Login
ISCOVER
Brokers believe that culture is now the most important attribute that they look for in an aggregator, according to the Aggregator of Choice survey 2021.
The annual Momentum Intelligence Aggregator of Choice survey, partnered by The Adviser, provides mortgage and finance brokers across Australia a unique opportunity to voice praise, issues or concerns with their aggregator, in an effort to help shape the future direction of their group.
To continue reading the rest of this article, please log in.
Looking for more benefits? Become a Premium Member.
Create free account to get unlimited news articles and more!
Looking for more benefits? Become a Premium Member.
For the aggregators, it is an opportunity to help them quantify their broker relationships, understand their position within the marketplace, identify their respective strengths and weaknesses as well as hearing first-hand experiences from brokers.
The online survey for this year was conducted over October and November 2021 and invited mortgage and finance brokers to rate their aggregator across a number of key relationship measures and across six attributes.
These were:
- Culture
- Lending panel
- Business and marketing support
- Software
- Value for money
- Compliance and regulatory support
This year, the survey collected a sample of responses from over 600 brokers.
What brokers want
Overall, the results of the 2021 Aggregator of Choice survey found that 85 per cent of brokers were satisfied with their aggregator.
The figure was marginally up on last year, when 84 per cent of brokers said they were satisfied.
However, just 9 per cent of brokers surveyed this year said that they were planning to switch aggregators in the next 12 months, down from 11 per cent in 2020.
The most important attributes in the mind of brokers this year were “culture” (which captures the leadership, communication and collaborative working of an aggregator) and “value for money”.
After the turmoil of the past few years caused by the COVID-19 pandemic and the new regulatory environment, it is perhaps unsurprising why having a good culture is a key satisfaction driver when it comes to their aggregation group.
The theme of culture and, more generally, business and personal support was key throughout this year’s survey results as the most commonly referenced attribute by brokers who commented on their aggregator’s experience.
One broker commented: “[My aggregator] has been incredibly supportive and all staff in all areas are ready to help when needed.”
Another told Momentum Intelligence they valued their group’s “total support”, not only in helping their business but also in “very genuine wellness support during long terms of lockdowns and restrictions”.
Following this, “value for money”, “business and marketing support” and ‘compliance and regulatory support” were all factors that appear to correlate highly with a broker’s satisfaction with their aggregator.
Which aggregators are leading the way
Of the 12 aggregators/broking groups that were analysed in the report, family-owned aggregation group Loan Market scored highest with the highest overall attribute score and performed highly in both key relationship measures of existing brokers and attraction of external brokers.
Momentum Intelligence’s research strategist Oliver Stofka commented: “Loan Market brokers have indicated that the aggregator has continued to provide an excellent environment for its brokers to thrive and this is reflected in the brokers’ responses to the aggregator in this year’s survey.
“The feedback we have received for Loan Market again this year indicates that the aggregator’s brokers are highly engaged and are grateful for their aggregator’s support during the COVID-19 pandemic and beyond,” he said.
outsource Financial closely followed Loan Market’s score in this year’s results with a range of attributes being tightly contested alongside Liberty Network Services and Australian Finance Group (AFG) with all of these aggregators scoring above 90 per cent in one or more attributes.
However, continuing the trend of the last few years, the survey uncovered that Connective was consistently reported as the aggregator that brokers would consider switching to if they ever decided to leave their current aggregator with one in five brokers likely to consider Connective.
Loan Market and AFG followed Connective as the next most considered aggregators, with many citing a range of reasons for considering each aggregator. Those who chose Connective were looking for more attractive commission, fees or value for money. Meanwhile, those considering Loan Market or AFG were more likely to comment on their software as a driving force.
The Aggregator of Choice survey is an annual survey produced by The Adviser’s research arm, Momentum Intelligence, and seeks to provide a high-level viewpoint of the changing landscape of aggregation to help both brokers and aggregators be better informed.
For more information, please contact Momentum Intelligence at
JOIN THE DISCUSSION