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ADVISERS on BANKS ADVISERS on BANKS 2016 the Results of NZ Adviser’S Inaugural Advisers on Banks Survey Are In

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ADVISERS on BANKS ADVISERS on BANKS 2016 the Results of NZ Adviser’S Inaugural Advisers on Banks Survey Are In SPECIAL REPORT ADVISERS ON BANKS ADVISERS ON BANKS 2016 The results of NZ Adviser’s inaugural Advisers on Banks survey are in. We reveal which banks topped the rankings and what advisers think about commission, turnaround times, BDM support and more. www.nzadviseronline.co.nz 1 SPECIAL REPORT ADVISERS ON BANKS WHAT ADVISERS WANT IT’S OUT. NZ Adviser has released its first Advisers on Banks report and three banks have risen above the rest, sweeping up our WHAT’S IMPORTANT TO ADVISERS? gold, silver and bronze medals. With the Financial Advisers Act Review, new loan- Turnaround times 4.76 to-value ratio limits being implemented and the official cash rate and interest rates at record lows, it is certainly a time of change Interest rates 4.40 for the industry and now would appear an appropriate time to add to the mix the Credit policy 4.35 opinion of advisers on bank performance. Using an online survey conducted in June- Commission structure 4.19 July this year, we collected advisers’ views on major banks to gain a picture of bank activity in the broker channel. Advisers were asked to BDM support 4.15 rate the performance of the banks they had Communication and dealt with in the last 12 months against 11 engagement 4.15 criteria. What we found was that the smaller Product range 3.73 banks have excelled in clawback policy and turnaround times, the latter which also Clawback policy 3.63 happens to be the issue most important to our survey respondents. What also stood out was the bank that ranked top didn’t just excel Training & development 3.54 in one category but gained consistently high Product diversification scores across the majority. opportunities 3.45 One thing is certain, advisers haven’t held back in telling us where banks could have Electronic lodgement 3.14 done better but at the same time they have recognised outstanding efforts that have made a real difference to their clients. We’d 0 1 2 3 4 5 like to thank all those who participated in the survey and also like to extend enormous Note: Categories were individually scored between 1 and 5 for importance, where 5 equates to ‘very important’ congratulations to our medallists. THE SURVEY PARTICIPANTS GENDER BREAKDOWN AGE under 25 0% Female 25 to 35 7% 25% 36 to 45 31% Male 46 to 55 39% 75% 56 and above 23% 0 5 10 15 20 25 30 35 40 2 www.nzadviseronline.co.nz INDUSTRY TENURE LOCATION 1% 21 – 30 3% 43% years Northland 11 – 20 1% 51% 4% years More than Auckland Bay of Plenty 30 years 5% Waikato 1% Taranaki 1% 1% Gisborne Manawatu- Wanganui 3% Hawke’s Bay 3% Nelson 10% 1% 1% Wellington West Coast Marlborough 13% 36% Canterbury 19% 5 years 6 – 10 or less 4% years Otago APPROXIMATE VOLUME OF MORTGAGES PER YEAR 15% 9% $60m+ $0 - $10m 12% $40,000,001 - $60m 34% $10,000,001 - $20m 30% $20,000,001 - $40m www.nzadviseronline.co.nz 3 SPECIAL REPORT ADVISERS ON BANKS PRODUCTS AND PRICING Product ranges and pricing have improved advisers commented on a range of factors over the last year, according to the majority including interest rates and turnaround HAVE PRODUCT of advisers (65%) but a significant proportion times. “It meets the needs of the majority RANGES AND (35%) still thought the opposite. Westpac of my clients,” said one respondent, while PRICING IMPROVED was ranked highest for its product range, another said the product had a good rate and followed by BNZ and ASB in third. However, cash back with a good turnaround time. OR WORSENED OVER BNZ came top for product diversification “It allows marginally credit-impaired THE LAST YEAR? opportunities and interest rates and ASB led clients to get back on their feet after an the pack in credit policy. adverse life event,” commented another. “The lender with the most flexible and accommodating product suite will receive the most business” – Hamilton adviser Improved Interestingly product range sat more than One adviser said flexibility was key. “It 65% half way down the list of what advisers said gives customers options on what they want, counted most to them, being trumped by the whether a lower rate or points towards travel likes of turnaround times, interest rates and on their loan.” BDM support. Westpac’s Choices Offset and ASB’s Orbit Some advisers hold product choice higher Facility were popular products among than others with one respondent saying the advisers. One respondent commented the product suite was a vital factor in whether a Choices Offset product was an “easy way for bank would win their business. “Taking price clients to maintain and benefit from savings and internal differences (BDMs for example) while also having a loan”. On the Orbit Facility Worsened out of the equation, the lender with the most product, an adviser said it, “allows clients 35% flexible and accommodating product suite to access redraw facility while ensuring the will receive the most business.” loan is repaid within the original term,” while When stating the reasons for what made another commented, “in line with internet a product top the charts in their opinion, banking is the best”. HIGHLIGHTS - PRODUCTS AND PRICING INTEREST RATES PRODUCT RANGE CREDIT POLICY PRODUCT DIVERSIFICATION OPPORTUNITIES 1st BNZ Westpac ASB BNZ 2nd ANZ BNZ Westpac WESTPAC 3rd Westpac ASB BNZ ASB 4 www.nzadviseronline.co.nz INCENTIVISING ADVISERS Commission has improved, according to 53% ADVISERS ON of our respondents, but 43% of advisers said HAVE COMMISSION PRODUCTS it had worsened. STRUCTURES Commission was ranked the fourth IMPROVED OR most important priority for advisers, with NZ Adviser asked advisers ANZ performing the strongest in this area, WORSENED OVER to share their reasons for followed by ASB and Westpac. However, THE LAST YEAR? what makes a top mortgage ANZ dropped to third place when it came to product provided by a bank. communication & engagement and training Here’s a sample of their & development, being beaten by ASB and responses Westpac, and Westpac and BNZ respectively. About one in four advisers said that clawbacks were a recurring or major problem Very easy to use for their business. “My issue is clawback on bridging advances,” said one respondent. Improved Greatest flexibility, non-reducing “Bank/branch staff do not get penalised if a loan they write is paid off with 27 months.” 58% Better communication, faster Another commented that clawbacks posed turnaround time, lower mortgage a problem from a cash flow perspective, interest rates “as you don’t know when they will occur. It’s particularly difficult for when clients’ circumstances change and decide to sell In line with internet banking is before expected.” the best The majority said it was not a major problem, reflecting its position in the lower Great customer value half of the list of what is important to Worsened advisers, but some were on the fence saying 43% Good products and great BDM they were nevertheless a risk and and one support saying there should be no clawback after 12 months unless the same adviser moves the business. Provides options to clients HIGHLIGHTS – INCENTIVISING ADVISERS Most competitive COMMISSION COMMUNICATION TRAINING AND Best in market STRUCTURE AND DEVELOPMENT ENGAGEMENT It meets the needs of the majority of my clients 1st ANZ ASB Westpac 2nd ASB Westpac BNZ 3rd Westpac ANZ ANZ www.nzadviseronline.co.nz 5 SPECIAL REPORT ADVISERS ON BANKS TECHNOLOGY, TURNAROUND AND SERVICE If you’re a bank, turnaround times simply cannot be ignored if you want to deal with OFFERING SERVICES BEYOND RESIDENTIAL advisers. When it comes to this category, MORTGAGE BROKING there couldn’t be a clearer line in the sand that advisers believe banks have not paid enough attention to this service (46% said it worsened), with a further 38% of respondents saying turnaround times have worsened No significantly. Nine per cent were indifferent 35% and only 8% said there had been an actual Yes improvement. Interestingly, the non-major banks were among the ones excelling in this 65% category with the Cooperative Bank achieving the highest score from advisers and SBS Bank and TSB also performing strongly. ASB came top among the major banks. Although, the same story couldn’t be told for BDM support, where the majors were stronger, in particular HAVE TURNAROUND TIMES IMPROVED OR Westpac and ANZ. WORSENED OVER THE LAST YEAR? We asked advisers whether new technology had improved turnaround times and many said that it hadn’t. “Westpac is the only Improved significantly 0% bank that offers a central repository to Improved 8% upload supporting documents efficiently,” commented one respondent, supporting the No difference 9% bank’s top ranking in the electronic lodgment category. But another was more optimistic, Worsened 46% saying they expect technology upgrades will Worsened significantly 38% start to impact turnaround times in the next 12 months, “as CRM platforms and banks 0 10 20 30 40 50 start to work together”. HIGHLIGHTS - TECHNOLOGY, TURNAROUND AND SERVICE TURNAROUND TIMES BDM SUPPORT ELECTRONIC LODGEMENT 1st The Cooperative Bank Westpac Westpac 2nd ASB ANZ BNZ 3rd TSB BNZ ASB 6 www.nzadviseronline.co.nz WHAT YOU’RE HOW TO WIN AN ADVISER’S SAYING BUSINESS “Pay trail options, communicate on a Numbers go a long way, but if you really want to understand brokers, you need to read their personal level, add value to my business comments. We asked advisers to highlight where banks did exceptionally well and where they with ideas, encourage clients to deal with could improve and also to describe the one thing a bank could do to win their business.
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