Loan Market has launched a new scheme that will enable “quality businesses with scale” to join the brokerage while keeping their own brand and marketing.
Loan Market Group has launched a new Bring Your Own Brand (BYOB) initiative that will allow established brokerages to join the aggregator’s network without relinquishing their brand or investments in marketing.
The scheme, which has reportedly been developed following demand from independent brokerages, differs from its existing franchise agreement in that BYOB members will not have full access to in-house referrals from its real estate sister company, Ray White.
BYOB members will, however, receive digital support and business mentoring from the brokerage brand and eligibility for Loan Market’s Rewards and Recognition program in the same way that existing Loan Market businesses do.
According to Loan Market Group’s executive chairman, Sam White, the program will only be available to “quality businesses with scale and who share [Loan Market’s] vision for customer service”.
Mr White said: “We’ve met some terrific long-term business owners who believe that we can help them grow their businesses and keep them safe in the face of the regulatory changes.
“They’ve reached out to us because they respect us for being family-owned with no bank ownership, with a proven record of being an advocate of brokers and being a business that is aligned around helping grow more profitable assets,” he said.
“But still, they wrestle with the thought of walking away from a brand they’ve spent years developing and from which they’re known.”
The Loan Market chairman said that as he had spent the vast majority of his working life at Loan Market, he understood “the feeling of attachment to a brand that you have worked hard to create”.
“BYOB solves that conflict for established brokerages. BYOB helps them build a business that’s worth more than just their loan book,” he said.
Mr White concluded: “Our network members have all shaped our brand identity, and BYOB members will do the same, sharing their knowledge and insights for the benefit of customers.”
The BYOB scheme has been piloted with several brokerages already, including leading Brisbane-based commercial broker Daniel Green of Green Finance Group.
Principal Daniel Green said he was attracted to be a part of Loan Market’s culture, stating: “I think Loan Market represents the core reason brokers exist in the marketplace, which is to be the alternative option for customers. They don’t want to deal with big bank culture, issues or attitudes.
“The fact that the business is 100 per cent family-owned and operated – particularly in the current landscape – is extremely important to me.”
As well as attracting more brokers, Loan Market said it expects the BYOB expansion will enable the network to engage more non-mortgage finance lenders.
Annie Kane is the editor of The Adviser and Mortgage Business.
As well as writing about the Australian broking industry, the mortgage market, financial regulation, fintechs and the wider lending landscape – Annie is also the host of the Elite Broker and In Focus podcasts and The Adviser Live webcasts.
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