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Aggregator defends panel appointments

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Australian Broker | 15 Aug 2011, 06:00 AM Agree 0
Australian Mortgage Brokers' Paul Gollan has defended aggregators against accusations they are too slow to appoint new panel lenders
  • Panel Lender Manager | 15 Aug 2011, 12:10 PM Agree 0
    Looking for the "Like" button. Well said Paul and poor form to the lender who chose to remain anonymous. If you are worthy for panel inclusion, put your name to your little whinge so that we may consider why you are not already on there. Chances are we know the answer to that, otherwise there would be no cause for your complaint.
  • Service | 15 Aug 2011, 01:21 PM Agree 0
    Paul I have a pretty good idea of who the BDM was that wrote the article. They are a representative of a very well structured, well established and liked non bank lending institution. As an aggregator if you do not provide the options to your brokers that other brokers have access to then over time your brokers will either deal off panel or leave your firm, this is a reality. The lender at the point of this discussion, has never missed a payment of commission and did not even increase their rates during the GFC as they rightfully could have. They provide products that suit a whole array of clients that your brokers will be saying 'no' to when they could be picking up another deal and helping more customers. Maybe if aggregators took the time to speak with these lenders or even simply return their calls you would actual find some good reasons on why to include them onto your panel.
  • Adam | 15 Aug 2011, 03:08 PM Agree 0
    I deal with a successful medium size aggregaor and would be concerned if they closed consideration to all new opportunities, especailly non-conforming funders that have real benefit and perspective. I thought with the new legislative changes, brokers needed to be armed with the appropriate tools and best products to service our clients? Aggregators walk hand in hand with the large financiers being the Bank's and are just conduits/servants for the banks. Why would the aggregators want to work with other finance options and benefit their brokers and memebers when the are being paid handsomely acting as a "teller" distributing funds and getting bonuses from the big end of town. Do we see these aggregators fight for the benefits of brokers when the elite brokers were being courted by the big banks for volume and anyone not turning over millions per month we relegated. Maybe Gallon should find this group and get away from the big corporate lunch types and see what the market wants is someone pushing their ideals and beliefs with a market that does not swing back to the monopoly of a two tiered system of aggregators and banks. Paul get 10 non-super sized brokers in for half an hour and get their feel on what the bank's and aggregators plus MFAA and media dont do for our industry. Hopefully then aggregators might just pay respect to all level of particpants within.
  • Patrick | 17 Aug 2011, 02:00 PM Agree 0
    The biggest risk to broker commission is the aggregators themselves. Despite all the rhetoric you do not have to scratch very hard to dig out the stories of trailer forfeiture. Only when brokers can freely transfer their clients and trailer book between aggregators, as do financial planners between dealer groups, will the true "restraint of trade" in the industry be cleaned up. The ACCC and ASIC are asleep at the wheel as usual.
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