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Settlements at the boutique aggregator have increased by over 120 per cent in the past six months, according to the group.
Boutique aggregator Purple Circle Financial Services has revealed it has achieved six consecutive months of record settlement growth in the period up to August 2023.
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Speaking to The Adviser, Purple Circle director Frank Paratore said settlements had risen by 121.34 per cent over the last six record months, with broker members settling in excess of $1 million per month, “far outstripping what is the industry average”.
Indeed, Purple Circle’s most recent financial year results revealed that it achieved close to $2 billion in settlements over the 2023 financial year (ended June 2023).
Mr Paratore added that the ongoing growth in settlements was “a fantastic result”, particularly as mortgage growth had been softening across the industry.
“We are clearly bucking the trend considering the season of reported lower numbers across other aggregators and market backdrop we are in,” he said.
“Making it even more impressive is the fact it has all been organic growth.”
The aggregator director attributed the growth to the “recruitment of quality brokers”, with it now having approximately 140 brokers.
Mr Paratore stated that more brokers were joining the boutique aggregator as they were attracted to its “unique share-based, co-op style offering”, adding that it can be “quite enticing for people where they know they physically have some skin in the game as well”.
He said: “Our broker members have a strong say in the strategic direction of the company which allows us to not only provide brokers with what they need, but also what they want for their businesses to succeed.
“This is clearly reflected in the company’s performance to date.”
The Purple Circle director said brokers were seeing the benefits of choosing a boutique aggregator and “the whole personalised service where they know they can physically pick up the phone and talk to a director of the business”.
“The fact we do turn around and practise what we preach, there’s shares, there’s a good culture and collaboration in regards to people actually feeling a real big part of the businesss,” he said.
“I reckon that’s where we’re different completely to all other groups.”
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