zerocool2009
Honorary Master
I am in the situation where the kitchen got to hot for my broker and he terminated his services.
Is that allowed ?
Is that allowed ?
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Broker cancel his services
- Thread starter zerocool2009
- Start date
reactor_sa
Executive Member
With reasonable notice I don't see the issue
supersunbird
Honorary Master
zerocool2009
Honorary Master
EQ.FIN .... the kitchen got to hot. Got a call from the CEO ... they are terminating their services with me. I need to appoint a new broker outside their firm .... and that is the reply after being with them for 7 years
zerocool2009
Honorary Master
The sad part is, I gave the broker some questions ... and he tip toed and I went directly to Liberty. And got the info I asked for months vs 48 hours (via Liberty).
zerocool2009
Honorary Master
Ohhhhh, and the best part for me is. EQ.Fin puts their consultants before clients. Shacks, so true, otherwise who will make / bring the money in ! Face palm myself !!!
TEXTILE GUY
Honorary Master
Sure it wasnt your chef?
gimpex
Senior Member
If the CEO calls you ..... Sounds like there is more to this story.
zerocool2009
Honorary Master
I asked for the CEO, as all I get is stories left and right.
Pitbull
Verboten
There are a few reasons a client gets cancelled.
1. They treat brokers/agents like crap and expect that all should just continue as usual.
2. They don't pay their premiums or write back debit orders often, then when a claim comes through they blame brokers/insurers when claims are not paid out.
3. They claim so much that their loss ratios make it impossible to keep them on the books as insurers don't want to have them any more. Often these claims are of a fraudulent nature. I want a new cell phone and suddenly the dog ate my phone type claims.
4. They start consuming so much time from a broker that the tiny bit of commission the broker makes is no longer worth while. For example on a R1000 policy the commission is usually R80-R150 per month. Now a clients causes the brokers to spend hours on hours to try and sort out issues like point 2 and 3 often mixed with 1. So it just doesn't make sense to keep the client.
When RDR gets implemented and clients and brokers will need to negotiate an hourly rate things will get interesting.
1. They treat brokers/agents like crap and expect that all should just continue as usual.
2. They don't pay their premiums or write back debit orders often, then when a claim comes through they blame brokers/insurers when claims are not paid out.
3. They claim so much that their loss ratios make it impossible to keep them on the books as insurers don't want to have them any more. Often these claims are of a fraudulent nature. I want a new cell phone and suddenly the dog ate my phone type claims.
4. They start consuming so much time from a broker that the tiny bit of commission the broker makes is no longer worth while. For example on a R1000 policy the commission is usually R80-R150 per month. Now a clients causes the brokers to spend hours on hours to try and sort out issues like point 2 and 3 often mixed with 1. So it just doesn't make sense to keep the client.
When RDR gets implemented and clients and brokers will need to negotiate an hourly rate things will get interesting.
zerocool2009
Honorary Master
There is a saying, if you cant handle the heat, get out of the kitchen.
You're definitely not telling us everything.
zerocool2009
Honorary Master
My question is why do we have brokers? If you ask brokers questions and info and must wait for months, and get that same info from the investing company directly. Why is he in the picture?
I had very bad service to start off with. And at the end of the day, they say "they cant keep me happy", and the relationship is in the gutter. Well, after one meeting with the broker I still wasn't happy. So I think it is in the best interest that the CEO choose a side and cut losses now.
Sad how 7th years of support them turns into this.
Why stay with a broker for seven years when you get bad service? If a broker cancels you then you must have been a real problem client i.m.h.o.
Rocket-Boy
Honorary Master
You have not answered a single question posed to you in this thread.
All you keep doing is throwing out an old saying.
Im not surprised in the least that they got rid of you if this thread sums up your dealings with them.
zerocool2009
Honorary Master
What must I tell you ?
I asked for stats regarding poor performance. Last year it was -3% which isn't bad. in 2007 it was -17%.
My issue is, if you ask questions and wait months for data VS I phone Liberty and get the data within 24 hours.
Now they blame me. Well, they can blame who they want. If any of you are with EQ.FIN, think twice.
Picture I was a new client and commission was paid upfront, they will keep me happy. Now it is years after wards, the cats are fat !
Anyway, I am taking everything away with that firm ! And I am logging complaints at Liberty
zerocool2009
Honorary Master
I asked this question (Show me growth vs contribution vs fees) please.
zerocool2009
Honorary Master
This is the first time I ask the broker anything, lol ! So ja, blame the client here please