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St George denies further channel conflict accusations

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Australian Broker | 29 Apr 2013, 08:00 AM Agree 0
St George has once more been forced to defend itself against accusations of actively promoting its own home loan specialists over the broker channel
  • Country Broker | 29 Apr 2013, 11:02 AM Agree 0
    This would ensure I would never use St George / Bank Of Melbourne !
  • MelbBroker | 29 Apr 2013, 11:04 AM Agree 0
    What a load of rubbish. These clients have opted out of direct marketing and yet continue to receive what is clearly a marketing letter. If they loved brokers so much, why wouldn't the letter refer to that option first (or your local branch, should you prefer)? They must truly believe all brokers are stupid.
  • Tony | 29 Apr 2013, 11:10 AM Agree 0
    Seems to me a slap in the face for brokers and what if the increase or similarly new borrowings are more than $100.K ???? Why wasn't that asked, addressed and commented on in article?
    How can you establish a relationship with your local branch when your client base covers an enormous territory and clients want their local or most convenient branch !!!!
  • Supportive Broker | 29 Apr 2013, 11:10 AM Agree 0
    So a letter that promote contacting your Broker is somehow channel conflict?
  • M C | 29 Apr 2013, 11:13 AM Agree 0
    Mr [Kirkpatrick] is correct. If you maintain a strong, healthy & ongoing relationship with your clients you have nothing to fear. I'm sure the clients understand that if they contact the product seller ( the 'Bank') direct then they will be sold that product seller's product. Thats the risk a client takes (tongue in cheek)
  • Ray Weir | 29 Apr 2013, 11:15 AM Agree 0
    Brokers should always tick the "don't send marketing material" box on client's application forms.
  • over St George | 29 Apr 2013, 11:17 AM Agree 0
    I have had clients go into a St George branch to get their account details for the offset account, only to be told that the branch won't help them because they went through a broker. The branch staff then proceeded to bad mouth brokers in general. As the clients were good friends they were astounded. That among many other issues means, I'd be reluctant to point any clients towards St George in the future. There are plenty of other competitive lenders that want my business.
  • over St George | 29 Apr 2013, 11:17 AM Agree 0
    I have had clients go into a St George branch to get their account details for the offset account, only to be told that the branch won't help them because they went through a broker. The branch staff then proceeded to bad mouth brokers in general. As the clients were good friends they were astounded. That among many other issues means, I'd be reluctant to point any clients towards St George in the future. There are plenty of other competitive lenders that want my business.
  • Don | 29 Apr 2013, 11:19 AM Agree 0
    Just dont deal with St George or Westpac. I 've lost a doz clients with Westpac in recent years and they are not getting any from me for the past 3 years.
  • OzBoy | 29 Apr 2013, 11:19 AM Agree 0
    Nothing new here. Our clients always tick the "do not market" box and still get it. We know encourage them to report it to the privacy commissioner. If you put a loan with Westpac/BOM/StG/BankSA be under no illusion this is the treatment you will get as a "valued partner".
  • Yankee | 29 Apr 2013, 11:20 AM Agree 0
    There is a very good reason I do not use STG anymore,,,, channel conflict and marginalising the broker,,, Once bitten, twice shy,,,, sad really, STG was a prefered lender
  • Jerry Gibb | 29 Apr 2013, 11:25 AM Agree 0
    What a load of rubbish. They onboard this way to get them to contact them direct. Who can trust them they are all about cutting the broker out to save a few bucks.
  • Melb broker | 29 Apr 2013, 12:17 PM Agree 0
    Brokers should know which lenders to avoid by now. Stay away from anything under the WBC banner.
  • Kevymac | 29 Apr 2013, 12:23 PM Agree 0
    WestGeorge is not my bank of choice, had issues with this conflict in the past. combined with a sub-standards backend servcie level, leaves them down my list.
  • 1martym1 | 29 Apr 2013, 01:09 PM Agree 0
    Change management is overdue at this org.
  • Alex | 29 Apr 2013, 01:12 PM Agree 0
    Brokers deal with several banks and clients may go to several branches for each bank. How do brokers maintain a close relationship with all these branches? The comment from Mr Kirkpatrick sounds good in theory, particularly if you have never been a broker (it is non-brokers who have made our life difficult), but, in reality, it's a ridiculous statement.
  • Keith B | 29 Apr 2013, 03:48 PM Agree 0
    They have been doing this for years and of course at every opportunity bad mouth the broker. In one instance, my (or our customer) was marketed to by the branch stafff, and she said she was not interested given her relationship well established wiht the broker. The staff member proceeded to make an appointment with their specialist, saying "you must speak with our branch lender" as we are sure to be able to do more for you on interest rate. I reported this through my BDM and told just forget about it, it was a "one off". We know this not to be the case of course!
  • Never to be trusted | 29 Apr 2013, 04:06 PM Agree 0
    We arranged a deposit with St G for a purchase off the plan. We contacted the client every month to maintain contact and see them socially. Settlement due soon and client told by St G branch that they could arrange the loan so client said want to deal with broker.
    Bank advised that it didn't matter and broker would be paid anyway.
    We found out so withdrew application and new loan is at CBA. Not the first time we have been sabotaged but may be our last St G application.
  • broker 2 | 29 Apr 2013, 04:53 PM Agree 0
    Amazing reading all this - I thought I was the only broker who didn't use wbc/banksa due to the channel conflict/ ticked "dont market to" boxes and clients still get called - must be widespread!! I haven't used them for 2 years now.
  • Not Happy Jan! | 29 Apr 2013, 05:22 PM Agree 0
    If enough Brokers voted with their feet, I think they may get the message. Once bitten twice shy....and I was a Gold Broker......lol
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