5 Brokers join share registry in growing sub-aggregation business
Purple Circle Financial Services, Australia’s first broker-owned aggregator!
Paul Lewis, the first broker shareholder accepting his ownership in September 2017 from Greg Pennells
In September last year it was announced that the first broker had qualified for shares in Purple Circle Financial Services, simply from writing loans. In the 6 months since, Australia’s first broker-owned aggregator has seen 4 more broker members join the share register. In a novel model, Purple Circle gifts shares to brokers for doing what they do best, writing loans.
Greg Pennells, MD of Purple Circle explains that in the last 12 months there have been over 30 brokers join the aggregator across Australia and the engagement with the new members is outstanding. “We have a simple philosophy at Purple Circle – if you think we’re good enough to partner with your business, we believe that you are good enough to own shares in ours!”.
It’s a simple mantra the team chants but it seems to be paying dividends. The enquiry rate for this aggregation group has grown in recent months because many brokers felt they had lost their voice and were being treated as just another number by their existing aggregator.
Paul Lewis, a broker shareholder within the group explains “I really enjoy the way the company puts it’s brokers first, in every regard. Purple Circle is more like a platform for its members, and the spirit and camaraderie amongst us is unlike anything I’ve ever seen before”.
In terms of commission structure, Greg explains that all brokers are able to choose the commission model which best suits their business, either flat fee or percentage based, whilst leveraging industry leading software.
The aggregator must be doing something right, with average broker settlements at $1.22m per month and the influx of brokers all interested in how they too can earn shares.
Why is Purple the New Black?
- Australia’s first broker-owned aggregator
- Your choice of commission splits; Percentage based or Flat fee
- Industry leading software and extensive Lender panel
Our Philosophy is Simple
We think you’re good enough to own shares in ours!