Regulatory forces reshaping broker requirements

MPA ‘Brokers on Aggregators’ survey

The results of MPA magazine’s annual ‘Brokers on Aggregators’ survey have just been released and the findings make for interesting reading.

Our industry is facing significant change, so it makes sense that your requirements and those of your fellow brokers are changing as a result.

Compliance climbs

The Royal Commission turned the spotlight on our profession and the gravity of the proceedings brought about much uncertainty. In such an environment, it’s not surprising that brokers placed greater value on compliance support this year – jumping from the fourth most important in last year’s survey to second.

Providing you with excellence in compliance support has also been a particularly important area of focus for us this year, so to be ranked first in this capacity is significant.

In an interview with MPA magazine, Connective group legal counsel, Daniel Oh, said: “With an ever-increasing focus on compliance and broker behaviour, we support our members with their compliance requirements so they can focus on growing their business with confidence.”

Communication key in changing environment

Communication with brokers, not unexpectedly, also rose in importance and ranked fourth overall. Change has been the only constant over the past 12 months so keeping you fully informed of the many breaking developments in our industry has been a key priority for us.

With this in mind, being awarded gold in the ‘communication with brokers’ category was another highpoint.

Connective Director, Mark Haron, told MPA, “We are passionate about active communication with our brokers to ensure we are supporting their success. Our focus on communication was demonstrated during the Royal Commission and election campaign when it became more important than ever to communicate with our members as we fought for our industry”.

• Overall silver
• Communication with brokers – gold
• Compliance support – gold
• White label offering – silver
• Additional income streams – silver
• Accurate and on-time commission payments – bronze
• BDM support – bronze
• IT and CRM support – bronze

Thank you to those who took part in this year’s survey. We harness your feedback in many ways, including initiatives such as this report, and use it to shape the way we provide our services to ensure we are meeting your changing requirements and supporting your success.