Connective and Wealth Today have both been named to the BRW Fast 100 list.
Connective has placed 89th on the list, which ranks Australia's fastest growing SMEs. The aggregator ranked 25th on the magazine's 2010 list, and 24th in the 2009 rankings.
Connective principal Mark Haron said the ranking came after five consecutive months of more than $1bn in settlements for the aggregator.
"We’ve invested significantly in developing strategies to assist our members to grow their businesses and this, in turn, has contributed to our continued success in attracting high calibre brokers," Haron commented.
Connective recently announced plans to continue expansion into WA with the appointment of state sales manager Renee Blethyn. Principal Murray Lees told Australian BrokerNews that WA’s early adoption of a licensing regime for mortgage brokers means the state presents an opportunity for aggregators seeking experienced brokers.
“Due largely to the early adoption of state-based legislation, brokers in WA are arguably the most advanced. While our business model provides all brokers with a fairer deal, the benefits of our monthly fee structure increase exponentially as the broker writes greater volumes. As a result, we tend to attract high-calibre members, which aligns with the broker profile in Western Australia,” Lees said.
Wealth Today made its second appearance on the list, having been named 22nd in the 2010 rankings. The company's CEO Michael Stephens put the ranking down to diversification into financial planning products. He commented that mortgage brokers would increasingly have to diversify into the products in order to see sustainable revenues.
"Mortgage brokers who aren’t providing financial advice to their clients already may well be feeling they are less competitive. Certainly they’re losing out on significant additional earning potential," he said.
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