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Consumer group blasts brokers

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Australian Broker | 16 Sep 2011, 04:30 AM Agree 0
Consumer group Choice has reportedly taken a swipe at brokers, calling the quality of financial advice in Australia "crap".
  • SteveMc | 16 Sep 2011, 11:19 AM Agree 0
    It's outrageously hypocritical of Choice to make that claim. The "group buying" organisation they align themselves with, has been established for one month, has no history of demonstrated competency, and relies on a no advice model in distributing a promised service that has yet to deliver even an offer. Staggering.
  • Adam | 16 Sep 2011, 11:54 AM Agree 0
    hahaha. Listen to him. Bagging everyone and at the same time say he is thinking of starting his own business. Obviously a huge conflict there. It's no different than us bagging all our competitors and saying how wonderful we are. Perhaps he needs to look at where he's getting his advice if he thinks all advice in australia is crap.
  • positivebroker | 16 Sep 2011, 12:20 PM Agree 0
    I used to have some respect for Choice, but following the one big switch and other comments coming from that group I now rate them up there with the current affairs programs. They are simply doing and saying anything to gain publicity without being aware of the facts.
  • QUAL | 16 Sep 2011, 12:59 PM Agree 0
    Nice of the CEO of choice to suggest that the mortgage industry offers crap advice. I remember buying 'CHOICE' recommendations a few years back and guess what! Their recommendations were CRAP too. I have very little faith in CHOICE and do not respect them at all!
  • countrybroker | 16 Sep 2011, 01:50 PM Agree 0
    I cannot overcome the feeling that Nic Stace has lost all credibility in his commentary here! Firstly he is makingh comments on Finance as and Financial Planners in the one comment , does he understand the difference , from the words in this article , the answer is NO. Secondly CHOICE have affiliated with an organisation that has no NCCP licence and been established for one month , and yet appear to be involved in the finance advice, that is making outreagous claims about haing a bank who will save clients rates . Banks Make profits. Can we have some non reactioary sensible arguments here, not this type of rethoric , which appears to be sour grapes, at the least.
  • Jerry Gibb | 16 Sep 2011, 02:40 PM Agree 0
    Broking has been around for sometime in Australia . Suddenly because they have entered into this space we give "crap advise". I would not trust this person or the organisation he works for as he is paddling his own canoe.
  • Wes | 19 Sep 2011, 01:19 PM Agree 0
    This is an organisation which was meant to be an independent arbiter of the marketplace but is now a vested party in direct competition with Brokers. No research cited just a spray. This has no credibility, and vested interests (one big switch) A disgrace.
  • Ozboy | 19 Sep 2011, 02:42 PM Agree 0
    So does anyone think that this is something for the MFAA or FBAA to pursue. Vested interest, inflammatory and negative comments in the press etc etc, surely there is something one of our associations could do to lift the lid on what is being said.
  • Robert Kaya | 30 Sep 2011, 06:47 PM Agree 0
    I wonder if the Choice CEO had aver been involved in Fainacial Planning and/or Mortgage Brokerage business?/
  • Greg6547 | 10 Oct 2011, 04:16 PM Agree 0
    It interesting that Choice has been bought by a fledgling consortium offering a facility that has been on offer through credit unions and building societies for decades. The Broker market is the one vehicle that keeps the interest rates down. What disclosure documentation is choice issuing in giving their advice? What is the offer being made by the "buying group". I was interested to see an article recently and counted no less than 6 mentions of a trading name of a mortgage provider in the 'news item'. This has been nothing short of a hugh marketing ploy by a new broker (One big Pitch?) supported by (supposedly) a consumer advocate - A conflict of interest? - Me thinkst they protest too much!
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