​Aggregator settlements rise over 40%

by Amy Rosenfeld15 Jan 2014
A major aggregator has boosted its settlement numbers by more than 40% in the past year.

Vow Financial recently released its financial results for 2013, revealing settlements in November were up 41.77% compared to the same time last year. Between November 2011 and 2012, settlements grew just over 12%.

Vow Financial CEO Tim Brown told Australian Broker this strong growth can be attributed to a combination of both strategy and market.

“We have been aggressively recruiting now for 18 months and this is now showing results both in volumes and cross-sell. Add to this our existing brokers and the market lifting has given us a doubling affect in our growth.”

Vow has concentrated on recruiting both new brokers and BDMs over the past year, resulting in an overall 22% lift in staff numbers.

Brown says he’s confident Vow can maintain this level of growth for the coming year.

“With interest rates staying low and employment staying steady we expect similar numbers to last year, with the only exception being we expect Queensland to rebound.”

He does not expect major changes to the economy over the coming year “which all bodes well for our industry”.

“Our foundation is strong and more than ever I am confident we have the right team in place. There are a number of opportunities the Vow Management team have been working on which will also contribute to what is already looking like an enormous year.”