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Broker associations need consumer focus

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Julia Corderoy | 25 May 2015, 08:00 AM Agree 0
The MFAA and FBAA need to continue to focus on reinventing themselves as an industry body, after a survey revealed that two in three consumers did not know or did not care that their broker was a part of an industry association
  • Perth Broker | 25 May 2015, 08:57 AM Agree 0
    Value add to to its members...what a load of crock....organise course we don't need, forcing us on doing paperwork that is unnecessary.
    Every time I have to renew my membership it reminds me on what a useless body they are and what a waste of time and money.
  • Brado | 25 May 2015, 09:08 AM Agree 0
    From a consumer point of view, absolutely agree. What relevance does an industry body mean to the client getting a loan? None.

    I also don't think that the industry bodies really need to have any public awareness. It isn't what they are there for. Consumers don't go searching for a broker based on the member association do they?
  • Ray | 25 May 2015, 09:15 AM Agree 0
    FBAA is basically a Broker Association, MFAA is basically an Industry Association, neither are Consumer Associations - nor should they be. The MTA advertises heavily but is not there to support the Consumer, the RIA is well know but definitely does not support the consumer. The MFAA & FBAA neither are doing a good job in supporting brokers particularly when the get themselves in a little trouble. The MFAA in particular treats Brokers as "Trophies" when something goes wrong. Let's get these bodies giving more support to the Brokers, then and only then let the consumers know the strength of Membership. Truth in advertising from the MFAA that they also represent the Big four would also go a long way.
  • MCC | 25 May 2015, 09:39 AM Agree 0
    Agree wholeheartedly with Ray's comments. Consumers would not necessarily see the need to drill down to determine whether a "peak" industry body did or didn't exist. It depends on how the consumer buys the product / service. I.E. are they information seekers, relationship based, pricing driven etc etc. Depends on the makeup of the consumers taken in the survey sample, & as we know with Gov't referendums, you can ask questions a particular way in order to get the desired outcome.
  • Richard | 25 May 2015, 09:50 AM Agree 0
    The horse bolted years ago for both Associations, especially the MFAA. There is neither relevance or value for money to the members but I would love to know where all the money goes!!
  • Harold Spencer | 25 May 2015, 10:13 AM Agree 0
    As a consumer ASIC is the interest for me, show me your licence then I get it. Never heard of MFAA or FBAA and now after having a look at their website's I don't see any benefit for me....a code of conduct..HAHAHA.
  • Questionable | 25 May 2015, 11:08 AM Agree 0
    @ Richard, being an FBAA Member I can tell you that the association puts a lot back into their members, I have not paid for a professional development day or a National Conference in the past 3 years, which is more than I can say than when I was a member of the MFAA.

    I can see that my money has gone into System development for the association as I get certificates on line, update my details on line, speak to real people and can contact the CEO if I have problems, I also like the ability to be trained by real people from the right core businesses like ASIC training on the NCCP not someone from an aggregator group.

    If you did your homework you would see that one is working more with us brokers than the other....

    Associations were never about the consumer, they were built for us to have representation at higher levels, something I know I couldn't do on my own.
  • Broker | 25 May 2015, 11:38 AM Agree 0
    Imagine trying to explain to the public why there is the FBAA and the MFAA...
  • Maria Rigoni | 25 May 2015, 01:04 PM Agree 0
    Why do brokers have to be a member of either for lender accreditation purposes?
  • Skeptikal | 25 May 2015, 01:37 PM Agree 0
    When was the last time the Certified Practicing Accountants Association bothered to let consumers know who their members were, or the Chartered Accountants Association or the Financial Advisers Association?
    They are for the members not for the public.
    The members can give their client a copy of their Membership Certificate if they are that worried about it.
    I have been a Finance Broker since 1996. I have never had a client ask me if I was a member of any Association or if I was even licensed for that matter. All the information they needed was on my business card or advertising. If I was doing my job properly why should they even ask?
  • MCC | 25 May 2015, 01:45 PM Agree 0
    Maria,

    I guess it's setting standards in professionalism , education etc. An industry body provides a point of contact for it's members & external parties alike. Perhaps it would be seen as a retrograde step to not have an industry body in place? Like everything you would hope that improvements are made along the way in pursuit of better operations. From 2003 when I left banking to now I'm comfortable in saying that structure & professionalism has largely replaced the "wild west". I think industry bodies have contributed to that.
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