"You can understand that these types of stories cause concern for our 2,500 members," Hewitt said. "We said in a press release six months ago that we were not for sale and that is still the case."
AFG is Australia’s largest mortgage broking group in Australia, accounting for 10% of the market.
Latest Comments
Total:
19
comment(s)
oldBroker on
30 Apr 2010 12:13 PM
I just don''t understand what these lenders think the value is with the aggregators. It''s only a matter of time before the lenders get their systems in order so that dealing with a single broker will be as easy as dealing with a AFG/Advantedge today. Then the aggregator will disappear, as all middlemen do. Lenders do this already by adjusting commissions for client retention, settlement ratios on an individual broker basis, not to mention NAB with the different ''star'' levels. Omly a matter of time...
afgbroker on
30 Apr 2010 12:16 PM
As an AFG broker, if ANZ was to buy AFG what benefit would it be to me and all the other AFG brokers?
Also I would like to hear from brokers whose aggregators have sold or partly sold to lenders, what benefits they have received or what disadvantages if any have there been or if there has been no change.
Brett on
30 Apr 2010 12:28 PM
AMP i hope !
kevin on
30 Apr 2010 12:57 PM
They need to do something to improve shareholder value, the price has enhanced $5,00 in my super fund , over the last 7 years. Pathetic compared to CBA & Westpac.
Adelaide broker on
30 Apr 2010 01:20 PM
apparently this is not true ....at all !!
QLD Broker on
30 Apr 2010 01:46 PM
Two very good points have been raised and it highlights issues we as brokers need to come to terms with. I wonder, with all the industry talk, acquisitions and the like, we as brokers have been asleep at the wheel?
Our business has received little if anything as a result of the activity. I look at the industry and question the value of the aggregator. Things could alter very quickly if we (brokers) formed our own independent structure as stake holders in our own write.
Maybe it is time we as brokers cut out the middle man and establish a superstructure powered by the broker.
It is only a matter of time.
filepel@pfsgroup.net on
30 Apr 2010 01:54 PM
Once again we see Aggregators line their pockets with the hard work and sweat of the individual brokers who get $0 once again. How is that fair when your aggregator tells you. Our success is the brokers success. SHOW ME THE MONEY!!! Brokers Stand UP to the BIG FOUR NOW.
marc on
30 Apr 2010 02:27 PM
Believe me everything for sale at right price.Directors owners of AFG would sell within hour to ANZ or anybody else with cheque book and cash.Bank owning aggreator would strengthen loan writers position,income and security.Raise offer and its sold
Graham on
30 Apr 2010 02:38 PM
Our industry has gone full circle, straight back to the banks, which ironically everyone always seems to dislike.
Yet for some strange reason brokers still sell bank products with reduced commissions and increased clawback policies, even though most non-banks provide better service, products and higher remuneration.
Then on top of all this, brokers part with their very hard earned income with an aggregator that does what???
Software can be purchased elsewhere, noting Cannex lists all interest rates in the country for free.
Direct accreditations can be obtained with all non-bank lenders, who can provide product & policy training.
ASIC and MFAA/FBAA will supply all required documentation to meet the upcoming ACL requirements.
What is an aggregator again?
I''m a bit lost on this one.
gEOFF on
30 Apr 2010 03:19 PM
Yes heading the way of the Dinosuars.
If aggregators had any integrity they would for starters secure/buy into their top 10 broker groups. Plan; Choice; fast; Aussie; Wizard all sold out and zero for brokers. Wake up.
Cant see any reason why some larger broker groups join up and get out of aggregators and own everything and watch the aggregators implode.
Patrick on
30 Apr 2010 03:38 PM
All we need is for ASIC/ACCC to confirm that an Aggregator is no different to a Dealer Group and that individual loans writers, like individual financial planners, own the customer relationship. This will be particularly so for Brokers holding the ACL. If bulk transfer of loan books between Aggregators were allowed/enforced there would be true competition, choice for brokers and only Aggregators which truly added value would survive.
Suspicious Broker on
30 Apr 2010 03:42 PM
How about this conspiracy theory! Once lenders own all aggregators they agree to place them all in voluntary receivership, all head introducer agreements are terminated and payment of trailers cease. Downstream brokers, as unsecured creditors at best, lose their whole business. Bank executives score a windfall profit and big bonuses are paid all round.
Countrybroker on
30 Apr 2010 03:59 PM
Scary , every makor aggregator/ Broking group owned by a bank . Will ASIC/ACCC/ Federal Goverment give a toss , not a chance.
What every one forgets with the NAB taking out Challenger/ PLAN it was bad enough , but it appers that the market has now become so comoetative that the banks are willing to spend huge dollars to guarantee some type of market share.
Hey suspicious broker, PLAN''s broker agreements have a mechanism to pay all trailers /upfronts to a trustee and then they are sent oiut less the aggregators cost.IOt give some protection
Graham on
30 Apr 2010 04:15 PM
It would be interesting if one of you aggreagtors reading all this make some comment, or are you all on SEEK looking for a new job?
Clearly brokers are angry!!!
Frank ( Ballast ) on
30 Apr 2010 06:28 PM
Well said Patrick !
Positive Broker on
01 May 2010 10:40 AM
I''m not sure where all the aggregator hate comes from. My aggregator provides great support and lets me run my own business. Whilst I''m no fan of AFG I would not want them owned by a bank. The big 4 have way too much power already. Roll on the day banks are desparate for our business again and we can them where to go! It''s all cycles.
QLD Broker on
01 May 2010 10:11 PM
Why would they comment! We are sheep! Let’s have a conference and the aggregators ask us to pay for the privilege to attend and listen to (wait for it) a motivational speaker. They rub our tummy and say OOOH you are so good, your are top 5 we love you and you are so wonderful! Wake up this is not adding value to our business! What rubbish. As business owners we need to get our act together and start working on our businesses capital value. Our business value at best is, what 1.5 to 2 for a seriously professional business. Yet the aggregator is getting at least 3 to 5 times.
If I asked ok, who is in, how many of us would really stand up and buck the aggregator hold???
Sydney CBD Broker on
13 May 2010 05:56 PM
There appears to be a recurrrent theme that aggregators are simply middlemen and redundant. You need to remember that the Banks have no interest in managing the licensing compliance and education regimes of each broker. They simply want to distribute through compliant Brokers.Additionally, name me an Aggregator who is simply going to let you pull your business out and take your trails with you. It aint gonna happen
Wilko on
14 Mar 2012 09:35 AM
I love how we as a profession talk about aggregators as if they provide nothing and do nothing. We forget the history of some of these guys (Aussie, Wizard and Plan to name a few) and get the dirts when they make decisions in their own interest. They started it, they own it and if you do not want to use the brand then do it all on your own. There is nothing stopping you. Me, I'll stick with the support I need and use the brand to my advantage.