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Advisors bringing brokers in-house, says aggregator

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Australian Broker | 27 May 2015, 08:00 AM Agree 0
There is a growing trend towards partnerships and joint ventures between brokers and planners rather than pure referral, according to one aggregator
  • king clive | 27 May 2015, 08:48 AM Agree 0
    Brokers should never move in house with a planner or a Accountant unless the accountant/planner is prepared to pay a decent salary. We pay our broker 100K base plus comm.

    Too many planners put a young broker on with no salary and a 50/50 comm split. Smart brokers will see through this and leave. Put some hurt money on the table in way of a salary to the individual. It shows your serious.
  • Papery | 27 May 2015, 09:18 AM Agree 0
    Integrate = control
    Control = bully (sometimes)
    bully= loss of integrity

    Beware conflict of interest & whose interest you are really putting first....the client or your employer.
  • Scott Beattie | 27 May 2015, 09:32 AM Agree 0
    Is the same Kevin Frost that I called and he said that he he would call me the next day (3 weeks ago) to discuss a letter that he sent me??
  • ShowMeTheMoney | 27 May 2015, 02:40 PM Agree 0
    There are plenty of brokers out there who are great at writing loans but struggle with lead generation. Taking a base salary plus bonus/profit share to be fed business from within an accounting/financial planning firm would be a great compromise. Personally I'd go a lower base than $100k Clive, but ask for a higher percentage of ownership.
  • king clive | 27 May 2015, 03:02 PM Agree 0
    Fair point show me the money.

    I just reckon too many brokers are trying to con young blokes to work for them on comm only hoping these young fellas will be their super.
  • Michael Kent | 28 May 2015, 02:12 PM Agree 0
    Clive can I work for you!!

    I have looked around as I am not happy in my current role and what I see is:

    - Plenty and I mean PLENTY of companies out there offer 100% commission only positions. Some as high as 85% of upfront and trail for self-sourced leads and 45% upfront and trail for their leads.

    - Plenty of places offering $50-75k salary and a bonus system if target is achieved.

    - Plenty of places who want you to do everything, source good leads, write the business and do the back end for very average salaries.

    Other contributors are correct - leads are everything. The business I work for have a heap of leads but very little actual business.

    Leads via accountants and FP's are gold. It makes sense they have their own in-house finance professional and these days there are plenty of aggregators who will give accreditation to almost anyone.

    The landscape is changing. Coles will be doing home loans soon. Giant automotive group AHG is setting up their home loan division right now.

    People will be able to get a home loan at so many more places and as a result a lot of brokers will leave the industry.
  • king clive | 28 May 2015, 02:23 PM Agree 0
    No roles at the moment
    It says alot about the mortgage brokerage if they cant afford to pay a salary
    Ie they are not successful

    Good luck
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