Broker shares his criteria and why he picked AFG
For new-to-industry brokers, choosing the right aggregator is an important step which can help set them on the path to a successful career.
Brokers want to be sure they are getting the best admin support, tech tools, commission payment system and lending panel from their aggregator, especially when they are first navigating the complex and fast-changing world of mortgage broking.
Sanjay Pradhan (pictured above), director of SecurePath Finances, became a broker and set up his Sydney brokerage in August 2023 after working in the finance industry for 20 years, most recently in home lending and relationship manager roles at Westpac, Commonwealth Bank and Bankwest.
He has also worked for banks in Dubai and an insurance company in India.
Pradhan, who decided to go with AFG as his aggregator, was keen to share his thoughts with MPA about what he believes are the key factors brokers should consider when deciding on an aggregator.
Key criteria when choosing an aggregator
Selecting the right aggregator is pivotal for brokers as it needs to align with their business goals and objectives, said Pradhan.
He identified seven key parameters to be considered:
Lender panel diversity
To offer clients ample choices, opt for an aggregator with access to a broad array of lenders catering to residential, commercial, and asset finance needs.
Back office support
Prioritise aggregators offering robust administrative assistance, encompassing tasks like loan processing and compliance checks.
CRM systems
Ensure the aggregator provides an effective CRM system that seamlessly manages client interactions and integrates well with existing systems.
Commission structure
Understand the nuances of commission payments, including calculation methods, frequency, and reliability.
Business development support
Look for aggregators offering resources for business growth, such as marketing materials, training, and mentorship opportunities.
Compliance and regulatory support
Seek aggregators equipped to navigate the evolving regulatory landscape, offering necessary compliance assistance.
Technology and tools
Assess the aggregator's technological offerings, including up-to-date platforms for loan comparison, enhancing operational efficiency.
How BDMs can influence your decision
Pradhan said business development managers held a crucial position in the aggregator selection process.
“Through extensive research, I narrowed my options to three aggregators, among which David Vizza [AFG sales manager NSW and ACT) emerged as the top choice,” he said.
“His consistent availability, prompt responses and wealth of knowledge in addressing various queries have set him apart.”
Reasons behind Pradhan’s decision to choose AFG
Pradhan said that in comparing aggregators, key differences lie in their commission structures, level of BDM support, lender panel diversity, and backend assistance.
“When I embarked on my journey as a broker, meticulous research (including maintaining a spreadsheet) led me to engage with various aggregators and their respective BDMs,” he said.
“Beyond examining the fundamental criteria, I delved deeper by seeking insights from successful brokers associated with these aggregators.”
Vizza, in particular, introduced Pradhan to accomplished individuals who had transitioned from banking to broking.
“Their positive experiences, coupled with AFG's comprehensive support structure, influenced my decision,” said Pradhan.
“Eight months down the line, I am confident in my choice. AFG's seamless onboarding, robust backend support, and regular professional development initiatives have exceeded my expectations.”
Pradhan said he was keen to share his insights with fellow brokers who wanted to connect.
What do you think are the most important qualities of a great aggregator? Comment below
