Westpac has launched a new local strategy campaign that it hopes will quash broker beliefs they are in competition with their local branch.
The 'local squad' has been designed to help brokers form sound relationships with their local Westpac bank branch managers.
Speaking to The Adviser, Westpac’s regional retail general manager Greater Western Sydney Rob Ewins said the bank was determined to change the long held idea that bank managers and brokers are competitors.
“Up until a few years ago, bank managers were awarded on home loans sales. If they could grab a loan, they would,” Mr Ewins said.
“This created a relationship of distrust between broker and banker.
“Under our new local strategy, bank managers don’t get rewarded on home loan sales any more. What they get rewarded on is the profitability of their portfolio. We are encouraging all our bank managers to form relationships with brokers so that they can cross sell other products – not a home loan – to the broker’s client.”
Mr Ewins said while the program has been around for a couple of years, it hasn’t been leveraged until now.
“I wanted to make sure we had local bank managers in each office. I want them to have local area knowledge and create strong relationships with the local brokers,” he said.
“We have just finished the recruiting process and as such are ready to roll this local strategy out more strongly to our broker partners. We want bank managers and brokers to be partners, not opponents and that is what this local strategy sets out to achieve.”