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Cold water on fee-for-service debate

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Australian Broker | 30 Jul 2012, 07:00 AM Agree 0
A major broker pours water on the fee-for-service debate, revealing prior initiatives have been put on the back-burner
  • Country Broker | 30 Jul 2012, 11:10 AM Agree 0
    can all the so called commentators and press just leave this issue on the table for the moment, that means stop talking about it, ASIC right now have other issues with other professional groups , ad so does Bill Shorten DO NOT MAKE THIS ONE OF THEM.
  • 10 year Broker | 30 Jul 2012, 11:41 AM Agree 0
    Commissions falling again, what 35-40% reductions is not already enough to satisfy the greed?
    This fee for service argument is just a smoke screen for banks to force as many brokers out of the industry as quickly possible.
    Do lenders really expect that we will refer them business just for fun?
    How would the likes of ING , Macquarie etc , maintain their market share. The only answer would be to collude and price fix commissions just as per June 2008 I guess

  • iMac | 30 Jul 2012, 01:16 PM Agree 0
    Brokers, If you want to cut your own throat then keep talking about Fee For Service (FFS). Banks would LOVE to do away with comm. They'd have a sales force that works for FREE. How good is that. By talking about it you give it life. So Shut Up about, get it off the table, and don't ever let it on again.
    The only fee that should be talked about is a 'No Go' fee for the broker. If the clients withdraws from the application process, or fails to disclose, Bang! Fee, equal to comm is immediatly payable. Put it in you Broker contract. Client respect it.
  • Fez | 31 Jul 2012, 01:55 AM Agree 0
    I'd like to see all brokers charging at least a rebatable fee for service, if only to stop a few selfish folk from trying to take advantage of the current set-up. I believe it would also give us greater credibility as a profession to charge for a professional service.
  • ozboy | 31 Jul 2012, 09:55 AM Agree 0
    iMac if you think that the banks have a FREE sales force you are sadly mistaken. If you think all brokers operate the same way as a mobile lender or bank home loan officer then you are again sadly mistaken. It's a competitive and open market do what you want (legally) and let the so called "commentators" to push their barrow to suit their needs. Media whores are the last one's you should be paying any attention too.
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