It will create New Zealand and Australia's largest aggregator
Loan Market Group has announced it will combine its Loan Market, PLAN Australia, Choice Aggregation, and the FAST aggregation brands to form Australia and New Zealand’s largest aggregator – LMG.
The national aggregator’s executive chairman Sam White (pictured above) said as a family-owned business, representing more than 6,000 brokers across Australia and New Zealand, “we’re coming together to provide clear and simple choices for brokers so they can choose how they want to partner with us”.
“This means we can invest more in technology and innovation, represent our broker community with a louder voice in the industry so we can advocate for and develop better outcomes for all brokers,” White said.
Loan Market announced in 2020 that it would acquire NAB-owned aggregators PLAN, Choice and FAST and it subsequently grouped them together under the banner of PCF Group.
Under the changes announced today, the PLAN Australia, Choice Aggregation and FAST brands will be retired over the coming months as the group comes together under the new LMG banner. The Loan Market brokerage and brand sits within LMG and offers brokers a consumer brand.
White said one of the consistent messages coming from brokers was about the power of their community and how connected brokers are to each other and the businesses around them.
“This does not change – we’re stronger together and we keep seeing this through how our members engage with us.”
LMG will offer broker businesses a range of options and service plans based on what suited a broker’s aspirations and the types of services and support they valued. There will be no change for current broker businesses, unless they choose a different service plan, it said.
Leadership change
PCF Group managing director Stephen Moore (pictured below) has announced he will be leaving LMG.
White said Moore had been an integral shaper of this strategy and as LMG came to the end of this process, he decided to use this as a catalyst to leave the company and pursue new opportunities.
“Stephen has made a huge contribution to our group and I want to thank him for his work in bringing us this far,” said White.
“Taking three separate aggregators out of NAB, combining them, and managing changing systems and processes, all during the COVID-19 pandemic was a huge task. He has been a passionate advocate for the industry we love, as evidenced by his role with his presidency of the MFAA aggregators committee and his chairmanship of LIXI.”
White said he wished Moore all the best in the next phase of his career.
“I’m sure we’ll work together again within the industry in the near future. From everyone at the LMG family, thank you Stephen,” he said.
New leader for LMG residential brokers
Andrea McNaughton has been appointed group executive, LMG Residential, to lead the company’s residential broker network. McNaughton was previously managing director of Loan Market.
“Andrea is a proven leader and champion of innovation for brokers,” White said. “I am excited for the experience, passion and leadership that she will bring to brokers in LMG.”
McNaughton will work alongside LMG Commercial group executive Stephen Scahill and LMG Asset Finance group executive Tom Caesar.
Further team changes
Meanwhile, Andrew Thompson has been appointed to the role of national director, Loan Market and BYOB.
LMG said his focus will be to continue to develop and evolve the specialist Loan Market and BYOB community with its own dedicated support team.
“Andrew has been recognised for his significant contribution to the growth of our group in his role as state director for Queensland,” White said. “His dedicated focus on Loan Market and BYOB businesses will ensure we continue to be the home of the most productive broker businesses.”
