Broker experiences record growth after switching aggregators

by Julia Corderoy10 Sep 2014
A NSW broker says he has seen his business growth quadruple since switching aggregators this year.

Terry Shoesmith, Director at East Coast Finance Group, made the decision to move to Vow this year after the lack of support from his previous aggregator.

“Our business has grown from one loan writer to four loan writers, and we are looking to expand further and take on four more loan writers.

“The major difference between an aggregator that is good for your business and one that is not comes down to the business development opportunities and support they provide,” he said.

A good aggregator needs to be proactive and approachable, says Shoesmith.

“In the nine years I had been with my previous aggregator, it wasn’t until I decided that I was going to leave that I actually met one of the directors of the company. Up until that point, he had no idea who I was.

“When I made the move to Vow, we sat down straight away with the team and worked on a growth strategy. For example, with my previous aggregator, the commission structure was a ‘one size must fit all’ arrangement with an 80/20 split. However, with Vow they had a choice of three different commission structures and I was able choose the one which suited my business the best and allowed it to grow.”

Tim Brown, CEO of Vow Financial said the top concern of brokers who come to them from another aggregator is lack of support.

“Many of the broker groups who have joined Vow recently request the ongoing training and support for their staff to take their business to the next level.

“We pride ourselves on being a full service aggregator. With Vow, you are not just another number and our service levels are attributed to that,” he said.

Shoesmith urges brokers to review their aggregators, and stop worrying that it may be too difficult to switch.

“Don’t be afraid to do it. If I was scared to just go ahead and finally make the switch, my business would still be crawling. We wouldn’t be walking. We are a mile in front now from where we were.”

While Brown urges aggregators to continually find ways to invest in their brokers and help them achieve their growth goals.

“It’s important to invest in broker businesses because our success is built upon their success. An integral part of our business is ensuring that our brokers are reaching their full potential,” he said.

 

COMMENTS

  • by Ed Ridge 10/09/2014 9:55:41 AM

    Great story however a little more detail on what Vow supplies compared to the previous aggregator (support services is such an over used term in our industry, how about some specifics) and then list how that particular service worked for you and what it meant in money terms would be great.

  • by The Guy 10/09/2014 11:34:36 AM

    I was approached by Vow a couple of years ago. I didn't see the value in their offering at that time, but then again I was comparing them to a 95/5 split ...

    I guess we all need to find the best fit for our own circumstances.

  • by Maria Rigoni 10/09/2014 11:28:53 PM

    Please do not insult my intelligence... an aggregator does not make a good broker... What a competitive broker industry needs is for brokers to freely deal directly with banks unless an aggregator can secure a better broker group proposal! That is what the industry offered until the major banks "woke up" and "vertically integrated" by "buying" the industry under an illusion of power and control.