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Major bank handing volume bonus to brokers

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Australian Broker | 14 Mar 2014, 08:30 AM Agree 0
One of the big four is giving brokers at partner aggregation groups an extra payout this month, and one aggregator reveals the figures.
  • Melb Broker | 14 Mar 2014, 09:56 AM Agree 0
    Go away Westpac, you're a blight on the broker channel!
  • Patrick McMenamin | 14 Mar 2014, 10:11 AM Agree 0
    Any significant commission disparity or bonus which has the potential to bias the recommendation made by a broker is a conflict of interest as is being required to meet volume hurdles to maintain accreditation.
    In my view your Credit Quote would have to not only disclose all but would need to explain why the recommended product was not only "not unsuitable" but "more suitable than other alternatives with less commission".

    I agree with Melb Broker. The bank which initiated the trailer cut whilst all banks continued to make monster profits now wants our patronage. Go away and take that "twister" St George with you.
  • Disappointed Broker | 14 Mar 2014, 10:12 AM Agree 0
    A small step in the right direction. But, Record Profits announced on a regular basis, but still a long shot from pre GST levels of commission. CBA no trail in first year, Homeside, no trail in first year, and those who do are .15%. Sick of hearing that the Major Banks support the Broker Channel, but without the financial rewards of 6 years ago when we all copped a 40% reduction in pay. They are laughing all the way to the Bank.
  • JOE BROKER | 14 Mar 2014, 10:43 AM Agree 0
    Gee Wow.
    We're really horny now!!
  • Broker | 14 Mar 2014, 11:03 AM Agree 0
    I agree with all comments here and I will never ever support Westpac again, and haven't since June 2008 for obvious reasons.

    Prior to June 2008 I used to give them heaps of volume. Their recent actions smell of a bank that is desperate for the market share that is previously had, and then and intentionally destroyed through short-sighted greed, they should give that market share dream up as it will never happen, not via Brokers anyway

    I wish that Westpac would just leave the Broker channel for good, they have already done enough damage to the Broker industry and their recent commission changes are also somewhat insulting as my aggregators results have nothing to do with mine, do they?

  • Keith of the West | 14 Mar 2014, 11:09 AM Agree 0
    Somewhat annoying and double standards as Westpac lead the charge during the GFC to cut commissions and trail payments and everyone else followed ..they dont impress me much!
  • . | 14 Mar 2014, 01:34 PM Agree 0
    Was this a plug for Westpac or an infomercial for Connective and Vow?
  • Country Broker | 14 Mar 2014, 02:27 PM Agree 0
    Gosh < This is an INFOMERCIA L for all named ! Yawn , real news please
  • oldBroker | 14 Mar 2014, 04:24 PM Agree 0
    So if I settle 100% of my Westpac applications but the aggregator network doesn't reach threshold then I don't get the bump. But if I settle only 1 loan out of 100 Westpac applications but the aggregator network reaches the threshold then I get a bump.
    This is a nutty side-effect of the current lender/aggregator relationship.
  • oldBroker | 14 Mar 2014, 04:40 PM Agree 0
    So if I settle 100% of my Westpac applications but the aggregator network doesn't reach threshold then I don't get the bump. But if I settle only 1 loan out of 100 Westpac applications but the aggregator network reaches the threshold then I get a bump.
    This is a nutty side-effect of the current lender/aggregator relationship.
  • JOE BROKER | 15 Mar 2014, 10:45 AM Agree 0
    In 2007 Westpac loudly and clearly broadcast its contemptuous message to the broker channel in no uncertain terms. Now they're trying to convince us otherwise. Good luck!
  • JOE BROKER | 15 Mar 2014, 10:45 AM Agree 0
    In 2007 Westpac loudly and clearly broadcast its contemptuous message to the broker channel in no uncertain terms. Now they're trying to convince us otherwise. Good luck!
  • Dave | 17 Mar 2014, 11:07 AM Agree 0
    I don't support banks that only pay 0.15% trail... it doesn't go with my business model. Any increase is good Westpac but when your coming off a very low base there's a long way to go!
  • Salvatore | 17 Mar 2014, 01:21 PM Agree 0
    Big deal!
    We brokers were getting 70bp upfront and 25bp trail just a few years ago. Why don't you report that!
  • Cynical | 19 Mar 2014, 10:31 AM Agree 0
    MFAA membership renewal is once again due & I get the priveledge of having to pay an increase Membership Fee based on CPI increases. Did I miss something.....our commission incomes are not based on CPI are they??
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