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What Is an Aggregator in Finance? 

In the financial industry, an aggregator serves as a middle-man, connecting different parties to streamline processes and enhance service offerings. A financial broker aggregator links brokers with multiple lenders (among a lot of other things) so brokers can broaden their scope of products to their clients and offer a more personalised experience. 

Understanding the role and benefits of broker aggregators is essential for finance professionals keen to optimise their services and grow their businesses (and who wouldn’t want that?). 

Let’s jump in. 

How do financial aggregators work?  

One of the main ways financial broker aggregators operate is by establishing networks that connect brokers to a diverse panel of lenders. This connection enables brokers to access a wide array of loan products, from residential mortgages to commercial financing options. But, this isn’t the only thing an aggregator can (or should) bring to the table. 

At Purple Circle, our impressive lender panel is just the tip of the iceberg!  

By partnering with us, brokers can: 

      • Expand their offerings with access to multiple lenders. This means you can present clients with a variety of loan products tailored to their specific needs. 

        • Streamline processes with cool integrated software solutions (we’ve won awards for our CRM… no big deal) that simplify loan application submissions, track client interactions, and more. 

          • Stay compliant with timely reminders and steps on exactly what needs to happen. 

            • Equity opportunities — yep, you read that right. We offer brokers the chance to earn shares in the company. 

              • Get support via mentoring, resources, training opportunities, and even scholarships so you can be at the top of your game.   

            Types of broker aggregators. 

            Not all aggregators are created equal, and they vary based on their structure and offerings. 

            Traditional aggregators provide rudimentary services such as lender access and standard software tools, often operating on a commission split or fee-based model. It’s a fairly basic offering, and many brokers — especially those new to the industry — don’t know there’s something better around the corner… 

            We’re talking about boutique aggregators. We’re talking about us! Specialised aggregators that offer personalised services, niche lender panels, and unique benefits like equity ownership. Purple Circle exemplifies this model by going above and beyond in every area, offering much more than traditional aggregators and doing it well.  

            So well, you might forget about us (in the best way), like Rebecca. 

            “When you find a really good aggregator, you forget about them day-to-day because everything runs smoothly in the background. Our office switched to PCFS from another aggregator, and everything has worked well from the aggregator switch, to the intuitive software, to being paid like clockwork without having to follow up. Very happy with our chosen aggregator; thanks PCFS!” 

            Rebecca P, Broker 

            The role of technology in aggregation. 

            We really want each of our members to thrive, and we get that you probably didn’t get into brokering for the admin side. We streamline compliance and marketing so you can do more of what you actually enjoy. Technology plays a huge role in efficiency and effectiveness here. Our advanced platforms and software solutions assist in three critical areas. 

                1. Customer Relationship Management (CRM): Managing client interactions and maintaining relationships (did we mention ours is award-winning?).  

                  1. Compliance tools: Ensuring that brokers adhere to industry regulations and standards. 

                    1. Lead management system: Tracking potential clients and converting leads into successful loan applications. 

                  Future-proof your business with a broker aggregator. 

                  Our industry is continually evolving. Without an aggregator behind you, it can feel impossible to keep up with new tech, regulatory changes, endless admin hours, and emerging consumer trends.  

                  Don’t sink — swim with Purple Circle.  

                  Wouldn’t it be easier if work was… easier? 

                  Partnering with us isn’t just a smart move, it’s a strategic one. With unique benefits such as equity opportunities and a comprehensive support system, Purple Circle is redefining success in the finance industry. If you’re ready to elevate your broking business explore membership opportunities with Purple

                  Small and Medium Enterprises (SME) Guarantee Scheme

                  The Scheme will enhance lenders’ willingness and ability to provide credit and will be available for new loans made by participating lenders until 30 September 2020.

                  The Government will provide eligible lenders with a guarantee of 50% per cent of new loans. Some generic terms are:

                  • Businesses with a turnover of up to $50 million.

                  • Maximum total size of loans of $250,000 per borrower.

                  • Loans will be up to three years, with an initial six month repayment holiday.

                  • Unsecured finance, meaning that borrowers will not have to provide an asset as security for the loan.

                  Reduced Interest Rates

                  Consider your current banking arrangements. The Reserve Bank has recently reduce the cash rate and lenders have passed this on to various loans they have.

                  Instant Asset Write Off

                  An increase in the instant asset write-off threshold from $30,000 to $150,000 30 June 2020.

                  Deferment of Loan Repayments for up to 6 Months

                  The banks are developing their own approach as to how to deal with requests from their clients for repayment holidays. Some are automatically granting the request, others are assessing the requests individually.