Commissions come early for Finsure brokers
06:40 AM, 2 Jun 2022•4 minute read
4 minute read
Brokers at Finsure Group may have their commissions paid early as part of a new initiative.
In a move backed by Finsure’s parent company MA Financial Group Limited, the “Commission Now” initiative is set to allow brokers to be paid commissions when loans are unconditionally approved to assist brokers with their cash flow and other business purposes.
Finsure chief executive Simon Bednar said the initiative will allow its broker network access to their commission payments up to 90 days earlier than before.
“Commissions will even be paid within 48 hours on eligible deals, and we have a simple matrix driven approval process to access the scheme which is fully integrated into our customer relationship management (CRM) platform Infynity with no third-party interference,” Mr Bednar said.
“As well as improving cash flow, the Commission Now initiative unlocks future income for a range of purposes including lead generation, marketing or tax commitments.
“This is a fully technology driven solution off ApplyOnline Back Channel Status and funds can be accessed in a few clicks.”
The move follows MA Financial’s $145 million acquisition of Finsure that aims to prepare the 10-year-old aggregator for “a new decade of growth”.
The deal, which was completed on 7 February, saw BNK Banking Corporation Limited (BNK) sell its fully owned subsidiary Finsure Holding Pty Ltd (Finsure), and its related aggregation division subsidiaries, to MA Financial Group.
Mr Bednar said the strong financial position of the parent company has provided “exciting opportunities” for Finsure brokers.
“Our partnership with MA Financial is a game-changer for Finsure through its access to capital, credit and lending capabilities and technology expertise,” he said.
“Accelerating Finsure’s growth and providing additional value for our expanding broker network, which now boasts more than 2,400 brokers, is always our priority.
“This is yet another tremendous service offering for our brokers.”
At the time of the acquisition then-CEO John Kolenda said Finsure had the opportunity to become “one of the most powerful pieces of financial infrastructure” in the Australian residential mortgage market.
Following the move a leadership restructure saw Mr Kolenda become MA Financial’s new managing director, strategy & growth – lending, while Mr Bednar, stepped into CEO after serving as general manager.
[Related: Finsure announces leadership hand shake up]