Brokers reveal biggest reason for switching aggregators

by Julia Corderoy27 Apr 2015
Brokers have revealed their biggest reason for switching aggregators in this year’s MPA magazine’s Brokers on Aggregators survey.

According to the special report, almost one in four brokers (24.5%) said the biggest reason for leaving an aggregator is due to poor IT and CRM support. Further, when asked which aggregator they would join if they could leave their current aggregator, the three most popular aggregators were all chosen for IT and CRM support.

“Evidently, IT and CRM have the power to make or break aggregators, while commission services and lender panels are the ‘bread and butter’ services that are expected but not necessarily rewarded with broker loyalty,” MPA editor Sam Richardson said.

However, IT issues – including data migration – also represented the biggest obstacle to switching aggregators, with 30% of brokers citing this as the biggest barrier. 

“Inability to transfer trailers … is a major issue in this industry, particularly when considered again in comparison to financial planning,” a Connective broker said in their response.

“… It is not an easy process no matter which aggregator you are going to or from,” said a Custom Equity Group broker.

When comparing individual aggregator performance, MPA magazine revealed that eChoice brokers were the happiest with their IT and CRM support. eChoice’s members named IT and CRM support as one of the top three most important services the aggregator offered, and gave it a performance score of 4.63 out 5.

Connective was the most popular aggregator chosen for the question “If you were to change aggregators, which aggregator would you choose?” Although, 74% of brokers said they are “very unlikely” to change aggregators in the next 12 months.

Read the results in full in MPA's 15.05 issue, on desks this week, where brokers reveal what they want more of, what's good and what isn't and how they rate individual aggregators.