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Major brokerage banks on retail expansion

by James Mitchell5 minute read
Retail expansion

Mortgage Choice chief executive John Flavell believes that a strong retail presence is critical for the branded group as it looks to bolster broker numbers in 2018.

The ASX-listed brokerage managed to deliver a solid financial result in 2017, despite challenging market conditions and ongoing regulatory changes.

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The company grew its cash net profit after tax by 10.2 per cent, which marked the second consecutive year of over 10 per cent growth.

“Throughout the 2017 financial year, we added 46 Greenfield franchisees, which is the largest number of Greenfields ever recruited in a single year,” Mortgage Choice CEO John Flavell told The Adviser.

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“We also launched a Mortgage Choice branded asset finance offering and bolstered our retail shopfront footprint. Finally, we added more than 50 branded cars to the roads — all of which served to enhance our national brand awareness.”

The company has laid a solid foundation for 2018. Mr Flavell added that the group has “ambitious plans” for the next 12 months, including ongoing recruitment and digital upgrades.

The CEO said that having a strong physical retail presence is “very important” for the group.

He said: “The more retail shops we have across every part of the country, the more recognised we become as a brand and the better our brand awareness is with customers.

“We will continue to grow our broker numbers in order to have more feet on the ground to service the growing financial needs of our customers.

“In addition, we are re-launching the company’s national website and giving our broker mini sites an overhaul in order to make them more search and customer-friendly.”

Mortgage Choice is also looking to build on its efforts to imbed diversified products and services as it looks to become a one-stop shop for customers.

“We will also continue to enhance our software platforms in order to drive greater business efficiency,” Mr Flavell added.

[Related: Mortgage Choice sees FHB flows jump to 15%]

Major brokerage banks on retail expansion
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James Mitchell

James Mitchell

AUTHOR

James Mitchell has over eight years’ experience as a financial reporter and is the editor of Wealth and Wellness at Momentum Media.

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