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Younger brokers place greater emphasis on commissions than veterans, while women are more concerned about compliance support than men.
The Adviser’s annual Switching Aggregators survey spoke to 622 brokers about what would make them switch groups and found interesting differences depending on experience and gender.
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The survey found that brokers with less than 12 months’ experience were more concerned about payments, fees and support than brokers with 10–14 years’ experience.
It also found that the veterans were most concerned about trail portability than the newcomers and were less interested in switching groups.
According to the survey, 81.8 per cent of newcomers would switch because of commission rates compared to 69.2 per cent of veterans.
BDM access was a reason to switch for 75.8 per cent of newcomers but only 50 per cent of veterans.
Compliance support was important to 72.7 per cent of newcomers but only 52.6 per cent of veterans.
Trail portability was an issue for 60.6 per cent of newcomers but 73.1 per cent of veterans.
According to the survey, 77 per cent of respondents were male – and they had surprisingly different views on some issues to the 23 per cent who were female.
The survey found that 65.8 per cent of males would switch aggregators because of software and technology compared to 75 per cent of females.
Lending panels was a reason to switch for 55.3 per cent of males and 72.2 per cent of females.
Compliance support was nominated by 51.2 per cent of males and 68.5 per cent of females.
BDM access was a concern for 51.2 per cent of males and 67.6 per cent of females.
The Adviser’s editor, John Bastick, said aggregators needed to take note of what brokers were saying.
“Brokers are loyal to aggregators that provide strong support, but are willing to switch groups if they don’t feel their needs are being met,” he said.
“It’s not surprising that the survey found that younger brokers want more hand-holding than veterans, however it was curious to see that male and female brokers have different priorities.
“The message for aggregators is to avoid a one-size-fits-all approach: make sure you listen closely to your brokers and their individual needs.”
[Related: 2013 Switching Aggregators survey]
The Switching Aggregators survey is explored in greater detail in the next issue of The Adviser magazine, which is due out in mid-July.
