The product is underwritten by Paradigm Quest and features competitive rates and “the most aggressive trailers in the industry by far,” says Albert Collu, President and CEO.
Argentum’s goal is to help mortgage agents “build an income sustainable over time,” states Collu.
“I’m very concerned…Our industry is unique in that it is one of the few industries (maybe the only industry) where we collectively concern ourselves about the competition only to send them our business and clients.” (Collu is referring to how brokers send business to the major banks, who in turn try to prevent clients from renewing with the broker at maturity.)
Collu adds, “…most agents/brokers manage businesses that really carry no value and therefore is not sellable because the asset of the business is actually them (the mortgage professional) and consequently the database holds little value. This creates future income uncertainty and leaves agents/brokers void of an exit strategy.”
Earning trailer fees is a key solution to this problem, suggests Collu, just as it is in the financial planning business.
Argentum is a mortgage brokerage operating primarily in Ontario, BC, and Alberta. It launched in 2009 and has grown fairly rapidly.