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Westpac spruiks channel commitment

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Australian Broker | 18 Feb 2011, 05:00 AM Agree 0
Westpac has reiterated its commitment to the broker channel following indications in its first quarter earnings report that it was focusing on proprietary lending
  • JB | 18 Feb 2011, 10:51 AM Agree 0
    Westpac needs to understand that you don't show love to the broker channel by extending clawbacks to 2 years and being the first in the market to cut broker commissions. If you are struggling to maintain broker share you need to look to your own actions over the past couple of years. We're just not feeling it.
  • Timbo2 | 18 Feb 2011, 02:54 PM Agree 0
    It's pretty evident that Westpac is not the only major paying lip service to the broker channel. All majors have by stealth reduced commissions either in real terms or by extending clawbacks. traditionally brokers have worked with clients who are not vanilla deals, but this precisely the space that the lenders are moving away from, to minimise risk but ensure larger profits. It's easy to see that they want to get broker business business as incremental business, but this is nowhere near their main focus. They can sell other non-lending products if the bank writes its own deals, and this is where the true focus is.
  • Broker | 18 Feb 2011, 03:07 PM Agree 0
    Spot on JB!
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