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Broker slams “horrendous” aggregator PD days

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Australian Broker | 09 Feb 2017, 08:25 AM Agree 0
The mortgage veteran has criticised some PD days for showcasing nothing except bankers prattling on about their products
  • king clive | 09 Feb 2017, 08:43 AM Agree 0
    We need the days to be productive
    "Bank Jonnies " need to be realise that our time is important too
  • Team D | 09 Feb 2017, 09:01 AM Agree 0
    When so many lenders struggle to have a point of differentiation, it would be hard to get up there and have something compelling to say / sell.

    Getting a list of scenarios or situations which are troubling the network then getting the right banks in the room is far more productive.
  • Alan heath | 09 Feb 2017, 09:40 AM Agree 0
    It's never been any different. They pretend there' going to be training but it's just product and policy news. It's all part of the CPD points system which fudges education behind a huge smokescreen of beaurocravy. I spent 25 years in education, I have a masters degree in educational management - the whole CPD system has zero in common with education.
  • Alex Stefopoulos | 09 Feb 2017, 11:02 AM Agree 0
    I have always learnt something from these PD days or touched base. Ross if your not getting any value from what the BDM'S have to say maybe your not listening or maybe your not asking them any relevant questions. Its important that banks/lenders are given the opportunity to talk to a wide range of brokers. Its a great way for brokers to touch base with new to panel lenders or lenders that they may not have considered presenting to clients for various reasons. These sessions also provide an open forum for feed back to lenders about their products which may affect change to products or to credit policy. Ross if you already know everything thats great, but we need to stay in touch with the product providers, its important for the new brokers as well as the brokers that have been around for ever.
  • Mick V | 09 Feb 2017, 11:35 AM Agree 0
    I'm relatively new to the broker space but have to agree. Nearly every aggregator session I've walked out struggling to pick out anything I could actually implement. The only motivation to go to these events being the CPD aspect and reading Alan's comment above I have to agree CPD points in my mind don't translate across to education.
  • Jenny | 09 Feb 2017, 11:37 AM Agree 0
    Boring days so i don't go
  • Bank BDM | 09 Feb 2017, 12:10 PM Agree 0

    We BDMs have been saying this to the aggregators for years that we need to get more value from these PD Days as 8 bank reps all standing up on stage to speak about our niches and products for 15 mins is not good enough and benefits no one but the time keeper.

    Same is said about aggregator "Speed dating sessions"..... absolute waste of time and resources for everyone involved. How an aggregator can think that a broker will retain any valuable information from the 20 lenders speaking for 5-10 mins in a shot gun succession is beyond me but some major aggregators still do it.

    To have someone like "King Clive" refer to us as "Bank Jonnies" is a typical response from a broker that probably only attends the PD days to fill a goodie bag of bank pens and bank branded tissues then sit back and complain about the quality of them.

    A good BDM knows that a Brokers time is precious and a good broker also knows that a BDMs time is just as important too.

    I pride myself on great relationships with my brokers that understand this and I wouldnt hesitate brushing "King Clive" off to another lender with an ignorant attitude like that.

    Lets talk about real scenarios or hurdles that some brokers may be seeing and how we can overcome them together, lets add value to a brokers business by getting back to supporting the basics of running a successful broker business.. what other opportunites are there for a purely Resi broker to add additional revenue streams with adding Asset Finance or Commerical lending into the mix.
  • WA Broker | 09 Feb 2017, 12:23 PM Agree 0
    Won't ever complain about a free feed and a showbag :)
  • Headshaker Vic | 09 Feb 2017, 01:51 PM Agree 0
    The Rosco Academy ? Seriously guys why do you keep giving this bloke air space. Absolute waste of time if he is such a guru (lol) why didn't he ever succeed in the broking space.

    • VIC Broker | 10 Feb 2017, 11:31 AM Agree 0
      Um... he ran the top YBR franchise in Australia every month for 2 1/2 years. What's your definition of success?
  • Display name | 09 Feb 2017, 02:38 PM Agree 0
    When I was starting out right on GFC I got something out of PD days, unfortunately 9-10 years on they're rarely of any interest now. It's far more economical these days to source exactly what I require online, or source direct through peers, or BDM's and all without taking up half a business day that I could be seeing customers, writing deals or effectively growing my business. It's hard to cater for the Masses I realise, I don't undermine anybody's attempt to try and provide value however I think there is also a considerable disconnect from what aggregators and bankers assume brokers need or want and what is the actual case. It's evident from the lack of TOP brokers who attend. It would be great if aggregators and lenders spent more time building a large cross section of resources and making them readily available for brokers to utilise in a time that suits them and their business (I think it's going that way slowly). Alternatively they should spend more time getting TOP brokers to attend and getting them to professionally contribute with their knowledge and experience about what is practicing as an elite broker in the real world. But 2-5 hours of my day, an average meal, a glorified sales person spinning a dumbed down philosophy (with a programme in waiting I can subscribe and pay for) or our wonderful BDM's being taken away from assisting on deals to regurgitate policy that's readily available, and that they've already explained 100 times but know ones listened are for the broker I was when I started, not the one I am now. These days have their place no doubt I encourage all my new brokers to attend up until a certain point, at some stage everyone if them says when I asked how was it...? Ahh I got nothing from it, that continues for 12 mths before they cease attending. Just an observation is all.
  • Ed Ridge | 10 Feb 2017, 08:35 AM Agree 0
    I am not sure about your PD days but the one's I go to don't have lenders talking products etc, they tend to be about the aggregator and any services they are offering, economic and property updates. If you want a boring PD day go to an MFAA one.

    May I suggest that someone has a new job and wants "some public love". Let's have a look at the aggregator he works for, big splash and now nothing. Instead of PD days why not work on the software and get some coding done so you can run a report or two, but no it's easier to "slag" off someone else but not offer a solution.

    What exactly are you going to do differently when you host your PD day? Now that would be a story.
  • Rosco | 10 Feb 2017, 10:56 AM Agree 0
    14 years in the actual broker space and my results clearly Identify the success we had .
    Now just wish to give back
  • Rosco | 10 Feb 2017, 11:11 AM Agree 0
    I agree
    But as my comments state rather then have a massive room and a quick speech from 8 bankers I propose an aggregator takes time to establish a grounded understanding and sets up appropriate sessions to ensure we teach a broker ti fish so they can feed themselves every day thereafter
  • Rosco | 10 Feb 2017, 11:13 AM Agree 0
    110% agree
    Bank BDM's are going to be more productive in sessions that allow interaction and genuine engagement with brokers keen to learn more

    The teacher arrives when the student is ready to learn
    • Dave | 10 Feb 2017, 11:46 AM Agree 0
      OMG why is it that so many people in this industry live on cliche's.
  • Stunned | 21 Jul 2017, 06:39 PM Agree 0
    I agree Headshaker VIC. As a broker with Vow as my aggregator, I attended a PD session where he got up to 'motivate' us about selling Vow Loan Protect. There was little substance to his speech, just basically told us that we had to now sell the product.There was no real motivation or professionalism involved. He reminded me of a used car salesman!
  • | 11 May 2018, 10:43 AM Agree 0
    An an aggregator BDM, new to the industry. What would you all want to see at a PD day?
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