Why brokers ditch aggregators: Top reasons revealed

by Robin Christie18 Jun 2013

What would you say is the main reason why you would leave your aggregator? We asked this question to the broker community, and the answers given offer a real insight into where the aggregators could improve their game.

According to Australian Broker sister publication MPA’s 2013 Brokers on Aggregators survey, there are a diverse range of reasons why a broker might consider looking elsewhere for their aggregation services.

Of the 11 options given, ‘Poor IT and CRM support’ only just edged out ‘Poor lead generation’ by 2% as the most-cited reason for leaving – taking 20% of broker responses overall.

‘Poor accuracy and timeliness of commission payments’ and ‘poor quality of lending panel’ followed up in third and fourth place with 15% and 12% respectively.

The full results were as follows:

1.            Poor IT and CRM support: 20%

2.            Poor lead generation: 18%

3.            Poor accuracy and timeliness of commission payments: 15%

4.            Poor quality of lending panel: 12%

5.            Poor BDM support: 9.5%

6.            Poor communication with brokers: 8%

7.            Poor additional income stream offerings: 4%

8.            Poor compliance support: 4%

9.            Poor marketing support: 3%

10.          Poor training and education: 3%

11.          Poor white label offering: 3%

12.          No reason given: 0.5%

COMMENTS

  • by BROKER 18/06/2013 9:26:04 PM

    ANYONE ELSE FEEL THAT IF THEY HAVE A PROBLEM WITH COMMISSION THAT A SILENCE SUDDENLY OCCURS (A DON'T TELL OR BOTHER US ATTITUDE?) FROM THEIR AGGREGATOR?

    DO YOU FEEL THAT THE AGGREGATORS DO NOT DISCLOSE IN FULL THEIR AGREEMENT WITH THE LENDERS?

    ARE YOU AWARE THAT YOU ARE BOUND TO A LENDER AGREEMENT THAT YOU DO NOT SEE?

    ANYONE ELSE FEEL THAT IF YOU DO CREATE WAVES WITH YOUR AGGREGATOR THAT YOU WILL BE MARGINALISED?

  • by mac 19/06/2013 9:20:05 AM

    DO YOU FEEL THAT THE AGGREGATORS DO NOT DISCLOSE IN FULL THEIR AGREEMENT WITH THE LENDERS?

    Agree with this point. Should all be out in the open so we can disclose the commissions properly. I don't know what I am going to get paid half the time yet I have to disclose to my clients?? WTF

  • by oldBroker 19/06/2013 4:38:56 PM

    I would love to hear from the aggregators, who every single one of them says that their software is a competitive advantage, how they can be satisfied with 20% of brokers unhappy enough with software to move.