ING transition to Scotia almost complete

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With the transition of ING employees to Scotia, many have found employment elsewhere in the industry, despite a goal for 100 per cent placement within the major lender, says the former head of broker sales with ING, Kim Luxton.
 
“We worked closely with human resources, setting up interviews. Obviously our goal is 100 per cent placement within Scotia,” says Luxton, now ING’s National Sales Director, “but many of the people who didn’t stay with Scotia have gone elsewhere in the industry. This has been done with absolute dignity.”
 
The transition of ING employees into Scotia has been surprisingly smooth, says Luxton, who has been with ING for four-and-a-half years and has been at the epicentre of the transitional process.
 
“I have heard nothing but good things from brokers. Scotia has been a great support, and a lot of our employees have found employment throughout Scotia,” she says. “One Regional Sales Manager with ING has taken on a Branch Manager position with Scotia.”
 
When ING officially left the broker channel on February 15, Scotia focused on the broker channel, leaving ING the direct channel. For both brokers and clients, says Luxton, the migration of clients had to be done seamlessly.
 
“It was our job to make sure there were no hiccups,” Luxton told MortgageBrokerNews.ca. “We (ING) only stopped taking applications five weeks ago, and really those who had never dealt with Scotia in the past were only a small percentage.”
 
Luxton points out that a lot of the former ING brokers are finding it easy to sell under the Scotia brand.
 
“Canadians understand, they trust the banks, they know them, they trust them,” she says. “It is easier to close a deal with the Scotia brand – like it was with the ING brand. Many are finding there are a lot of similarities between Scotia and ING.”
  • James on 2013-03-20 8:28:09 AM

    What? "easier to close a deal with the Scotia brand". I bet all brokers love placing their clients in collateral mortgages with Scotia, wouldn't touch them with a barge pole."You're dumber than you think"

  • MM on 2013-03-20 10:14:51 AM

    That was funny James :)
    But let's call a spade a spade, client (dumb or not) prefer to deal with a large reputable company.

  • Bank of Silly Notions on 2013-03-20 11:41:45 AM

    MM sorry but I have to agree with James on this one. MM it is you that has the issue selling Monolines. If you can't sell the client on what you want to sell them then you are not a salesman. I used to be big with "you're dumber than you think"
    They are not broker friendly at all. Sure they take broker business and pay you for it but if your client keeps coming back to you instead of going to the branch for service/refinance/advise then they do not want that client. Where as a monoline encourages it. A STEP mortgage is not right for a ton of clients. It might seem like you are giving your client a good product but it is a never never repayment plan for most. Sell what is best for the client and 99% of the time collateral mortgages are wrong...
    Good luck MM with your sales pitch.

  • Derek Rowley on 2013-03-20 12:00:16 PM

    To MM

    That is wjy it ius our responsibility to educate te consumers on collateral mortgages. I have to back jhames on the o.ne my friend

    Elementary my dear MM

    Derek

  • Liz on 2013-03-20 12:26:56 PM

    Canadians understand, they trust the banks, they know them, they trust them,” she says. “It is easier to close a deal with the Scotia brand – like it was with the ING brand. Many are finding there are a lot of similarities between Scotia and ING - Really, Luxton? I think you are very out of touch.

  • Mark Norman - St. John's on 2013-04-10 5:22:10 AM

    ING = no 5 figure IRD penalties
    Scotia = large 5 figure IRD penalties

    If you think it's easier to sell the Scotia brand, lets see what your client things 3-4 years into a fixed Scotia mortgage and wants to make a move. You are dead in the water, they will have no choice but to stay with them and take a blended rate that will favour the bank over the client as they are not in a position of leverage anymore unless they pay the penalty to leave, and any way you slice it, Scotia wins, the client pays more, and you as the advisor lose the ability to offer a solution to your client. This is NOT a sound business plan for the long term.

    Mark

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