Vow Financial has added over 200 brokers to its ranks in 2014-15, boosting its footprint by 25 per cent.
The wholesale aggregation group owned by Yellow Brick Road (YBR) now caters to 891 independent finance operators across Australia.
Commenting on the aggregator’s performance following the release of YBR’s full year results yesterday, Vow Financial CEO Tim Brown said that during 2014-15 there were two strategic imperatives for Vow’s business: broker numbers and increased product penetration.
“To this end we grew our loan writer base by 29.7 per cent and our broker agreements by 25.1 per cent,” Mr Brown said. “This helped increase our loan book to over $24 billion.
"Our settlement number on an annual basis increased to $10.38 billion from $7.1 billion in 2013-14 – a 46.16 per cent increase.
“We are the first aggregator that has genuinely been shaped in response to our broker’s needs. Vow’s recruitment and retention of high-performing groups is testimony to the quality of its sales, management and operational teams.”
Vow is rated among the top five aggregators in the country and was named as a finalist for Aggregator of the Year at the The Adviser's Australian Broking Awards 2015.
Mr Brown noted that this year the group again qualified for the top tier of lender commissions across the industry.
In addition, the aggregator received a net promoter score of 92.25 per cent from its broker network (March 2015).
“We have maintained this level of customer satisfaction for two years consecutively,” Mr Brown said.
“Vow is unique in the market [because] it offers three commission models, [which] allow mortgage brokers to select a commission model that suits the different life cycle of their business.
“We’ve established a foundation for growth and product penetration by centralising all of our loan writers onto one loan lodgement software platform, a project we finalised during the financial year.
“Our brokers, the Vow team and I are looking forward to being part of what is an exciting future for the group."
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James Mitchell has over eight years’ experience as a financial reporter and is the editor of Wealth and Wellness at Momentum Media.
He has a sound pedigree to cover the business of mortgages and the converging financial services sector having reported for leading finance titles InvestorDaily, InvestorWeekly, Accountants Daily, ifa, Mortgage Business, Residential Property Manager, Real Estate Business, SMSF Adviser, Smart Property Investment, and The Adviser.
He has also been published in The Daily Telegraph and contributed online to FST Media and Mergermarket, part of the Financial Times Group.
James holds a BA (Hons) in English Literature and an MA in Journalism.