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The aggregation and franchise brokerage group has announced it is uniting all of its aggregation brands to become one aggregator: LMG.
Loan Market Group — which incorporates Loan Market, PLAN Australia, Choice Aggregation, and FAST (PCF) — has revealed that it is consolidating all of its aggregation brands to form one aggregator: LMG.
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The move, which is being rolled out in a phased approach over the next few months, will mothball the PLAN Australia, Choice Aggregation, and FAST brands, which have continued to be in use since the group bought the three aggregators from NAB in 2021.
The Loan Market brand will therefore only remain for the franchise brokerage offering.
It is expected that the roll-out of the LMG brand will complete around July 2023.
The consolidation will make LMG the biggest aggregator covering Australia and New Zealand, with more than 6,000 brokers.
Streamlined service offerings
According to the company, LMG will offer businesses a range of options across four service plans (including the Loan Market franchise model and BYOB model) based on what best suits the broker’s needs.
There will be no change for current broker businesses unless they choose a different service plan.
Existing agreement, commission, and accreditations will remain in place for the foreseeable future as LMG rolls out.
Executive chairman of LMG, Sam White, told The Adviser that the company hoped the consolidation of all the aggregation groups under one brand would remove any confusion from having a multi-brand strategy and provide simplicity.
“There was some confusion that we felt was getting in the way,” Mr White said.
“The segmentation we had between the business also prevented us from being able to have our staff add value to brokers across the board. We found we were duplicating things and causing confusion for our staff.
“So, as part of this change, we hope we can give our teams, their staff, and our brokers real clarity and enable us to deliver service plans to brokers that give them choice.
“As a family-owned business, representing over 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.”
The LMG executive chairman added that the consolidation also provided cost efficiencies (for example, by reducing investments in keeping the brand identities separate).
“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,” Mr White continued.
“One of the consistent messages from brokers is the power of the community they are part of — and how connected brokers are to the brokers and businesses around them. This does not change — we’re stronger together and we keep seeing this through how our members engage with us.”
New LMG leadership structure, Stephen Moore departs
With the consolidation of the brands, the group has also announced changes to its leadership structure.
Stephen Moore, who had been managing director of PCF, has resigned from his position to “pursue new opportunities outside of LMG”.
Andrea McNaughton, who was managing director of Loan Market, will lead the residential broker network as the new group executive, LMG Residential.
She will work alongside Stephen Scahill, group executive for LMG Commercial and Tom Caesar, group executive for LMG Asset Finance.
Speaking of Mr Moore’s departure, Mr White commented: “Stephen has been an integral shaper of this strategy and, as we came to the end of this process, Stephen 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.
“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.
“I wish Stephen all the best in the next phase of his career and I’m sure we’ll work together again within the industry in the near future.
“From everyone at the LMG family: ‘Thank you, Stephen’.”
Noting the change in Ms McNaughton’s position, Mr White commented: “Andrea is a proven leader and champion of innovation for brokers.
“I am excited for the experience, passion and leadership that she will bring to brokers in LMG.”
Meanwhile, Andrew Thompson — who was state director for Queensland — has been appointed to the role of national director, Loan Market and BYOB.
In his new position, he will drive the Loan Market franchise brokerage offering and 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,” Mr 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.”
The leadership changes are effective immediately.
All PCF state directors and PMs will become LMG state leaders and PMs.
Mr White concluded: “Our new direction will help us serve our brokers better and make us a better aggregator to be a member of.”
[Related: Loan Market Group unveils new asset finance entity]
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