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Choice has revealed plans to more than double its network of retail brokers by targeting growth corridors.
Chief executive Stephen Moore said the group had been running at 28 per cent growth for its financial year, which runs from October to September.
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The group’s retail arm, Choice Home Loans, has been expanding more rapidly than the wholesale division, Choice Aggregation, he told The Adviser.
Mr Moore said the two businesses had recruited a combined total of 60 brokers in the past three months. The group has 1,060 brokers, 110 of whom are with Choice Home Loans, he added.
Mr Moore was unwilling to publicise precise targets for Choice Home Loans, but revealed that it would more than double its broker network within three years.
He wouldn’t disclose the locations of the new franchises, but said they would be placed in “growth corridors” that had been identified by studying data and demographic trends.
Mr Moore told The Adviser that the group had spent the past 12 months “gearing up the business for scale”.
Garry Dowd was appointed head of Choice Home Loans to manage the growth. Other measures included extra marketing and a new benchmarking system to help the brokers learn “documented best practice processes” from throughout the industry.
Mr Moore said the benchmarking system was helping even experienced and successful brokers identify areas of improvement.
Century21 Home Loans also recently revealed plans to significantly expand its broker network.
