Merix was attempting to accomplish, change the way an industry does business. We still have a ways to go before we reach our final goal, but I think it’s safe to say that trailer fee’s today are no longer viewed as that great unknown. Everyone knows today the value of trailer fee’s. Everyone knows today that they should have some portion of their book of business with a trailer fee lender. That in it self is a significant accomplishment relative to where the market was six years ago. The psychology of something new is critical relative to acceptance, and Macquarie contributed to the acceptance of trailer fee’s. For that I would like to publicly thank all the staff and management at Macquarie Financial.

As for Merix, we will always be the torch bearer of trailer fee’s. We believe to our core that it’s the right model for mortgage brokers. As for other lenders who may decide to offer compensation models which reflects what Merix has to offer, I will be the first to congratulate these lenders when they finally do so. I look forward to the day when other lenders join our cause, i.e. creating future wealth for mortgage brokers. Now’s a good time as any.

Until next time.

Cheers