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Broking industry faces consumer awareness problem: report

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Julia Corderoy | 20 Nov 2015, 08:00 AM Agree 0
There is a major consumer awareness issue when it comes to the mortgage broking channel, according to a report by a major bank
  • Regional Broker | 20 Nov 2015, 09:14 AM Agree 0
    OK if 35% are NOT considering it, by logical deduction 65% are. This is in line with expectations !
  • Ray | 20 Nov 2015, 09:23 AM Agree 0
    The industry bodies have a place, the Banks have the money & the staff, but what about aggregators - NAB being one of the largest - "People living in glass houses shouldn't throw stones". Stop taking money from brokers if you are not going to proactively promote them.
  • Broker | 20 Nov 2015, 09:38 AM Agree 0
    If 47% expect to pay a fee, it just demonstrates how ineffective the MFAA and FBAA are in representing its paying members by educating the public.

    All spin and no substance is the return for our annual fees.
  • Scott Beattie | 20 Nov 2015, 10:09 AM Agree 0
    I 100% agree that I would like to see the MFAA / FBAA take a stance along the lines of the accountants who say always use a CPA accountant.
    Please take the focus of lead generation and get clients to put brokers in general on their shopping list!
  • Maria Rigoni | 20 Nov 2015, 12:23 PM Agree 0
    Surprise! Surprise! A major bank doing research on what consumers expect from brokers. This article has a message - brokers be prepared to start charging a fee. The consumer will be educated to expect the mortgage broker to charge a fee. Then the banks will stop paying the broker, gouge more profit from the consumer and create a competition barrier for brokers to win business as we will be more expensive than going directly to the branch. It is that simple.
  • Jack | 20 Nov 2015, 02:51 PM Agree 0
    When was I saw any form of electronic advertising from either MFAA or FBAA about the services that a broker offers and how brokers are usually remunerated.

    Also Steve Kane there are quite a few brokerages that send newsletters etc to their client base. We do not have the manpower to phone our whole client base individually (employ the 80/20 rule). I also wonder how the question was asked to the respondents?
  • Broker | 20 Nov 2015, 04:13 PM Agree 0
    Did NAB give these 1000 people the answers in advance?!

    I'm sure NAB would be really concerned about the publics awareness of how Brokers operate, I do wish they would not insult our intelligence though.

    Their agenda is blatantly obvious, no wonder I never refer clients their way.
  • Damn lies and statistics | 20 Nov 2015, 07:08 PM Agree 0
    That report stinks to me. I don't buy it one bit.
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