Loan Market Group reorganizes the management of Choice, FAST, PLAN
PLAN Australia, Choice Aggregation and FAST will now operate under a single management structure, with parent company Loan Market Group declaring a series of changes.
Loan Market Group has simplified its corporate structure into two components, a wholesale division, encompassing aggregators PLAN, Choice and Fast; and a retail segment, which includes the lending market and brokerage franchises operating under the bring your own brand model.
Choice Aggregation chief executive Stephen Moore will lead the three aggregator businesses formerly owned by NAB from today, after being named chief executive; PLAN, Choice and FAST.
The new tri-company management structure will also include the addition of localized teams, led by state directors, who will be responsible for broker support, events and content.
Loan Market Group’s retail division will be led by recently promoted chief executive Andrea McNaughton.
Loan Market Group executive chairman Sam White told The Adviser that COVID-19 has shown how important local leadership is, with varying conditions in each state.
However, the establishment of state-based leaders necessitated a single management structure to ignore all brands, for the sake of simplicity.
“We wanted to have a state-based structure. At the moment, we have regional managers looking after multiple states on the wholesale side,” White explained.
“So we wanted to have a leader in Queensland, a leader in Victoria, a leader in [Western] Australia and South Australia, a leader in New South Wales – and to do that, we knew we had to have the capability for those leaders to manage multiple brands.
The change in leadership should also make it easier for brokers to switch between brands and business models, if they choose.
The group is also diversifying to form a commercial brokerage and asset finance arm, with a team of specialists and partnership managers, as well as area-specific technology solutions and increased lender support to be made available. of all its brokers.
Brendan Wright, CEO of FAST, will oversee the creation of the division in the weeks before Christmas, with Loan Market Group saying it will build on FAST’s profile in the commercial and asset market.
Mr Wright will leave the group early next year after setting up the business and assets unit, with the intention of seeking new opportunities after nine years at the helm of FAST.
Meanwhile, Anja Panneck, former CEO of PLAN Australia, will take on a newly created role within the company: Group Director, Lending Solutions and Strategy.
Loan Market Group has announced plans to work with digital lenders, with Pannek’s experience in product development expected to come in handy.
“We’re keen to make sure mortgage brokers are part of the digital mortgage revolution and we know we need to work with these lenders to make sure the broker is part of that landscape,” White told The Adviser. .
The changes came seven months after Loan Market completed its acquisition of Choice, PLAN and FAST.
[Related: YBR Home Loans flags digital pivot, broker expansion]