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A Brisbane brokerage saw immediate improvements to its bottom line, loan processing and marketing after switching to AFG
Brisbane Financial Services has become far more efficient since switching groups in 2011, according to director Damian Mifsud.
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The difference between the firm’s last set of financial results under its former aggregator and its first results under AFG was like “chalk and cheese”, says Mr Mifsud. “If we look at just the dollars in the bank, it’s a totally different business.”
One of Brisbane Financial’s biggest gripes with its former aggregator was the quality of the software. The brokerage was forced to key in multiple entries for each loan – and then had no way of tracking its commissions.
“We looked at all the things we didn’t like and AFG was offering the exact opposite,” Mr Mifsud says. “They had the one system that did everything from end to end – including commissions – so we didn’t have money going missing all the time.”
Brisbane Financial has also benefited from being able to outsource loan processing to AFG, which has allowed the company to scale back from four admin staff to none, he adds.
The firm has also outsourced its marketing to AFG. The quality has risen and it has actually turned out to be cheaper than doing it in-house, he says.
The firm hit a “flat spot” after eight years with its former aggregator, Mr Mifsud explains, “because we were getting caught up in too much non-core business” – but that has since changed, he adds.
Switching aggregators, however, is not a hassle-free process. The biggest frustration, according to Mr Mifsud, was having to change accreditations with all the lenders. Nevertheless, Brisbane Financial was able to get a head-start on the new software by processing some dummy transactions before jumping ship.
Brokers who are contemplating moving to a new aggregator need to do their due diligence, and Mr Mifsud also advises them to shop around. Find out what services and deals are available, although don’t forget that the cheapest isn’t always the best.
Rival aggregators were offering better headline figures than AFG just prior to Brisbane Financial’s move, but AFG offered the best value for money once the full package was considered, says Mr Mifsud.
He also advises brokers to closely examine an aggregator’s financials because the last thing a firm wants is to partner with a company that may become insolvent – and then take your trail with it!
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