EXCLUSIVE Fintech platform WealthX has released a new report tracking the movement of mortgage brokers between Australia’s largest aggregators.
WealthX – a fintech platform that provides mortgage brokers, financial planners, and accountants with real-time, data-driven insights to better service their clients – today (20 July) released a new report tracking which aggregators brokers are choosing to move to.
The inaugural Mortgage Broker Movements Report – prepared by WealthX in partnership with Padua WealthData – tracks the movement of credit representatives between Australia’s 10 largest aggregators (including sub-aggregator brands), as per ASIC credit licence and credit representatives datasets.*
The first iteration of the report, exclusively released by The Adviser, covers the second quarter of the calendar year 2026 (1 April–30 June).
By tracking the number of credit representatives listed under their licensee head group (i.e. their aggregator)*, the Mortgage Broker Movements Report found that there had been a contraction in the number of credit representatives operating under aggregator licenses in the June quarter, as resignations outpaced appointments.
Across the 10 largest aggregators, for example, 959 credit representatives left, while 853 were appointed over the quarter, resulting in a net contraction of 106 brokers.
As of 1 July, there were 17,748 credit representatives operating under the 10 largest aggregation groups.
Source: ASIC credit licence and credit representative datasets analysed by WealthX.
Which aggregators are growing?
Major aggregator Connective recorded the most brokers in the second quarter, adding 68 brokers and continuing to close the gap on Loan Market Group.
Loan Market Group, which remains the largest aggregator by headcount (finishing the quarter with 3,763 credit representatives across its six licensees [including MoneyQuest and Buyers Choice]), welcomed the second-largest number of credit representatives under its licence, according to the ASIC data analysis, adding 158 new appointments.
Australian Finance Group (AFG) had the third-highest number of new broker representatives operating under its licence in the second quarter, welcoming 121 brokers.
However, Specialist Finance Group (SFG) delivered the highest net growth of top 10 aggregators over the quarter, at 3.11 per cent.
SFG welcomed 94 new broker representatives over the three months to June, taking its numbers to 960 broker representatives.
Rounding out the top three for net growth over the quarter were Connective (2.04 per cent) and Mortgage Choice (1.85 per cent).
Mortgage Choice lost the fewest brokers over the three-month period, with just 28 credit representatives leaving the group, taking its numbers to 838 by 1 July.
Which aggregators are shrinking?
In contrast, Finsure experienced the largest decline, with 234 broker numbers leaving the group. This can largely be attributed to the fact that Finsure ceased its sub-aggregation agreement with Hai Money in April 2026, which impacted around 211 brokers.
While Finsure gained 82 new credit representatives, according to the report, its net broker representative numbers fell by 152 brokers, making it the aggregator with the second-highest net contraction (5.48 per cent).
Astute Financial Management had the highest net percentage decline of all 10 aggregators mapped, at 15.01 per cent.
It lost 65 brokers over the period – largely driven by the wind-down of Centrepoint Alliance – which accounted for 58 of those departures.
Despite not having divested or shuttered any sub-aggregation businesses over the June quarter, Lendi Group had the third-highest net change after Finsure and Astute.
Lendi’s broker representative numbers registered with ASIC dropped 2.95 per cent over Q2, with a net movement in broker representatives of -36.
Source: ASIC credit licence and credit representative datasets analysed by WealthX.
‘Transparency is essential for a healthy industry’: Clint Howen
Speaking to The Adviser about the new report, WealthX founder Clint Howen (who also founded former digital brokerage Hero Broker) said that Padua WealthData had been tracking financial planner numbers for years and that he asked their data manager, Colin Williams, if he could start one for brokers.
Howen said the value of this transparency is long overdue: “Financial planners have had access to movement data for years, and it’s been incredibly useful. I genuinely believe brokers will value these insights just as much as planners have.
“Over time, these datasets will chart the rise of new leaders, the consolidation of others, and the broader shifts shaping the mortgage aggregation landscape.
“Transparency is essential for a healthy industry, and we’re proud to help drive that forward for mortgage brokers.”
WealthX currently provides brokers with data-driven insights to help make informed business decisions, and while it is “aggregator agnostic”, the fintech founder said he hoped the data would “help brokers make better decisions for themselves”.
“Brokers ask us all the time who they should move to or what others are doing. Building tech for brokers puts us at the coalface for these aggregator discussions,” he told The Adviser.
“We stay agnostic on aggregators and don’t want to be the catalyst to move, but this data helps brokers make better decisions for themselves. It’s data brokers have been asking for.”
Howen said that while the ASIC credit representative data doesn’t account for why brokers are moving groups, he said he hoped the data would provide brokers with an independent resource on which broker groups are attracting the most brokers.
He said: “Bigger doesn’t necessarily mean better. Brokers choose aggregators for a whole range of reasons, including support, culture, and technology, and for those considering a switch or entering the industry for the first time, these figures offer an extra layer of insight to help them make the decision that best fits their needs.
“Brokers choose aggregators for a whole range of reasons, including support, culture, and technology, and for those considering a switch or entering the industry for the first time, these figures offer an extra layer of insight to help them make the decision that best fits their needs.
“You don’t always need to know the exact reason an aggregator is growing or shrinking, but when you see standouts like Connective and SFG, it’s clear something in their recipe is resonating with brokers. The numbers tell a story, and brokers are paying attention.”
WealthX said it would continue to publish the Mortgage Broker Movements report every quarter.
*The Mortgage Broker Movements Report excludes credit licence holders operating under an aggregator.
[Related: Broker market share surges to new record high]
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