Symond warns brokers to be cautious

In light of St.George and the CBA announcing commission incentives for brokers who cross-sell other products, Aussie MD James Symond has cautioned brokers to ensure that customers are at the forefront of their service proposition.

Although Symond said brokers would have to consider cross-sell opportunities as a way to sustain a profitable and successful business, he emphasised the importance of putting the customer first.

"For [brokers] to survive and thrive in this marketplace and the future, they have to utilise channels that run off [mortgages] and get used to selling credit cards, personal loans, car loans and insurance-style products," he said.

"[However], at the end of the day it all starts and ends with the customer. So long as it's most advantageous for the consumer to have all of these cross-sell products with the one lender, fantastic."

When asked whether realistically one lender was able to provide the best option to customers across the whole range of products, Symond remained uncommitted. "I think that as this evolves into the marketplace, we'll soon find out," he said.