Wholesale Aggregators Have Failed: Osborne
Wholesale aggregators have been lambasted for failing to deliver on their promise of building and supporting independent broking businesses.
MoneyQuest national business developmemt manager Michael Osborne, himself formerly the head of sales and distribution at wholesale aggregator Vow Financial, has said following almost a decade of effort by these mortgage intermediaries, they had been unsuccessful and that brand was the key.
"History will show that few mortgage broking businesses under the wholesale aggregation banner have gone on to become anything other than small boutique businesses," he said.
"Wholesalers have demonstrated an inability to deliver the broad array of unique marketing, online, lead generation and CRM capabilities for each of their independent mortgage broker customers."
Osborne said that business partnerships between brokers and aggregators need to be in alignment, with similar overriding motives shared by all parties.
"A myriad of independent brands will always struggle to collectively market, drive online penetration, successfully generate leads and crucially cross-sell," he said.
While aggregators had growing importance in the new regulated environment, Osborne said that it was branded aggregators that had the 'holy grail' to thriving in the future of the market.