11 Benefits of a Boutique Aggregator
- Published: by MoneyQuest HQ
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- Category: Join MQ!
What are the benefits of a boutique aggregator? When it comes to choosing an aggregator, there are several models on the market to choose from, as well as various factors to consider. Commission fee structures, business support resources, and technology platforms are often taken into account, as is the age-old question, is bigger necessarily better? Boutique aggregators, challenger aggregators and established, large scale aggregators are all vying for broker attention. We explore the benefits of boutique mortgage broking aggregation groups below.
Personalised touch and hands-on service
One benefit of boutique mortgage broking aggregation groups is their ability to provide personalised, high quality service and hands-on support to their brokers. Boutique aggregators have a smaller pool of brokers to service, and therefore have the capacity to form relationships with each of their members and cater to their individual business needs. They are flexible and responsive to broker enquiries and are motivated to maintain broker satisfaction because member retention is crucial to smaller groups. Camaraderie and connection amongst the brokers themselves is often more easily achieved due to the size of the network, and this supportive culture and sense of community can help to combat feelings of isolation that are sometimes experienced by small business owners.
Direct access to management
Brokers that choose boutique aggregators also often enjoy direct access to management. Urgent issues are escalated straight to the top and resolved promptly because there is a lack of bureaucracy for brokers to contend with, and brokers can often call on members of the management team for one-on-one mentoring. Boutique aggregators are able to provide substantial and meaningful support to brokers because their resources aren’t as thinly spread.
Flexible lending panel
Another benefit of boutique aggregators is the flexible nature of their lending panels. Lenders can be added to a boutique aggregator’s suppliers list quite seamlessly because proposals are generally expedited straight to the executive team without having to be approved by multiple levels of management. As smaller organisations, boutique aggregators can also be agile when it comes to investigating new lenders and sourcing lender solutions to meet a wider range of customer needs. They are also able to provide lender escalation support and lending policy advice to brokers as required.
Compliance support
Boutique aggregators also have the ability to offer hands-on compliance training and support. Boutique aggregator compliance teams are often readily accessible to brokers if they have questions, and ongoing training is provided to minimise knowledge gaps and effectively manage risk. Guidance, re-education, and personalised support is prioritised, which sets brokers up for success.
Business development
Boutique aggregators can offer personalised business development sessions to their brokers and tailor business plans and strategies to each brokers’ specific needs and aspirations. They can also facilitate small broker-to-broker focus group sessions to motivate and inspire their members which can help to take the loneliness out of being a sole business owner. Brokers associated with boutique aggregators essentially have a business partner beside them (the aggregator) that is as committed to their success as the brokers themselves.
Marketing
Boutique mortgage broking aggregators often have in-house specialist marketing teams to execute effective campaigns on behalf of their brokers. These marketing teams generally create and manage each broker’s business social media accounts, as well their business website, and Google My Business listing. These are all effective lead generation tools that assist brokers with growing their businesses.
Income diversification
Diversifying broker income is another key focus of many boutique aggregators. They often assist brokers with expanding their service offering to incorporate other forms of lending such as commercial lending, business loans, asset finance and car loans. This not only allows brokers to present a wider variety of solutions to their clients, but it can also attract new clients and result in additional revenue streams.
CRM Support
Many boutique mortgage broking aggregators offer the latest in CRM technology to better support their brokers. Some have even gone as far as investing in innovative, industry first, client contact platforms that send personalised automated email communications to clients for the life of their loans. These consistent email journeys maximise the potential for repeat and referral business conversions, and also allow brokers to focus solely on new business acquisition.
Communication
Boutique aggregators are also committed to keeping their brokers informed of industry changes, emerging issues, and best practices, and often communicate this information via group forums to enhance a sense of connectedness and community. Some boutique aggregators have the flexibility of offering regular lender education sessions to upskill brokers in terms of lender initiatives and products. Network-wide business coaching sessions can also be conducted by smaller aggregation groups, to equip brokers with proven business plans and strategies to strengthen their businesses. Due to the smaller nature of these networks, interaction can be facilitated and brokers often feel comfortable sharing the challenges and rewards being seen in their businesses.
Systems Support
Our world continues to become more complex. Boutique aggregators often invest in systems trainers to assist brokers with navigating the various technologies and software being utilised by the industry. Brokers can rely on these systems trainers for guidance and troubleshooting, which in turn allows them to focus their energy on their existing customers, and acquiring new business.
Small enough to care, but big enough to excel
Brokers that belong to boutique aggregation groups are not treated like numbers. They are seen as individual people and business owners with specific needs and goals. They belong to a community of like-minded individuals, have access to personalised support, and are considered vital to the overall success of the business.
MoneyQuest’s Aggregation Model
MoneyQuest’s boutique mortgage broking aggregation model is predicated on transitioning individual mortgage brokers into owners of thriving businesses. We strive to make this transition as smooth as possible by providing our brokers with training and education, mentorship, professional development workshops, lender education and escalation support, marketing and creative strategy support, a digital presence, multiple income streams, and business coaching.
In the 2020 MPA Brokers on Aggregators Survey, MoneyQuest was awarded gold medals in several categories including BDM Support, Compliance Support, Additional Income Streams, and Training and Education. We were awarded silver for IT and CRM Support, Lead Generation, and Marketing Support, and bronze for Communication with Brokers, Accurate and On-Time Commission Payments, White Label Offering, and Quality of Lending Panel.
To learn more about joining the MoneyQuest network, and to hear from some of our satisfied and successful brokers, click here.
Disclaimer:
This article is written to provide a summary and general overview of the subject matter covered for your information only. Every effort has been made to ensure the information in the article is current, accurate and reliable. This article has been prepared without taking into account your objectives, personal circumstances, financial situation or needs. You should consider whether it is appropriate for your circumstances. You should seek your own independent legal, financial and taxation advice before acting or relying on any of the content contained in the articles and review any relevant Product Disclosure Statement (PDS), Terms and Conditions (T&C) or Financial Services Guide (FSG).
Please consult your financial advisor, solicitor or accountant before acting on information contained in this publication.
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