Three-quarters of brokers have said that their aggregator’s offering has improved in the past year, according to interim results from the Aggregator of Choice survey.
The Momentum Intelligence 2020 Aggregator of Choice survey, partnered by The Adviser, provides mortgage and finance brokers across Australia a unique opportunity to voice praise, issues or concerns with their aggregator, in an effort to help shape the future direction of their group.
The online survey – which opened last month and is open for responses until 9 October – explores the sentiments of brokers by asking them to rate their aggregator on a range of factors, including: leadership, culture, support, technology and lending panel.
In an exclusive preview of the results so far, Momentum Intelligence has revealed that the vast majority of brokers are satisfied with their aggregator’s offering – with 80 per cent saying so. Only 10 per cent of brokers have said they are dissatisfied and 10 per cent were neutral.
Promisingly, three-quarters of brokers believed their aggregator’s offering has improved over the last 12 months, with only 10 per cent saying it had diminished, according to the initial findings.
Support and technology to help with the incoming best interests duty was a common positive cited by brokers when speaking of their aggregator, as was tools and support over the COVID-19 period.
AFG, Connective and Finsure were all commended by broker members for their work in the current environment by broker respondents.
“Connective has been proactive in keeping brokers up to date with changes and the upcoming BID as well as supportive to all during the COVID period,” one broker said.
“AFG has provided excellent support, especially through the challenging times,” another commented.
A Finsure broker told Momentum Intelligence: “I have been with Finsure for over five years, each year improves on the next. They have been very proactive with the changes in compliance with educational programs available. Great support throughout the business, great partners to have working with me.”
Similarly, Loan Market was praised for being on the “front foot with communications” and for digitising its CRM to “cope with the impacts of COVID-19 and the limitations to seeing our clients face-to-face”.
Other brokers praised their aggregators for improved performance.
One Mortgage Choice broker stated: “Susan Mitchell has recruited and refreshed the management team for the better. The software and marketing is now excellent.”
Meanwhile, a Choice broker said the NAB-owned aggregator’s performance over the past 12 months had been “excellent”, particularly calling out support from the BDMs.
Nearly 90 per cent (87 per cent) of brokers said they planned to stay with their current aggregator for the next 12 months.
Of the 13 per cent of brokers who planned to change aggregator in the next year, the majority would do so in six to 12 months’ time (notably, this would be after the best interests duty obligation has come into effect).
When asked what prevented them from changing aggregator, nearly a third of broker respondents so far (32 per cent), said issues with lender accreditation prevented them from doing so.
By asking brokers 14 multiple-choice questions, the survey seeks to aggregate the experience of mortgage brokers when it comes to Australian aggregators.
The final report, which is released in The Adviser’s annual Broker Group of Choice supplement in December, aims to inform the industry on the changing face of aggregators and the areas in which they can improve.