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What's in a name: Credit adviser, mortgage broker, or finance broker?

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Australian Broker | 13 Sep 2013, 08:00 AM Agree 0
The MFAA is rebranding its membership as 'credit advisers', the FBAA says 'finance broker' is more accurate
  • Regional Broker | 13 Sep 2013, 10:18 AM Agree 0
    I am a proud MFAA Member with a credit adviser status , I am proud to have that on my business card and have LOGO on my business car , this Accurately reflects my licence standing as well.
    Really is this comment just pedantics?
  • Wilko | 13 Sep 2013, 10:22 AM Agree 0
    What if I dont deal in commercial finance? Finance broker would then seem innapropriate. Should I just be a consumer credit adviser? or maybe a home loan credit adviser.

    Credit adviser is fine and finance broker is equally as fine.

    You say tomatoe I say tomato. It is how you represent yourself that the customer really cares about and who knows they might just call you by your first name?
  • Chris G | 13 Sep 2013, 10:23 AM Agree 0
    I think its a good change. The name is more relevant than 'mortgage broker' and helps potential clients to perceive that we are here to advise and help them. It highlights the value we add to their decision.
  • Tanya Sale | 13 Sep 2013, 10:26 AM Agree 0
    Personally the terminology 'broker' should really be dropped now - as it really has a stigma to it - this industry is now regulated and the professionalism has increased ten fold - Credit Adviser is a good terminology - anything but the word broker!
  • Paul | 13 Sep 2013, 10:29 AM Agree 0
    I believe we should be moving towards the following
    "Mortgage Planner"
    Long term mortgage professionals should be working on strategies for there clients and hence a mortgage planner seems more responsive to long term relationships.
  • Expectations | 13 Sep 2013, 10:31 AM Agree 0
    I think a lot of brokers are already overstepping their expertise in talking to clients about SMSF and tax advice. If a client is adding pressure on them by saying, "you call yourself a Credit Adviser", they will be tempted to venture into an advice area they are not qualified for or allowed to advise on. It will be interesting the result of a court case when a client says the credit adviser told me to do it.
  • M C | 13 Sep 2013, 10:33 AM Agree 0
    I've been pushing for the change to Credit Adviser from Broker for a while. For the very reason that the word 'Broker' can carry a stigma. Whether rightly or wrongly thats the reality. My certified financial planner (business partner) used to introduce me to his clients in a joking manner as 'the dodgy mortgage broker'. What does that say! Suffice to say he doesnt do that anymore. Perception & image are important. Use this analogy - Replace the word 'Taxation' with 'Community Contribution' & it places a whole new spin on our desire to pay tax & the reasons why! Here's another one , people arriving by boat are 'Asylum Seekers' or 'Illegal Immigrants'. Words can carry powerful images & meanings!
  • Steve McClure | 13 Sep 2013, 10:41 AM Agree 0
    I'm very proud to be a finance broker, broker or mortgage broker. It tells my clients what I do. I don't attach the brand of any lender or organisation to that, other than my own.

    I'm not an MFAA, CBA, ANZ, XYZ broker/credit adviser. Once I have to explain "in meaningful tones" some sort of self-important reinvention of my role which hasn't changed over the past 21 years, I'm devaluing the magnificent efforts of all brokers in achieving our dominance in the market. We are brokers for our clients.
  • WA Broker | 13 Sep 2013, 10:45 AM Agree 0
    I have to disagree with others' comments. I am a Finance Broker and predominantly deal with commercial asset finance. 'Credit Adviser' to me infers a role where one would offer advice to a client regarding improvement of their personal credit situation, not one that actually places the business for the client. The word 'credit' (again, in my opinion) is suggestive of consumer needs, not commercial/business finance.
    Seems to me that the MFAA is once again forgetting that not all of us are mortgage brokers.
  • Simon Wood | 13 Sep 2013, 10:51 AM Agree 0
    Credit Adviser or Finance Broker work for me. Have never called myself a Mortgage Broker - a) because I dont like the term and b) I do more than just mortgages. I agree there is a stigma attached to 'broker' but I think it's more related to 'mortgage broker'. I don't agree with 'Expectations' comments - professional brokers know their expertise and their limitations; if you're silly enough to step outside your qualified scope of advice then you probably deserve the consequences, but your title has nothing to do with the advice you choose to offer.
  • Coast Broker | 13 Sep 2013, 11:02 AM Agree 0
    On my Business Cards I call myself a Finance Consultant which I feel truly reflects what I do. Happy with the MFAA term of Credit Advisor. Actually the term Broker to me is old fashioned. Plus I feel the term Broker sounds like you are a dodgy Insurance Broker from the 60s that would rip clients off.
  • Stephen Dinte | 13 Sep 2013, 11:10 AM Agree 0
    A rose by any other name??
  • WA Broker | 13 Sep 2013, 11:26 AM Agree 0
    Agree with Coast Broker, all our brokers use the term 'Finance Consultant' on our business cards also. Covers everything.
  • Scott Beattie | 13 Sep 2013, 12:17 PM Agree 0
    In my opinion, the MFAA should be getting their name to be on par with the CPA
    (ie use a CPA branded / affiliated accountant)
    Whether we are credit advisors or not makes almost no difference to the average consumer who has almost no knowledge of what the MFAA is and or does.
  • Rikki | 13 Sep 2013, 01:13 PM Agree 0
    I disagree with the suggestions of 'Finance Advisor' or 'Finance Consultant' - credit and finance are two very different worlds, and it is easy for consumers to get confused and think they can obtain financial advice from a 'Financial Consultant'. Worse, we have seen examples where the actual credit advisor thinks they can provide financial advice - unlicenced.
  • Darryl Benn | 13 Sep 2013, 01:45 PM Agree 0
    My concern is that this title will imply brokers provide advice? I have trained brokers for a number of years and a large percentage say they don't give advice, or they can't give advice, or they don't know what they can give advice on?

    By moving to this form of identity you are implying you are able to provide advice to clients.

    I believe brokers need to be educated to understand their limitations regarding advice and the range of advice and advice services they are able to provide first before identifying oneself as an "adviser".
  • Noel | 15 Sep 2013, 07:19 PM Agree 0
    Addressing the major issues once again. Not
  • Lyn from Sydney | 16 Sep 2013, 07:40 PM Agree 0
    If you use the term "adviser" in any title, you will have to have an Australian Financial Services Licence. It appears many of you are using terminology that may not be compliant. I would think the MFAA would have advised the members of the terminology included in the NCCP by now.
  • Broker | 17 Sep 2013, 11:05 AM Agree 0
    My clients don't care what the MFAA want to call me, but they sure know what it is that I do!

    Next topic please!
  • thomas | 17 Sep 2013, 06:35 PM Agree 0
    I give credit advice all the time. Merely offering a loan or selection of loans at the very least implies that you have assessed an individual's situation and their capacity to borrow... This is advice, not financial, but credit advice.How can you not give written credit advice on a refi in this legislated market? Doing so without documenting the benefits, costs and risks is leaving yourself wide open to a potential complaint.
  • Hari | 19 Sep 2013, 10:52 PM Agree 0
    I am planning to use both,
    Finance Broker and MFAA Credit Adviser TM. how people see me is the way I feel about myself. Having both tells me that I am a Finance Specialist and a qualified MFAA Credit adviser with more than 2 years experience & a Diploma in Mortgage and Finance under my sleeve.
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