Sponsored by Commonwealth Bank, the list was incredibly competitive this year
MPA's Top 10 Brokerages for 2020, sponsored by Commonwealth Bank, have been revealed.
In recent years, MPA’s Top 10 Brokerages have been made up of two separate lists: one Top 10 for franchises and another for independents. Last year, these were merged to include both in the same listing, and it produced an almost even split.
In 2020, however, the independents have come out on top, with no franchises making it into the Top 10. The closest a franchise came to making this list was in 19th place.
In fact, the brokerages’ total settlements for the last 12-month period were considerably higher than in the 2019 list, with none falling below the $300m mark. The average written this year was more than $650m, compared to last year’s $291m.
With new brokerages featuring in the list and an increase in the number of submissions received, brokerages seemed to feel more confident about entering this year. Thanks to the royal commission, brokerages have focused more heavily on their processes and customer relationships, which, alongside widening customer sentiment, could have played some part in this growth in the settlement figures.
The last few months have brought on new challenges as many businesses have fought to stay open and borrowers have lost jobs. But these brokerages are navigating the environment as best they can, and as one brokerage put it, “challenges also provide opportunities”.
All of this year's brokerages speak of a focus on the customer. Brokerages are striving to build strong relationships through better technology, easier processes, diversified solutions and greater communication.
As one brokerage head said, now is not the time for selling; now is the time for support.
To see the full report and to find out who made it into the Top 10, click here.