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Union calls for brokers to lead reform

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Rebecca Pike | 05 Jan 2019, 02:30 AM Agree 0
Ahead of the royal commission report, brokers are urged to make their voices heard
  • Anonymous | 07 Jan 2019, 09:00 AM Agree 0
    Its time Brokers get proactive and Aggregators, MFAA and FBAA act in the fair interest of Brokers rather than counting on Sponsorship give outs of the Majors.
  • Wendy | 07 Jan 2019, 11:33 AM Agree 0
    Brokers pay affiliate fees to many bodies for the protection of their clients But who protects and provides them the support? The
    Aggregators, FBAA/MFAA, ASIC or the new AFCA? We need a body that will support, guide and direct the Broker industry to prevent legal issues, our income and much more than currently provided by the other bodies we already pay fees to.
  • WakeUp | 07 Jan 2019, 12:53 PM Agree 0
    Well you are going to get even less support from the Unions. Brokers, financial advisers, accountants and any small business need to wake up quick smart where all this agitation is coming from. It is coming from SJWs, neo-Marxists out of the Unis, socialist politicians, everyone with an axe to grind against the "Capitalist Patriarchy" either out of misguided ideology or for the utility it creates for them personally. If you think this is rubbish just have a look at who are behind Choice Magazine, Financial Rights and Consumer Action Centres, Consumer Advocacy and Financial Counselling groups, Industry Super Funds. Have a look at the comments by the ACCC recently on how corporate mergers impact competition - you couldn't possibly have a more Marxist perspective of the world than those clowns. Good article in the AFR about it today. 30% to 60% of Financial Advisers are going to call it quits very soon leaving the max of the superannuation pool to Industry Funds when Labor get in - sorry the Fabian Society. Educate yourself on them and who are ultimately behind them. I am not saying vote Liberal I am just saying wake up.
  • Jack Ryan | 08 Jan 2019, 08:56 AM Agree 0
    The only alternative to current model if they want to get rid of trail is simple. To stop lenders from increasing rates and over churn claw back should be reduced or stopped and upfront commission increased to compensate. Also a greater emphasis should be on the reasons why a client is refinancing. This should stop lenders advertising low rates and then increasing after a short period and would also make lenders look after their existing client as apposed to just offering new business the best deals. As a relatively new broker trail isn't a massive issue for me, but for the brokers with long term books trail should be grand fathered and all new loans should go on the new model. The increase to upfront could be a set fee per loan or as a % of loan amount. The no trail model would also put greater emphasis on brokers being in regular contact with their clients as if there is good enough reason they can refinance them without worrying about clawback.
    • mentor | 11 Jan 2019, 01:36 PM Agree 0
      you aren't long for this industry
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