Mortgage brokers excel in latest shadow shop
Less than two months after receiving a negative shadow shopping review, mortgage brokers have fought back with a solid performance in the latest mystery shop commissioned by the Mortgage and Finance Association of Australia (MFAA).
The review focused on 104 MFAA brokers nationwide to determine compliance and customer-service levels, with the majority rating highly for customer-focus, product knowledge, honesty and integrity.
This is in contrast to the outcome of a mystery shop undertaken earlier in the year by consumer protection body Choice, which called for an improvement in the standard exhibited by mortgage brokers in regards to their advice on reverse mortgage products.
Speaking on the latest findings, MFAA chief executive Phil Naylor said it was pleasing to see the majority of MFAA brokers were meeting consumer expectations.
“The mystery shop also confirmed brokers are living up to their reputation for providing a friendly and personable service, with consumers giving high performance ratings to these soft skills,” he said.
“This is significant considering shoppers rated trust and customer focus as the most important of many factors that would influence them to use or recommend a broker in the future.”
Recommended for you
State Street Global Advisors has made an equity investment in Ethic, a platform helping financial advisers to produce bespoke portfolios, reflecting the greater client demand for customised portfolios.
ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test.
Quarterly Wealth Data analysis has uncovered positive improvements in financial adviser numbers compared with losses in the prior corresponding period.
Holding portfolios that are too complex or personalised can be a detractor for acquirers of financial advice firms as they require too much effort to maintain post-acquisition.
