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MFAA credit adviser campaign off to 'astounding' start, but are brokers happy?

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Australian Broker | 26 Sep 2013, 06:00 AM Agree 0
MFAA CEO, Phil Naylor, is thrilled with the results so far of the group's re-branding campaign, but not all brokers - or rather, credit advisers - are happy
  • Boof | 26 Sep 2013, 10:29 AM Agree 0
    Very interesting, it wasn't that many years ago we were not allowed/supposed to give advice, and now here we are, Credit Advisers. I guess the printers will be very happy and busy with all the new orders for stationery etc.
  • Martin | 26 Sep 2013, 10:36 AM Agree 0
    Ask anyone from outside our industry what they think of when they hear the term "credit adviser" and you hear things like, credit cards, poor credit, pay day lenders, unsecured credit. No-one associates the term with the very specific form of credit we source and arrange for clients, which is credit secured by a mortgage over residential property or commercial property. There was nothing wrong with being called a mortgage broker. Whoever decided it was a good idea to re-brand us has their own problem with the moniker. To make a change like this which is so divisive of the industry seemingly without consultation (I can only speak for myself, as I was not consulted) is a total waste of members money and this latest campaign is just throwing good money after bad. I believe the term credit adviser should be abandoned and those that decided on the change should admit they are wrong and be held accountable.
  • Ron Guthrie | 26 Sep 2013, 11:02 AM Agree 0
    Confusion reigns supreme.
    The Public know that an Insurance Broker is just that an Insurance Broker. They also know that a Stock Broker is just that a Stock Broker , they also know that a Finance Broker is just that a Finance Broker. If it looks like a Duck , waddles like a Duck swims like a Duck and quacks like a Duck the Public know that it is a Duck. Some things are best left alone the FBAA represents Finance Brokers and has since inception AND it still has the same name being Finance Brokers Association of Australia.
    How many times has the MFAA had its name changed since inception from Australian Mortgage Bankers Association of Australia to Mortgage Industry Association of Australia to present day MFAA. Some Organisations must be confused with their own Identity so heaven help the Public. Confusion reigns supreme.
    Remember if its a Duck then its a Duck !
  • NoTimeLikeTheFuture | 26 Sep 2013, 02:45 PM Agree 0
    I like being an advisor.

    There is nothing wrong with an organisation and a class of professionals moving with the times.

    Others can stagnate if they like.

    Keep moving forward MFAA and well done.
  • Broker | 26 Sep 2013, 03:26 PM Agree 0
    So the MFAA judge the success of this campaign based on "hits" to the MFAA website?

    Laughable at best..
  • Broker | 26 Sep 2013, 03:28 PM Agree 0
    Thankfully , I am a proud FBAA - Finance Broker , which is proving to be a very sound decision.
  • May | 27 Sep 2013, 08:56 AM Agree 0
    The MFAA has trouble defining who it represents as it represents both lenders and brokers. While brokers and lenders are both in the Finance Industry, their interests are diametrically opposite. The Lenders seek to dilute the influence of brokers in the market as they have to pay the brokers for sending customers their way. And brokers offer choice to the borrowers with the power of knowledge - where the competition is.
    The big banks seek to nullify this competition as it gives the smaller second tier and non-bank lenders a level playing field.
    The biggest influence in the MFAA are the big banks. They have the money to sponsor the very expensive events - as you still have to pay too much to attend after the sponsors contribution.
    MFAA has a conflict of interest in this set up alone. A simple view would liken it to an organisation that has members made up of employers and employees. Brokers do the work and the banks pay them.
    How do you then look after such opposing interests?
    Play to the ones with the money.
    This push for "Advisor" status - BEWARE.
    Who would benefit if it gets legislated that commissions to Finance Brokers are illegal??
    Brokers will end up the same basket as Financial Planners. The only income they can now hope to earn is from ADVICE FEES.
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