Firstfolio aims to 'set the record straight' on 'clean-up job'

by Mackenzie McCarty01 Mar 2013

“It certainly is something we’re working on and we don’t resign from the fact that our company’s had some issues and this has been very much a clean-up job from my perspective. Retention is well in hand but, more importantly, strengthening our company’s balance sheet is something we’ve worked on very carefully and CBA is certainly comfortable with it. Major shareholders have certainly indicated very strong support for capital-raising.”

That said, Dodd refers to brokers as a crucial component and says Firstfolio is working to improve broker retention.

“We certainly are in constant contact with brokers, we’ve improved our service levels…and we certainly ensure our staff are aware they need to be in constant contact with brokers. They’re the life blood of the company, they need constant care and they might not have gotten that in the past -but they’re certainly getting it now.”

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  • by FF Broker 1/03/2013 12:49:07 PM

    Finally FF has recognised that Brokers are a fundamental part of their business - I am afraid it may be too late, I am sick of being kept in the dark and although Mr Dodd states that they are "in constant contact with brokers" that certainly is not true as we find out about their "issues" in the press and then turn up at the PD days to very brief comment that attempts to sweep any issues under the carpet. I have had enough and am looking elsewhere for an aggregator that can offer me some stability - after all my business is my livelihood.

  • by Positive Broker 1/03/2013 2:02:09 PM

    Sorry to say where there is smoke there is usually fire. The writing may be on the wall. This is not good for the industry.

  • by Broker Needs 1/03/2013 2:07:14 PM

    FFF is too small to manage all the brands they have. If they would listen to their brokers and consider consolidating all their brands under one strong brand they would reduce costs across the group. They could then afford to pay brokers a fair fee to write business from their referral network. This would motivate brokers to write more business and look after their customers. These changes alone would reduce operating costs, increase broker retention, increase customer retention and increase sales.