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No more 'us versus them' for banks and brokers

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Australian Broker | 14 Jun 2012, 06:00 AM Agree 0
Brokers and banks must let go of an "us versus them" mentality as the third party channel becomes crucial to the success of the industry
  • Patrick | 14 Jun 2012, 08:51 AM Agree 0
    Whilst ever NAB denies broker access to its NAB branded products (brokers can only distribute Homeside brand to earn full commission) this statement is hypocrisy.
  • A Broker | 14 Jun 2012, 08:58 AM Agree 0
    Good luck with that. Somehow I can't see brokers and branch lenders sitting down smoking a peace pipe and singing 'Kumbaya' together any time soon.
  • Country Broker | 14 Jun 2012, 09:02 AM Agree 0
    At last a senior banker with an attitude that is so right , Homeside will be getting more business
  • phil.gt3 | 14 Jun 2012, 09:16 AM Agree 0
    It is refreshing to read sensible comment about the broker channel...
  • John Robbo | 14 Jun 2012, 09:34 AM Agree 0
    "banks no longer have an adversarial view toward the broker channel" - oh how benevolent. Now you realise that you need us - you think that we should flock back to the banks & "work together". I'l tell you what. Since you need us, how about the banks reinstate the commission reductions that they applied to us brokers & THEN we might have some trust of the banks. You expand your margins everytime the RBA move rates & expand your margin further by taking it away from broker commissions. Repair what you have broken & then we shall see.
  • Elle | 14 Jun 2012, 09:42 AM Agree 0
    I can't tell you how refreshing it is to read this, finally! Lets hope the other banks will take a leaf out of NAB/Homeside's book!
  • Rob | 14 Jun 2012, 09:54 AM Agree 0
    No "us v them?" Does that mean I can now sell the NAB SMSF loans and get paid a trail and full commission? That's awesome,please advise how I get accredited to do that? And of course,as there is no longer an " us v them " mentality I assume it's now possible for us to offer our high earning and net worth clients the same rates and deals from the NAB Private banking division and get full commission on those too? This is just the breath of fresh air we need to break down the barriers that have existed till now!!
  • Loz | 14 Jun 2012, 11:31 AM Agree 0
    When the banks stop undermining brokers at a branch level or even with discount internet based offers then their will be a reduced us and them mentality.

    Further, when bank staff come to regard brokers as an essential part of the banks business and stop treating them like imbeciles rather than valued business partners on the phone then there will be a reduced us and them mentaility.
  • Nicole | 14 Jun 2012, 12:31 PM Agree 0
    John Flavell says a lot of things about how Nab Broker value Brokers etc etc BUT THEN.....did you know that NAB Broker does NOT trust brokers to write their own home loans? No they DON'T, and in fact you cannot lodge your own application with Homeside because Brokers cannot be trusted to make an honest and reliable assessment of their own financial situation. It is no good looking for this clause in their Policy is not there...just another behind the scene truth!!
  • TigerGold | 14 Jun 2012, 12:53 PM Agree 0
    In 10 years of broking I can honestly say I have met only a handful of genuine BDM's. The majority have brown tongues. Extremely disingenuous and they always bang on about process with hardly ever trying to ......wait for it..........develop the systems and from that business. Ironically, just two weeks ago I lost a deal because a BDM did not even return my call to work through retaining an existing client of the bank. Lenders employ people who pretend to have manners. It will always be 'them V us' because the industry employs crap people.
  • Andrew Campbell | 14 Jun 2012, 06:36 PM Agree 0
    Once again - and to his credit - Flavell just gets it. Empathy with his business partners and an intinate and practical understanding of the space. Well done John - I can't fault you. Maybe a move to St George?
  • Vast | 04 Jul 2012, 10:31 PM Agree 0
    the truth is, if you ever referred your clients to nab, you will lose that client, for sure. i would never do the stuip thing again by sending them any $1 deal.
  • ozboy | 05 Jul 2012, 09:51 AM Agree 0
    If the lenders have the attitude of most of the brokers who commented above (in the negative) then we will never move forward together. I agree it has taken SOME lenders a very long time to embrace the broker channel (albeit in their own way) but we have to start somewhere. Having the head of a major come out and offer continued support (and stand up for us against the criticism CONSTANTLY hurled at us from one of the others) is HUGE step forward, let's embrace it, work with it and see if the actions match the words. I personally would never have thought Mr Flavell and the team at HomeSide could ever have turned that beast around but in a couple of years they have and so far so good. It really shows that the RIGHT senior manager can make a positive difference.
  • 1martym1 | 05 Jul 2012, 11:05 AM Agree 0
    @ozboy you are on the money. Actions speak louder than words and HSL has backed up these words by turning around that once ugly beast. Now if they would just pay trail in year 1 even if it meant a a bit less at the back end I am sure they would get a heap more volume (if they want it).
  • KT | 05 Jul 2012, 01:46 PM Agree 0
    Nicole, really??? I purchased my PPOR with a Homeside Loan last year....something doesn't sound right with your argument
  • JBJB | 06 Jul 2012, 10:17 AM Agree 0
    When a Bank starts making inroads into the broker channel eventually the accountants step in and try and milk it for all they can, witness Westpac. NAB will be no different, once they get to their goal, they will take a step back and try to refocus on their branch channels, increase their margins, and tweak the broker commissions/clawbacks. They never learn and they rely on Brokers to have short memories. Beware giving too much to NAB/Homeside.
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