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Non-bank lender offers Rolex watch incentive to brokers

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Maya Breen | 11 Mar 2015, 08:09 AM Agree 0
A non-bank lender has said its broker incentive of Rolex watches valued at $12,000 does not constitute a conflict of interest
  • King Wally | 11 Mar 2015, 09:08 AM Agree 0
    Reckon we could get some steak knives thrown in, and there is more!! I love it!
  • Harry | 11 Mar 2015, 09:47 AM Agree 0
    Why shouldnt high performing brokers be rewarded for their efforts
  • Aydn | 11 Mar 2015, 09:56 AM Agree 0
    This is not a good look for the industry. If old mate does not think this constitutes a conflict then he needs to have his head read.
  • D.Sheargold | 11 Mar 2015, 10:10 AM Agree 0
    This wrongly incentivizes brokers to 'coerce' their clients into a facility with this outfit. In addition to healthy commission an expensive watch is the icing on the cake. Can you expect a broker to honestly source "the most suitable/responsible" loan for their clients when being tempted with a $12,000.00 sweetener?

    This should serve as a signal to brokers out there when 'considering' dealing with Chifley.

    This is a tacky offering from a tacky lender.
  • Joe Broker | 11 Mar 2015, 10:13 AM Agree 0
    What next, a gold tooth to go with the gold Rolex?
  • D Sheargold | 11 Mar 2015, 12:55 PM Agree 0
    "....a special type of commercial broker.."

    very special if they would consider writing a deal with this crew.

    How were these watches acquired?
  • Bottom Line | 11 Mar 2015, 04:34 PM Agree 0
    Not sure why everyone is getting high & mighty. Whether it's commission or some other remuneration, who cares. In reality, most brokers just right the deal where it can be set, and by who offers the best terms & conditions, rates, etc to the client. If a watch came from it, so be it. No-one really is just going to pick a lender just to win a watch anyway; but credit to them for offering something else to the mix. Given trail commissions in general are still just over 50% of what they were 8 years ago, yet costs keep going up (as does the amount of paperwork required per file), why bag someone offering doing something a bit extra. Don't like it, don't use em... Simple.
  • Papery | 12 Mar 2015, 11:03 AM Agree 0
    Conflict.....?????
    What Conflict......??!!

    I have no use for a watch Gold Rolex or otherwise....how about a small car, a holiday (& not a Conference ticket), then you might get some attention....or you might
    not!
  • Michael Kent | 12 Mar 2015, 11:16 AM Agree 0
    Bottom line - the issue is if a broker had the choice between the best rate for the client and a Rolex which way do you think they will go?

    Do you think it's just a coincidence the two brokers mentioned have almost settled $12mil in 6mths? How much would they have settled without that offer or how much have they previously settled with that group?

    Strange how all of a sudden they are doing $12mil in 6mths!!

    The client wouldn't know if they are getting the best interest rate or product. They are guided by what their trusted broker recommends. We can usually place them anywhere WE choose.

    I am also sure that "gifts" don't need to be mentioned in any credit guides etc so I bet the client has no idea about any Rolex being handed over.

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