While the allure of operating under a big name is understandable, some brokers prefer the freedom to shape their business – and personal brand – on their own terms.

Wholesale and independent aggregators come in all shapes and sizes – from the major larger players, such as Australian Finance Group (AFG), Connective, and Finsure – to your more specialised offerings such as outsource Financial and asset finance aggregator COG Aggregation.

For some brokers, the appeal lies in a lower cost of entry, especially compared with franchise models that may require upfront investment in a physical storefront.

Others are drawn to the ability to retain ownership of their clients and trail book, a key advantage for those who wish to build long-term value and create a saleable business.

Ultimately, each group takes a slightly different approach, and 2025 was another strong year as the wholesale and independent players continued to refine their offerings.

Strategic investment

AFG has been one of the most active groups over the past 12 months, with the ASX-listed aggregator’s expansion to invest in broker businesses a new development.

Late last year, the group unveiled Broker Investments, a program enabling AFG to take non-controlling equity stakes across its network of mortgage broking businesses.

At time of writing, AFG had already announced it had acquired stakes in Brisbane-based asset finance brokerage Network Finance, Melbourne’s Empower Wealth Group, Perth’s Lifespan Mortgage Services, and Sydney’s Loan Path Finance.

When AFG announced the program, CEO David Bailey said the company’s strong balance sheet meant it had access to funding that could be used to take equity positions in “well-run, growth-minded broker businesses across Australia”.

“It’s only natural – given how established the industry now is – that demographics are changing, and through AFG investing in its brokers’ businesses, we are helping to facilitate succession planning for some and expansion for others,” he said.

This kind of backing can be transformative for the right business.

Craig Titmus, managing director of Network Finance – in which AFG now holds a 40 per cent stake – said the aggregator’s investment would open new opportunities for growth.

“We’ve earned our reputation in asset finance, but leveraging off our loyal customer base we see enormous potential in residential and commercial lending,” he said.

“Partnering with AFG, an ASX-listed company, gives us access to the capital and expertise needed to unlock that growth.

“With AFG’s backing, we’re positioned to scale rapidly while continuing to deliver the personalised service our customers value.”

In-house offerings

Over the past 12 months, several aggregators have launched in-house white label loans, expanding their offerings and giving brokers greater choice and flexibility.

For example, earlier this year Finsure partnered with bridging finance lender Bridgit to introduce Finsure Loans Bridge, while also rolling out a white label commercial solution with a private lender as part of its wider Finsure Loans suite.

Connective has been just as active, launching several white label products under its Connective Lending portfolio, previously known as Connective Home Loans (CHL).

The aggregator now offers eight white label products within the Connective Lending suite, with adoption steadily increasing – 15 per cent of brokers used three or more products in the six months to 30 June 2025, up from just 7 per cent in 2021.

Settlements have also risen, climbing 18 per cent year on year to $2.6 billion.

Michael Goerner, head of Connective Lending, said the business has evolved into a portfolio that caters for a wide spectrum of needs and requirements.

“Our offering has evolved well beyond home loans, and Connective Lending is a name that captures that growth while keeping continuity for brokers and their clients,” he said.

“This change better reflects the diversity of the solutions we provide and our ongoing commitment to supporting brokers in delivering value across every client segment.”

Industry advocates

While wholesale aggregators may not be as visible to consumers, they’re still among the biggest names in the industry, with some counting thousands of broker members.

And increasingly, they’re using that influence to advocate better outcomes.

Gender representation is a good example, as research from the Mortgage & Finance Association of Australia (MFAA) shows female participation in the industry has remained relatively unchanged at around 27 per cent since 2018.

In March, boutique aggregator outsource Financial launched the outsource Women’s Network (OWN) program, designed to empower, support, and connect female brokers.

The initiative aims not only to promote gender equality, but also to celebrate the achievements of female brokers, helping build a stronger, more connected community in the process.

Finsure has also been active through its Women in Finsure initiative.

Speaking on The Adviser’s In Focus podcast, Fatima Dib, Finsure’s head of business innovation and co-chair of Women in Finsure, outlined the initiative’s scholarship program.

“The scholarship covers the education piece and the cost around the education piece, because cost to women sometimes is a barrier, particularly if they’re returning to work or if they just don’t have the means or they’re changing careers, for example,” she said.

“It also covers mentoring from other women who are also mortgage brokers or in leadership roles, as well as our CEO Simon Bednar. Scholarship winners are able to sit within our academy and get all the learnings and be ready for mortgage broking.

“We also set them up business-wise. We do assist them in getting all their branding up, their websites, their presence so that they can get started and continue to receive support.”

Choose your path

Every broker has a different focus, and every aggregator offers a different approach.

For brokers who value that autonomy and freedom, a wholesale or independent model continues to provide a compelling option.