How can banks and brokers work better together?

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    Putting the best interests of customers first is the key to a good working relationship

    Graeme Holm


    Infinity Group Australia

    “Today the most important thing for both banks and brokers to acknowledge and implement is that clients should always come first and profits last. Meeting the best interests of clients is how banks and brokers can operate together within the financial services sector. Both should provide direct and indirect service offerings and competitive opportunities to consumers.

    “If we can all work towards a client-centric business model that provides needs-based solutions to consumers, then both banks and brokers can co-exist while competing to provide exceptional consumer outcomes.”

    Richard Khuong

    Director, finance strategist and mortgage adviser

    Simple Easy Finance

    “I already have a good relationship with most of the lenders I work with as they understand the importance of brokers to their business. The issue comes from the ones that have their own agendas.

    “If the lender can truly show us how much they value customers and the broker community, there wouldn’t be any issues. Why would a customer want to change a lender if it provided a fair rate and service? Why would a broker want to move his or her client from that lender if he or she was remunerated appropriately and the client was treated well? If those two can be answered by the lender, then I know we can work well together.”

    Louisa Sanghera

    Principal broker

    Zippy Financial

    “The key point is that we are all working for the consumer, and we should all be focusing on this and the client’s needs. We need to be on the same team, supporting and not pitting against each other.

    Banks and brokers need to work closely together to ensure they are achieving the best outcomes for consumers. However, we all need to be playing on a level fi eld. Bankers and brokers should be made to uphold the same standards, policies and processes; to ask the same questions, provide the same documents and get the same outcomes.”

    Original Article