Powered by MOMENTUM MEDIA
SUBSCRIBE TO OUR NEWSLETTER SIGN UP
Powered by MOMENTUM MEDIA

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Former eChoice managers, brokers join rival aggregator

echoice brokers echoice brokers
James Mitchell 5 minute read

The managing director of an award-winning boutique aggregator has confirmed that “a couple of familiar faces” will be joining the group.

Specialist Finance Group (SFG) has announced that former eChoice general manager Blake Buchanan has joined the group while a former eChoice BDM started with SFG in February as the newly appointed NSW state manager.

“Blake Buchanan was instrumental in the growth of eChoice in recent years but was not required as a part of CBA’s recent acquisition of eChoice — a decision that left many scratching their heads,” SFG managing director William Lockett said.

“An opportunity arose that fits in neatly with our timeline to procure the services of Blake. It became quickly apparent that Blake’s ideology around the broker channel, depth of knowledge and reputation would complement the current SFG strategy now and into the future,” Mr Lockett added.

Advertisement
Advertisement

Mr Buchanan confirmed that he is thrilled to be a part of the team at SFG as “there are simply too many synergies, particularly around the systems, support and opportunities of growth, at SFG to ignore”.

The Adviser understands that at least 30 brokers have moved from eChoice to SFG over the last month.

The boutique group, which is owned by managing director Will Lockett, prides itself on being one of the few aggregators in the industry that is not owned by a bank.

Earlier this year, Mr Lockett told The Adviser that he has an obligation to tell brokers his intentions for the company, given the prevalence of bank ownership within the third-party channel.

“We have clearly identified our business model as having no institutional ownership. We respect all the other aggregators, but their business model is their business model and ours is ours. Not seeking any institutional ownership is our point of difference. It is our view that banks shouldn’t be owning aggregators at all. We will never sell to a bank,” the managing director said. 

PROMOTED CONTENT


The Adviser understands that, in addition to more than 30 former eChoice brokers joining SFG, the aggregator has been steadily losing brokers to rival aggregators since it was acquired by CBA late last year.

[Related: Aggregator GM made redundant; top brokers jump ship]

Former eChoice managers, brokers join rival aggregator
echoice brokers
TheAdviser logo

If you’re feeling overworked and overwhelmed in this fast-paced mortgage market, it’s time to make some changes, and the Business Accelerator Program can help! Work smarter, not harder, in 2022 and beyond, visit the website here to secure your ticket.

echoice brokers
James Mitchell

James Mitchell

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.

 

 

more from the adviser
Stephen Moore headshot

Breaking News

Brokers will dictate future of Choice, FAST, PLAN: White

After its management restructure, Loan Market Group will continue...

Peter Lock Kerry Betros Heritage

Breaking News

Heritage leaders address merger proposal concerns

The chairman and chief executive of Heritage Bank have addressed ...

uptick graph

Breaking News

Wisr reports 113% loan book growth

The non-bank lender originated a record $132 million over the las...