Who do YOU think owns the client?

Who do YOU think owns the client?



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At the AOBP Forum last month, industry lenders were asked: when it comes to a bridging transaction, which party owns the client.

At the AOBP Forum in April, industry lenders were asked: when it comes to a bridging transaction, which party owns the client. 

A panel of some of the biggest figures within the short term finance industry went head to head at the Associations of Bridging Professionals’ forum in April.  In a collection of issues tackled, the panel was asked: is it the lender, broker or the intermediary who owns the client?

The majority of the Forum’s attendees, 56 per cent, agreed that no one owns the client, while only a slim margin less at 42 per cent, agreed the intermediary had client ownership. Only the minority of the audience believed the client belonged to the lender.

Kicking off the client-ownership debate at the Forum, Marc Goldberg, Director at Lancashire Mortgage Corporation, stated: “The only answer I can give is that it is normally the introducing broker or the packager.

“As lenders, we just want one person or one packager to deal with [the client]. The quality of the packaging is important.”

Marc added that decisions involving this debate would be made in light of treating customers fairly.  In order to offer the best available product, LMC may pass the direct client to a broker that they deal with.

Marc concluded: “The simple answer is, it is the broker or the packager.”

Jonathan Samuels, CEO of Dragonfly Property Finance, disagreed with Marc, where he commented on the idea of ownership as “alien”. He said: “I suppose the easiest thing to do is to agree with Marc as that would be the political thing, but I don’t agree with Marc.”

“The reason here is that I think nobody owns the client.”

Jonathan added: “I think that we have lenders who have an authentic two-way relationship with the client and if they want to use us, great, if they want to use a different lender, that is their choice.”

Jonathan explained that great service, products and speed were the key priorities for lenders and brokers, in order to provide the best for their clients and the industry as a whole.

Jonathan concluded: “I don’t think ownership has any real place, it is more about offering a decent service and being valued.”

Another question that arose at the event was whether IFS backed bridging qualification would be supported by the industry. To read the article on it, click here.

 

 

 

 

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