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'Do you want fries with that' mentality diluting broker skills

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Australian Broker | 03 Apr 2012, 06:00 AM Agree 0
Diversification could be leading to a dilution of skills among brokers, as the industry has been urged to avoid a 'do you want fries with that' mentality
  • Rex | 03 Apr 2012, 11:42 AM Agree 0
    I have to agree and disagree with Rachael's view. There is benefit in managing the client relationship and providing more than just a 'referral'. It is about how the client is approached, engaged and how the overall relationship evidences value.

    The GP is the centre of health management but doesn't perform surgery, undertake cardiac procedures, or provide psychiatric interventions. They simply manage the client relationship.

    Exactly the same can occur, but it requires an understanding of how to go about doing that and skilling up in the necessary approach and process—not just selling a mortgage and then flicking everything else on as an afterthought.
  • Jeff Mazzini- AAMC Training Group | 03 Apr 2012, 10:16 PM Agree 0
    Witton’s comments have been read and said for the past 5 years at least and these same comments will continue to be aired to anyone that cares to spend the time reading them. Let’s look at it from another point of view; the hardest thing for any client in today’s fast moving environment is to find a trusted advisor that can actually give them advice across many areas to meet their needs.
    You never weaken your profession or professional standing by being educated and qualified enough to be able to gather all the information form a client and then in turn provide them with solutions to meet all their needs.
    The issues we face in Australia is work practices, as many professionals will be lucky to see on an average 1 to 2 clients a day as they are too busy doing the paper stuff. Break it down even more and look at the costs versus income, it costs around $20.00 to $25.00 an hour to do the paper stuff and a true sales person can earn around $120 to $150 and hour, so why are sales people doing the paper stuff.
    The future business model will look like this, a client rings their trusted advisor (you) for whatever issue they may have in the financial arena and the financial advisor can legally discuss matters and then flick onto others to undertake the paper work and process.
    If you are across what is happening in all the other professions then you will also understand the old days of just doing or just being licensed to talk about one area of the clients needs is under threat. Australia is a great country its full of choices and we all have the choice to remain focused on one service to clients or offer ‘Do you want fries with that'
  • BRIAN TAYLOR | 10 Apr 2012, 01:58 PM Agree 0
    Please check my web site.

    I am an ASIC licensed finance broker and found it difficult to make a living without considering additions.

    I purchased Go Private and haven't looked back - it doubled my income and for such a small outlay.
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