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The MFAA has announced the launch of a million dollar advertising campaign that aims to encourage consumers to use MFAA-accredited mortgage brokers. Is this money well spent? This month, we asked...
IS THE MFAA'S $1.4 MILLION CONSUMER CAMPAIGN A SOUND INVESTMENT FOR ITS MEMBERS?
MICHELLE COLEMAN
WHO Finance
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"I think it's a great investment. We are a professional group of people and need to be recognised in the community as such. We are as valuable to customers as their accountants, solicitors and financial planners, and hopefully this campaign will raise the awareness of the importance of mortgage brokers and the MFAA. We need to educate consumers that by choosing a MFAA member they will have assurance that they are working with someone who is reputable and qualified. They can expect that MFAA brokers are of a certain standard both in customer service and reliable information."
DAVID FRIEND
Tiffen & Co and The Mortgage Detective
"This is a sizeable investment by the MFAA, however any advertising campaign will cost. The question is whether this will deliver the intended message to consumers? I am unable to comment on that as I haven't seen the marketing material. I do think that any initiatives that assist in educating consumers on the benefits in dealing with members of an industry body that endorses education, ethics and professionalism is a positive move for the industry."
BRUCE WEAVER
SureDirect Loan Options
"Given that membership to the MFAA is effectively compulsory for a broker to operate, I don't see any real differentiation or competitive advantage for my brand because I am member of the MFAA. This may be the case if there was a real alternative to the MFAA but in reality there isn't. How then can consumers compare brokers based on their industry memberships? The $1.4 million campaign spend to drive awareness of the MFAA brand to consumers seems difficult to rationalise."
WILL FOSTER
Property Planning Australia
"We are very happy that the MFAA is spending money to advertise the use of an MFFA-accredited broker to consumers. We believe that the biggest issue holding back the mortgage brokering industry is public awareness and credibility. So if the advertising campaign is addressing both of these issues at once, then we are right behind it. Overall, I think the MFAA does an excellent job as our industry body, and we are pleased to support it."
TIM BOLTON
Mortgage Solutions Australia
"Having been in the industry for a significant number of years, I've watched the role of the mortgage broker evolve. While I have mixed views about the MFAA spending $1.4 million on a consumer campaign, I support the MFAA's move to promote mortgage brokers as professional credit advisers. The MFAA's consumer awareness campaign will have widespread benefits as it will reinforce the need for mortgage brokers and improve the image of the industry. This move will not only benefit MFAA members, but it will help to raise the bar of professionalism in the industry as a whole."
