One third of brokers preparing to switch aggregators

According to The Adviser’s annual Switching Aggregators report, more than 36 per cent of brokers said they planned to “switch aggregators” sometime in the next year.

The report found the number one reason brokers have for wanting to leave their current aggregator is “poor software/technology”.

Poor software was closely followed by “unfair commissions structures” and a general “lack of business support”.

These reasons would hardly come as a surprise to Australia’s aggregation groups, as almost every company has attempted to enhance its broker software recently.

In the past 12 months, Aussie has significantly overhauled its software platform, introducing brokers to the new ‘toolbox’ software program.

Aussie's James Symond told The Adviser earlier this year that the brokerage had committed $20 million to installation of the new software.

“While it is not without its challenges, we are comfortable that the software will provide the massive boost to brokers and their workflow that it was built to deliver,” he said.

And Aussie isn’t the only aggregator to have significantly invested in its software platform recently.

At the Mortgage & Finance Association of Australia's annual conference last month, Advantedge’s former general manager for broker platforms, Steve Kane, said FAST, Choice and Plan had invested heavily in their software platform, Podium, in line with broker feedback.

“We’ve listened to our broker partners and worked hard to develop Podium 2.0 into a market-leading business and client management platform,” Mr Kane said.

“These new features reflect our continuing commitment to provide brokers with innovative business solutions that put them ahead of the market.

“Each component of these improvements has been designed to make it easier for brokers to do business day-to-day, whether it’s keeping up with the latest compliance needs, or cutting the effort involved in lodging an application.”

To have your say in the Switching Aggregators report, CLICK HERE now.

To read the full Switching Aggregators report, look out for the August edition of the magazine, hitting desks next month.