What should brokers look for in an aggregator?

Ask yourself 4 questions

Choosing (or changing to) the right aggregator is critical to a successful broker business, particularly when brokers are seeking to specialise in business and asset finance. A few things to consider may be:

• Are you aligning with an aggregator that has deep industry experience?
• Has the lender panel been assembled with your clients in mind?
• Is there highly skilled back-end support that goes well beyond a call centre?
• Are the fees, pricing and culture aligned with your sector of finance broking?

Ultimately, your aggregator is a business partner and as such there should be a clear alignment of ambition for your business to grow and prosper.

Think about technology, compliance and education

Easy-to-use technology, an integrated and seamless compliance process and appropriate education and training are all essential when it comes to choosing the right aggregator. But it’s also important to ask how they can support you to become more than a mortgage broker.

You want an aggregator who will help you explore which areas could be beneficial for your business and assist you to diversify in a sustainable way.

Keep in mind that when you engage with an aggregator, you engage with a partner to grow your business. So, look at the culture, people and infrastructure support that can help form a strong business partnership.

Look for a growth story you can be part of

When choosing an aggregator to join, it’s important to do your research. Effectively, you’re joining a community, so you need to find the right fit and culture and this is personal to you. Consider your goals and priorities and select a partner whose offering aligns with those.

This is an important decision, so it’s also important to think about how your requirements may evolve in the future. It makes sense to consider the different pathways and options an aggregator provides, not just at the start of your journey, but as you gain experience and seek opportunities to grow and scale.

Look for a growth story you can be part of. It’s always a good sign when an aggregator’s network is expanding and market share is increasing – it’s a strong indicator that the business is on a growth trajectory.

A group that offers choice

Brokers want an aggregator that works in their best interests; stays ahead of client experience innovation and demands; has solutions for their growth and productivity ambitions and has a tech stack to make running a business easy, saving them time and keeping them safe. And, importantly, an aggregator that has their back and goes in to bat on the issues that matter to them.

Running any sort of business can be lonely. Having an aggregator as a partner that brings together like-minded business owners through dedicated communities eases this loneliness and lays the foundations for personal and professional growth at the same time.

You also need to have an aggregator that offers choice in how you want to run your business. Not everyone has the same size, ambitions or skills. You want flexibility so you can grow and not be left behind.

Think about what you most need help with

I think you need to ask yourself what are your particular strengths and where will you need the most help? Do you want to be part of a nationally recognised brand or can you build your own? What level of support do you want in areas such as lead generation, compliance, IT and marketing and do you have the confidence to do these things yourself?

Whether you’re new to the broking industry or are more experienced, the support of an aggregator will allow you to spend more time focusing on your customers.

Aggregators can also provide the opportunity to be part of a community of peers. And a branded aggregator will allow you to leverage their lead generation, national marketing campaigns to help you stand out in a competitive market, strengthen your relationships with your clients and attract new business.

Look for a growth story you can be part of

It is imperative to consider what you value the most from a partnership and how you want that partnership to support your trajectory to success. Aggregators have clear strengths in different areas. It’s really just a matter of finding the group that aligns to you and your business goals. Brokers typically choose outsource Financial because of:

1. Growth & learning support. We offer complimentary mentoring programs including new entrant, commercial and loan admin.
2. Value-add offerings. We provide complimentary marketing content, no membership fees, walk-away agreement, etc.
3. Elite & intuitive CRM. Our software system is independently owned and boasts an elite standard of cyber security fortification.
4. True partnership. Whatever you do, choose an aggregator that you enjoy working with and feels like the right fit.attract new business.