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Brokers looking for a closer relationship with their aggregator might want to make the switch to a boutique group
Joining a smaller, boutique aggregator can have just as many advantages as being part of a larger branded group.
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With a close-knit management team who are committed to the ethical growth and development of its partner network, brokers with boutique groups have fast and easy access to key decision makers without the formalities that are often part and parcel of working with larger aggregators.
Some major aggregators have the difficult task of keeping track of 2,000 plus members, whereas at a boutique group it can often be easier to form close
relationships with clients.
For some, boutique groups have a deeper level of understanding and can provide more personalised levels of support.
By comparison, the larger groups have massive economies of scale that they’ve got to get through to maintain margins, and exclusive to members. The program includes three SMSF loans designed to support brokers and assist Ballast’s financial planning partners to meet their clients’ diverse needs.
“Additionally the Ballast Lending Central platform caters for more traditional products and solutions for investment, refinance, construction and specialty lending,”
Mr Paratore says.
Ballast recently signed a partnership with MyState.The relationship between the two is currently lending-based, but over time the boutique group plans to offer additional MyState products such as general insurance, personal loans and transactional accounts.
“I think there are definitely more groups out there looking to shore up partnerships, distribution and whatever else is being offered – everyone is trying to create a point of difference for their business.
“We’re pitching ourselves as a boutique, integrated financial services group, and I’m hearing more and more that other groups are seeing it that way. Tim Brown from Vow recently said that he sees businesses that offer both planning and finance [to be] of greater value – I’ve been saying the exact same thing for years,” Mr Paratore says.
Brokers considering a boutique group should note that the challenges for smaller groups are slightly different to those faced by the major aggregators.
“We’re not reliant on one key area of our business – we don’t have to keep adding brokers to make our business viable,” Mr Paratore says.
