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Review: NAB Broker revamps segmentation

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Australian Broker | 29 Nov 2011, 06:00 AM Agree 0
NAB Broker will pay 65 basis points up-front to all brokers from 1 January 2012, as part of wholesale changes to its segmentation strategy
  • Bruce Finch | 28 Nov 2011, 02:09 PM Agree 0
    And trails??.....
  • Tim McQueen | 28 Nov 2011, 02:13 PM Agree 0
    They really need to come to the party on "trail payments from day one", too. NAB or HSL have a good product, but the process leaves a bit to be desired.
  • Paul Gollan | 28 Nov 2011, 02:17 PM Agree 0
    Thank you Jesus! Nice work NABBroker. Banks spend a lot of time asking brokers "what do we need to do to get more business". Clearly NABBroker has identified one of the answers. 65 basis points upfront plus their stepped trail structure is finally starting getting broker commission rates back to where they should be. Brokers and their families were smashed by banks during the GFC with banks citing margin squeeze. Notice net margin on mortgages has got very little airplay this year, while pricing committees at banks have been throwing around discounts like drunken sailors. RESPECT NAB!
  • Sucessful Broker | 28 Nov 2011, 02:30 PM Agree 0
    Where is trail in year 1?
  • Prisco Minichiello | 28 Nov 2011, 02:32 PM Agree 0
    Well done nab this is a welcome move. I think it will win you significant market share. nab already has a very good competitive offering but this will have brokers such as myself plucking nab 1st. when giving my clients a product comparison.
  • Sydney broker | 28 Nov 2011, 03:00 PM Agree 0
    Reading the comments posted I can't believe you guys have forgotten so quickly of the lender/broker loyalty. NAB and some of the other big 4's cut 1st year trail and introduce "star ratings" while brokers are doing it tough. Naturally brokers stop sending business, and now they decide they need us brokers to send them business. NO! What goes around comes around!
    There's plenty of competitive products out there.
  • Broker | 28 Nov 2011, 03:20 PM Agree 0
    At least a major bank lender is providing some income certainty, it would be great to hear some comments from the rest, but I won't be holding my breath!
  • Scott Hawkanson | 28 Nov 2011, 03:48 PM Agree 0
    Those calling for trail from day one, have you done the numbers? Average trail after 5 years is .25%, from that point you get paid .35% Why dont we display some positivity about moves like this rather than bagging them?
  • ChrisC | 28 Nov 2011, 04:00 PM Agree 0
    Sorry Scott
    I am with the rest of them - how long until they re-write their policy and take commissions from us AGAIN?They are in and out of the market only to suit themselves.
  • Sydney broker | 28 Nov 2011, 04:00 PM Agree 0
    @ Scott Hawkanson: you must have some very stable a loyal clients willing to stay with the same lender and product for more than 5 years. You are one lucky broker!
  • JBJB | 28 Nov 2011, 05:03 PM Agree 0
    The Star system meant BDM's were spending half their time supporting appeals from disgruntled brokers who had gone from 4 to 3 or couldn't order vals etc. Either you want broker business or you don't but at last NAB decides to treat brokers properly. Next move must be to ditch the HomeSide brand and call everyone a valued NAB customer, with normal trail on broker introduced deals. It's not that hard.
  • Melbourne Broker | 29 Nov 2011, 09:49 AM Agree 0
    Homeside brand is a non-event - if NAB is serious about winning sizeable marketshare - then do what CBA did and drop the redundant brand (Colonial in thier case) and then see the real distribution power of brokers and reward us appropriately for our efforts
  • Tony | 29 Nov 2011, 11:41 AM Agree 0
    Putting all brokers on an even level is great. When is NAB going to actually combine NAB & Homeside. It is hard to explain to a NAB client that Homesidae, the Broker Division of NAB cannot do anything in regards to systems on a NAB loan. I was told only today by a Homeside Lending Manager, that it is hard when you are dealing with 2 different entities.
  • Scott Hawkanson | 30 Nov 2011, 02:45 PM Agree 0
    Sydney Broker - not lucky, but hard working and keeping in touch with my clients at least 6 times a year - as Gary Player said "the harder I work the luckier I get".
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