Firstfolio aims to 'set the record straight' on 'clean-up job'

by Mackenzie McCarty01 Mar 2013

Firstfolio chairman, Eric Dodd, says he’d like to ‘set the record straight’ when it comes to the group’s financial results released earlier this week - and the media feeding-frenzy that followed.

Dodd tells Australian Broker a swarm of negative publicity surrounding the release – particularly that surrounding a potential default on CBA funding - which he claims likely stemmed from competitors aiming to stir up business, is largely false or, at the very least, misleading.

“I just wanted to update you with where we are at the moment. We are, as far as the board is concerned, comfortable with our position at the moment…We announced a recapitalisation a while ago which is proceeding as planned and CBA is aware of that and certainly very comfortable with that. From the company’s perspective we’re proceeding very well and will likely procure at least twice the capital we need.”

He says Firstfolio’s specific strategy is to raise $57.6 million by June.

“We had a strategic review of what is necessary…and that’s closer to $20 million, so the level that is brought in is probably two to three times what is needed.”

Dodd says concerns surrounding the aggregator’s broker retention strategies are also being addressed.

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  • by FF Broker 1/03/2013 12:49:07 PM

    Finally FF has recognised that Brokers are a fundamental part of their business - I am afraid it may be too late, I am sick of being kept in the dark and although Mr Dodd states that they are "in constant contact with brokers" that certainly is not true as we find out about their "issues" in the press and then turn up at the PD days to very brief comment that attempts to sweep any issues under the carpet. I have had enough and am looking elsewhere for an aggregator that can offer me some stability - after all my business is my livelihood.

  • by Positive Broker 1/03/2013 2:02:09 PM

    Sorry to say where there is smoke there is usually fire. The writing may be on the wall. This is not good for the industry.

  • by Broker Needs 1/03/2013 2:07:14 PM

    FFF is too small to manage all the brands they have. If they would listen to their brokers and consider consolidating all their brands under one strong brand they would reduce costs across the group. They could then afford to pay brokers a fair fee to write business from their referral network. This would motivate brokers to write more business and look after their customers. These changes alone would reduce operating costs, increase broker retention, increase customer retention and increase sales.