MPA unveils the winners of Brokers on Aggregators
Aggregators who look after their mortgage brokers and cater to their needs are certain to reap the rewards, as Mortgage Professional Australia can reveal with the release of the much-anticipated Brokers on Aggregators 2024 report.
The comprehensive survey of brokers across Australia shows that almost three-quarters (74%) are extremely unlikely to change aggregators in the next 12 months.
While this is down slightly from the 81% figure in 2023, it shows how important it is for aggregators to provide the right systems and support if they want their members to stick by them.
Brokers on Aggregators 2024 revealed it came down to the basics – the top five reasons for brokers to leave aggregators were poor accuracy and timeliness of commission payments (61%); poor IT and CRM support (55%); poor BDM support (49%); poor compliance support (44%), and poor quality of lending panel (41%).
“Successful aggregators treat brokers as more than just a number,” says Liberty chief distribution officer David Smith. “They understand and invest in their business at the grassroots level and maintain strong relationships with key lenders.”
“The aggregators that set themselves apart embrace technology with a progressive approach that goes beyond simple loan applications and CRM, using innovation to make the process easier for brokers and customers.”
The 14th annual Brokers on Aggregators survey gauged the opinions of brokers about their aggregators across 11 categories:
- Accurate and on-time commission payments
- IT and CRM support
- Quality of lending panel
- Communication with brokers
- BDM support
- Compliance support
- Training and education
- Additional income streams
- Marketing support
- White label offering
- Lead generation
Brokers ranked their aggregators with a score out of five in each category. Only those that achieved a response rate of at least 10% of brokers for each aggregator were included in the final list.
Survey respondents were also asked a series of questions relating to the services aggregators provide and their relationship with their current aggregator but these did not affect the overall score.
In terms of what services ranked as the most important to brokers – unsurprisingly, accurate and on-time commission payments was No.1; followed by quality of lending panel, IT and CRM support, compliance support and BDM support rounding out the top five.
After sifting through the many responses and crunching the numbers, MPA can now reveal the top-ranked performers in Brokers on Aggregators 2024 across all categories, plus the overall winners of the Aggregators (over 600 brokers) section and the Boutique Aggregators (less than 600 brokers) section.
The overall Aggregator winner was outsource Financial with six gold, one silver and one bronze, while Loan Market was second (one gold, two silver and four bronze), and Finsure took out third spot (two gold, one silver and two bronze).
In Boutique Aggregators, the overall winner was MoneyQuest, scoring seven gold, three silver and one bronze. In second place was Nectar (four gold, four silver and two bronze), while the third highest honour went to Liberty Network Services (four silver and five bronze).
To see how the aggregators ranked in each category and the brokers’ comments, you can read the full 2024 Brokers on Aggregators report here.
For a full comprehensive analysis of the survey’s findings, check out the July print edition of MPA magazine.
