New sub-aggregator launches

The new group is led by head of growth and strategy, Bruce Li, and head of compliance, Christina Zhang, and was launched after Li identified that a broker’s “biggest worry is a lack of support and resource”.

It currently has around 40 brokers sub-aggregating through it and aims to grow this to 500 brokers over the next five years.

Hai Money, whose name is derived from the concept of the ‘Money Sea’, is particularly targeting young professionals who are just starting in the industry and may require additional support, though its core proposition is to coach brokers of all levels and ‘sail them to success’.

It does this by providing educational resources and tools, extensive support through business development managers, and a specially curated mentor school program. Its mentors so far include Martin Walmsley (commercial mentor), John Perivolaris (investment and SMSF mentor), and Rui Ge (residential mentor).

The new sub-aggregator offers three commission structures: Bosun (a percentage model offering), Hai Star (a transactional model), and High Sea (a flat-fee model).

According to Li, the company aims to provide a point of difference by also offering a range of solutions to broker members, including:

• An upcoming Hai Money payment solution to enable head brokers to manage their sub-broker commission splits and business referral payments.
• A cash rewards program to reward clients who refer new clients who then settle loans with the broker.

Hai Money officially launched on a luxury yacht in Sydney on Friday (7 June), with broker members, lender BDMs, Finsure compliance managers, association representatives, and partner service providers (including event sponsors Aii Group, loan service provider Money Master, non-bank lender ARC Capital Group and generational wealth creator Supavest) in attendance.

Speaking to The Adviser Li said: “Having worked as a mortgage broker for over 10 years, I have come to truly understand the pain points and challenges that brokers face; with the biggest one being the lack of support and resources.

“Without proper support, brokers cannot perform to their full potential and it’s really a waste because I know there are many brokers who are capable of much more than they show.

“As such, I wanted to build a tight-knit broking community where brokers’ voices are heard, and brokers of all backgrounds and cultures can feel a sense of belonging in this industry.

“My goal is to gain more bargaining power for our community, and by working towards the same goal together, I believe we can elevate our community to new heights.”

Finsure said it was thrilled to be supporting Hai Money in the “exciting partnership”, adding it was impressed by the hard work and strong dedication Hai Money brought to building a successful broker channel.

While Hai Money has access to Finsure’s lenders and Infynity CRM system, it also has its own proprietary technology and additional lenders at its disposal, including non-bank private lender ARC Capital.

[Related: Viking Aggregation expands into residential and commercial]