The major aggregator has revealed that its brokers settled a record amount of loans in June, surpassing the $4 billion milestone for the first time.
Speaking to The Adviser, Connective’s director of aggregation, Mark Haron, revealed that Connective brokers settled $4 billion and $53 million last month.
Mr Haron said that it was “very pleasing” to have reached “such a significant milestone”.
“I think the most pleasing part about it is that it’s a reflection of a lot of hard work the Connective brokers have been putting in to look after their customers,” he said.
“The great thing about getting that settlement growth is that it is also a reflection in the growth of our broker numbers,” he added, noting that there are now more than 3,300 brokers in the group.
According to Mr Haron, the aggregation group originally expected the settlement figure to be around $3.89 billion, the same level as it had been in May.
He added: “It was interesting. The expectation was that June might have been around the same figure, or even a little bit less . . . particularly as November and December are normally our larger settlement months. So, it will be interesting to see what is in store for those months when they roll around!”
The director of aggregation went on to outline that, in the past month, 47 new broker businesses have joined Connective, and “as those businesses are still yet to settle [their loans for the month] as they have just come on board, there is more to come!”
He concluded: “I think it reflects quite well on the productivity of Connective brokers, which is very encouraging to see that the majority of them are performing very well.”
New marketing platform to launch
Touching on the increasing number of broker members, Mr Haron said that the growth aids the company “in terms of revenue and [its] ability to reinvest back into systems and, of course, into compliance infrastructure as well".
He noted that compliance infrastructure was “quite critical” given the current period of further regulatory oversight following ASIC’s request that lenders and aggregators increase scrutiny of their brokers and “step up and control and manage their broker businesses a lot more effectively”.
In terms of reinvesting back into itself, Mr Haron said that one example was Connective's new marketing platform.
The director of aggregation told The Adviser that the company hopes to unveil in September a new marketing platform that can reduce the amount of time brokers spend on marketing.
He revealed: “The key part about it is that it will be utilising our API [application programming interface] in Mercury to allow our brokers to be able to market and contact their clients more effectively.
“The platform," Mr Haron explained, "can take the information from Mercury and utilise that without them having to re-enter that information over and over each time they want to do marketing campaign.”
More details of the new platform will be revealed in September.