Australia’s top broker has left the businesses' long-term aggregator as part of plans to provide support to smaller brokerages.
AMA 2013 Broker of the Year and MPA Top Broker of 2013 Colin Lamb told Australian Broker
his brokerage, Mortgage Solutions Australia, has ended its partnership with a major aggregator in order to focus on its plans for sub-aggregation.
The brokerage already has a single operator on-board for its new model, with plans to take on more throughout the year.
“It’s about helping the smaller guys - do what initially the aggregators were supposed to do years ago - which is assist the smaller, middleman operators and I find that the bigger aggregators at the moment haven’t provided that support.”
The model MSA plans to implement incorporates not only training and mentoring but also strong back-office support and assistance with day-to-day running of the business and “moral support”, says Lamb.
“We’ll be going to the smaller operators that are writing reasonable dollar figures that can actually write more dollars – the $1-2m writers that should be writing $4m a month, that’s where it is. Because I think the back-office support we have, our guys at the moment write up a deal and bring it in and the office staff lodge it and that just allows our guys to write a lot more volume than other brokers out there.”
As part of the transition, MSA has joined aggregator Finsure.
“We’ve done it on the basis of our new sub-aggregation model and joining the Finsure Group is going to assist us with going through the sub-aggregation and being in the sub-aggregation space," says Lamb.
Lamb also cited strong offerings from Finsure in terms of leads and strategic partnerships as a reason for the switch.
“I’m sure, once other mortgage brokers are aware of what we can provide through the Finsure Group will be looking it out offering and their offering as well.”
Finsure CEO John Kolenda says he understands MSA looked at a number of different options before the brokerage decided to make the switch.
“Where I think we hit the mark in as far as our aggregator offering is the subset of structural support and capabilities that the businesses can leverage off,” says Kolenda.
The use of an outbound call centre as well as strong brand management, marketing and SEO and SEM capabilities are some of the services that will be available to MSA and through the brokerage's sub-aggregation model.
"Either existing or new brokers that come into that structure get a lot more support, all inside a really well-run broking business, as well as other opportunities with the group mobing into the financial services area and selling risk and other broader financial solutions," he says.
“They’re running quite a sizeable business and have great depth of experience and expertise so they’re certainly in a position to help brokers and recruit brokers and they can then look upon us as an aggregator to support them in that trajectory and also maybe some of the higher level strategy and infrastructure that they may not be able to access.
“I think if you look at what MSA have got to offer and understand their infrastructure and what they have it is quite compelling model for brokers who want to be part of a broader and bigger group.”