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Sam Best has switched aggregators seven times in the past 10 years and has a few words of advice for brokers.
What was the greatest reward from switching?
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I actually left an aggregator I was happy with in order to join a larger broker group that was with a different aggregator at the time. I ultimately found my goals not 100 per cent aligned with this move, so nine months later I made the decision to come back.
The decision, for me, came down to the dollars – when I added up all the ongoing monthly fees and then the slice off both the upfront and the trail, I just had to come back to the flat fee model aggregator I was happy with.
Don’t get me wrong: I received great service from the people at both aggregators, which only left me looking at the hole in my commissions, scratching my head and wondering ‘why?’
For me, it makes quite a difference and I’m sure for larger volume writers the difference would be compelling.
What initially made you look at switching?
My move was primarily motivated by the group I was looking to join. I did question them over their aggregator choice, and their number one reason was the software platform on offer – which I have to say was pretty good.
That said, when I returned to my original aggregator, I found their software to be just as good.
What made you choose your current aggregator?
The simplicity of the model. I’m not after a BDM to hold my hand but I want to be able to get things addressed quickly – which they do – and I love the simple, flat fee model for my own profitability.
I also find it comforting to know that they are backed by one of the big four –which I used to be dead against back in my early ‘hippie’ days as a new broker.
What is the most important thing that aggregators can offer?
A simple system that works! In addition, I like my aggregator to provide me with access to a wide array of lenders, robust software that has end-to-end CRM, quoting tools, lodgement, compliance and marketing, and a straight-forward system of getting paid.
Moreover, it is nice to have smart girls and guys in the background who can answer your questions and check in on you every now and again.
What advice would you give to other brokers considering making the switch?
Make sure you talk to other brokers who have been there or are currently switching and ask them about their experience.
Most brokers are happy to share their experiences with the different aggregators.
