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One of Australia's top broker groups has raised concerns that the industry may not be providing enough support to brokers.
Earlier this week, The Adviser's latest Switching Aggregators survey found 39 per cent of brokers are currently reviewing their aggregation agreements.
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Of those thinking of switching, one in four said they would switch for a better software platform, while a further 20 per cent indicated they would switch for a fairer aggregation fee model.
Speaking to The Adviser, Loan Market’s Mark De Martino said he was worried that brokers were identifying software and fees as their top reasons for switching because many believed their aggregator would never provide them with the business coaching and support they needed.
“I am definitely concerned that aggregators are not providing enough value to brokers with respect to how they can grow their business,” he said.
“I wonder if brokers have come to accept that they won’t receive the necessary support from all of us as aggregators and so they look at the aggregator’s fees and software as their highest priorities when making their decision to switch because they have simply given up on us providing anything else.”
Earlier this week, The Adviser's latest Switching Aggregators survey found 39 per cent of brokers are currently reviewing their aggregation agreements.
Of those thinking of switching, one in four said they would switch for a better software platform, while a further 20 per cent indicated they would switch for a fairer aggregation fee model.
Speaking to The Adviser, Loan Market’s Mark De Martino said he was worried that brokers were identifying software and fees as their top reasons for switching because many believed their aggregator would never provide them with the business coaching and support they needed.
“I am definitely concerned that aggregators are not providing enough value to brokers with respect to how they can grow their business,” he said.
“I wonder if brokers have come to accept that they won’t receive the necessary support from all of us as aggregators and so they look at the aggregator’s fees and software as their highest priorities when making their decision to switch because they have simply given up on us providing anything else.”
“This is a challenge that the industry as a whole needs to overcome. As long as we have brokers saying their number one reason for switching is software and their number two reason is aggregation fees, I believe we all have work to do.”
Mr De Martino concluded that “we will know when we are on the money as an industry when brokers choose business development and coaching as their number one reason to switch”.
