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Combined broker-planner BDM model slammed

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Australian Broker | 26 Oct 2012, 06:30 AM Agree 0
An industry analyst has claimed a recent move from mortgage lender ING Direct to combine its mortgage broker and financial planner sales channels could yield challenges for the business
  • Country Broker | 26 Oct 2012, 10:21 AM Agree 0
    Could not agree more , brokers are brokers we arrange loans , planners invest peoples money. I still see a conflict if you are both !! My PI policy does NOT cover me for any investment /financial planning advice , probably a good reason for that.
  • 1martym1 | 26 Oct 2012, 10:58 AM Agree 0
    Reminds me of when fosters tried very unsuccesfully to intergrate their beer and wine sales BDM's. Blokey blokes trying to sell fine wine into top restruarants etc and sommileier type sale reps trying to seel beer to pubs. Was a disaster and ended up costing the CEO his job.
  • Matt Broker | 26 Oct 2012, 11:35 AM Agree 0
    We have just lost our ING BDM. He resigned because ING insisted he must have 85 logged appointments each month aswell as taking broker queries, dealing with file issues etc. I think instead of giving them more to do, maybe take a bit off their plate to allow them to focus on delivering quality service to the brokers that do use ING as opposed to banging down the doors of brokers who don't. Right now we don't even have a BDM and who in their right mind would step into a role like that. Good products,service etc but look after your BDM's a bit better otherwise the service will disappear.
  • SteveL | 26 Oct 2012, 12:25 PM Agree 0
    Well said Max. Shame about this though as ING could clean up if they sorted their BDM and back office out. So much opportunity out there for a lender willing to actually HELP the broker industry.
  • Alex broker | 26 Oct 2012, 03:14 PM Agree 0
    To max, what value is an MBA going to add to a BDM outside of the ability to think strategically. Secondly you are also going to have BDM's more qualified than the advisors themselves and as with the mortgage industry majority of brokers / advisors do not appreciate being told how to run their business by a lender. I would say to Max you need to better understand the actual role of a BDM - I for one do not want some MBA qualified BDM walking into my office telling me all things I need to do to improve my business - someone impartial YES but a bank BDM NO.....
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