Brokers must embrace public battles over clients

by Mackenzie McCarty27 Feb 2013

Today’s launching of financial service bidding site, Moneytribe, includes promises of increased lead generation for participating brokers – but at what expense?

Dr David Urpani, director of Moneytribe, says the site represents a free-to-use social platform poised to alter the way Australians access product offers and advice for their financial products.

The site works by providing a platform for clients to anonymously ask sellers to ‘bid’ for their business by starting personalised competition requesting the best home loan product to suit their needs.

Lenders and brokers then post tailored product offers and advice and the consumer can choose to buy from the offer that most appeals. Anyone can explore and respond to active competitions via the Moneytribe website, and competitions can be shared to social media.

Urpani tells Australian Broker the site offers a unique opportunity for brokers.

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  • by Shannon Ingram 27/02/2013 10:47:47 AM

    I'd be very nervous under NCCP making a product recommendation publicly prior to discussing the clients needs and goals. A lot of the value that I add is around finding a solution that meets my clients needs, not flogging them the cheapest special currently on the market.
    Had a look at the site and you can specify only 2 different features that are important to you. Also specifying an income band but not other expenses makes it a very pointless exercise to work out if they even qualify for the products you post up.

  • by Stuart 27/02/2013 10:54:35 AM

    This appears to be nothing more than a red light destination for brokers to prostitute themselves. Borrowers have a duty of disclosure to the broker just as the broker has an fiduciary duty to the client. To bid for business is against the NCCP, where is the Fact Find, where is the personlised service...? Another hair brained scheme from a computer propeller head trying to muscle in on what is meant to be a tailored service.

  • by Chris C 27/02/2013 11:06:54 AM

    If Moneytribe want to deal in lending, they should also be made to hold an ACL and they would have to meet the lending criteria and offer a far better and complete service than what they have at present. They should be a red light to ASIC at the moment. Brokers need to be aware also that with these types of sites, they can spend a lot of time quoting but for very little you really want this type of client.