Loan Market reports record number of recruits in FY20

by Madison Utley26 Aug 2020

An aggregator has reported it attracted a record amount of new talent to the group in FY20.

Over the year, Loan Market welcomed 82 new franchisees and 77 loan writers to bolster productivity in existing businesses; of that total, 56 were specialists brought on under the group’s Bring Your Own Brand offering.

According to Loan Market director of national growth, Stephen Doyle, the recent and significant regulatory and market changes have encouraged brokers to assess the support systems they have in place.

“With the imminent Best Interests Duty, bushfires and COVID-19 shutdowns, the broking industry has been exposed to significant disruption in recent times,” Doyle said.

“A lot of brokers have been worried about how they’ll absorb the added compliance demands while remaining efficient and maintaining outstanding customer outcomes.”

Doyle's claims seem to be corroborated by activity evidenced at other aggregators, with Loan Market just one among a number of groups who have either recently reported growing numbers or been actively preparing to expand their network.

Aussie just reported 85 new broker and franchisee recruits joined the team over the last three months alone, after announcing a concerted effort to attract new talent both from within the financial services industry and elsewhere as Australians consider a post-COVID career change. 

Earlier this month, Mortgage Choice expanded its leadership team with the appointment of Jerome Smith as head of franchise recruitment who is now responsible for driving the growth of the group’s franchise network.

Additionally, Finsure last month appointed three new BDMs as the “continued growth” of its network has necessitated the expansion of its support team, according to general manager of aggregation Simon Bednar.