Australian Broker forum is the place for positive industry interaction and welcomes your professional and informed opinion.

Brokers must embrace public battles over clients

Notify me of new replies via email
Australian Broker | 27 Feb 2013, 06:00 AM Agree 0
A new site aimed at increasing client control over their broker experience says public competition is the way of the future
  • Shannon Ingram | 27 Feb 2013, 10:47 AM Agree 0
    I'd be very nervous under NCCP making a product recommendation publicly prior to discussing the clients needs and goals. A lot of the value that I add is around finding a solution that meets my clients needs, not flogging them the cheapest special currently on the market.
    Had a look at the site and you can specify only 2 different features that are important to you. Also specifying an income band but not other expenses makes it a very pointless exercise to work out if they even qualify for the products you post up.
  • Stuart | 27 Feb 2013, 10:54 AM Agree 0
    This appears to be nothing more than a red light destination for brokers to prostitute themselves. Borrowers have a duty of disclosure to the broker just as the broker has an fiduciary duty to the client. To bid for business is against the NCCP, where is the Fact Find, where is the personlised service...? Another hair brained scheme from a computer propeller head trying to muscle in on what is meant to be a tailored service.
  • Chris C | 27 Feb 2013, 11:06 AM Agree 0
    If Moneytribe want to deal in lending, they should also be made to hold an ACL and they would have to meet the lending criteria and offer a far better and complete service than what they have at present. They should be a red light to ASIC at the moment. Brokers need to be aware also that with these types of sites, they can spend a lot of time quoting but for very little you really want this type of client.
  • Wayne | 27 Feb 2013, 11:09 AM Agree 0
    Another dipstick idea
  • Phil in Finance | 27 Feb 2013, 11:35 AM Agree 0
    Definitely not NCCP compliant.
    Prospects do not have to provide enough information to enable a proper assessment of their situation.
    Agree it is a minefield ASIC should look into and close down quickly.
  • | 27 Feb 2013, 12:50 PM Agree 0
    All been done before!
  • Positive Broker | 28 Feb 2013, 01:19 PM Agree 0
    This approach is very rate focussed. If you compete on rate you will simply lose the business (read clawback) as soon as a cheaper offer comes along. I am not interested in this type of client. I offer much more that rate.
  • Andy | 28 Feb 2013, 04:33 PM Agree 0
    I think these sort of services are def. part of the future. Consumers value convenience and their privacy but are also looking for good advice and product suggestions before choosing a provider or broker (including trusted Facebook friend opinions). This kind of consumer experience is also now pretty commonplace - ebay,, 99designs etc - and it's only a matter of time before it's applied to fin services products. Be interesting to see how consumers respond to this...
Post a reply