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Firstfolio aims to 'set the record straight' on 'clean-up job'

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Australian Broker | 01 Mar 2013, 08:00 AM Agree 0
In the wake of his company's disastrous half-year results media coverage, Firstfolio chairman Eric Dodd aims to clear the air
  • FF Broker | 01 Mar 2013, 12:49 PM Agree 0
    Finally FF has recognised that Brokers are a fundamental part of their business - I am afraid it may be too late, I am sick of being kept in the dark and although Mr Dodd states that they are "in constant contact with brokers" that certainly is not true as we find out about their "issues" in the press and then turn up at the PD days to very brief comment that attempts to sweep any issues under the carpet. I have had enough and am looking elsewhere for an aggregator that can offer me some stability - after all my business is my livelihood.
  • Positive Broker | 01 Mar 2013, 02:02 PM Agree 0
    Sorry to say where there is smoke there is usually fire. The writing may be on the wall. This is not good for the industry.
  • Broker Needs | 01 Mar 2013, 02:07 PM Agree 0
    FFF is too small to manage all the brands they have. If they would listen to their brokers and consider consolidating all their brands under one strong brand they would reduce costs across the group. They could then afford to pay brokers a fair fee to write business from their referral network. This would motivate brokers to write more business and look after their customers. These changes alone would reduce operating costs, increase broker retention, increase customer retention and increase sales.
  • Double suspicious | 01 Mar 2013, 10:10 PM Agree 0
    Have to ask the question. Raise capital, strengthen balance sheet, say what? Do any directors have a loan to FF?. If so, suggest paying it back will be the first step. How complex can the model be? $20b book - clip ticket at 10%+/- of settlements and trail payments. Step up, and show the financials. We know the book is $20b via broker hard work.
  • Double suspicious | 07 Mar 2013, 12:26 AM Agree 0
    Firstfolio is in effect a trustee for the brokers. The spokesperson says all is good. CBA says otherwise. No director loans should be permitted. Dividends OK, but no director loans. 6th grade maths.
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