Ever heard of COG Aggregation and wondered how it fits into your mortgage brokering world?
You’re not alone.
In an industry that’s constantly evolving, new concepts like COG Aggregation can make a real difference to how you operate and serve your clients.
But what exactly is it, and how can it benefit brokers like you?
Let’s explore the ins and outs of COG Aggregation and uncover how it can enhance your mortgage brokering business.
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What Is COG Aggregation?
COG Aggregation is a prominent aggregator in Australia that specialises in providing services to asset finance brokers. It was established through the merger of Consolidated Finance Group and Platform Finance Group, both of which were owned by COG. This merger brought together the expertise and resources of two major players in the industry, creating a single entity capable of offering unparalleled support to brokers.
The organisation provides a comprehensive suite of services aimed at helping brokers grow their consumer and commercial asset finance businesses. From access to an extensive lender panel to advanced technology solutions, COG Aggregation equips brokers with the tools they need to succeed.
Key Features of COG Aggregation
Largest Asset Finance Lender Panel
One of the standout features of COG Aggregation is its access to the largest asset finance lender panel in Australia.
This panel includes over 50 quality lenders, offering a diverse range of financial products. For brokers, this means greater flexibility and the ability to meet the unique needs of their clients without the hassle of securing direct accreditation with each lender.
This extensive network not only simplifies the process of finding suitable financial products but also enhances the broker’s ability to offer competitive solutions to their clients.
Bespoke Loan Application System: COG Connect
COG Aggregation has developed a bespoke loan application system called COG Connect, specifically designed for asset finance brokers.
This system streamlines the product selection and loan application processes, making it easier for brokers to navigate the complexities of asset finance.
COG Connect supports over 9,000 combinations of products and credit policies, ensuring that brokers can find the right fit for their clients. Its user-friendly interface and advanced features, such as automated compliance and customer self-service options, save time and reduce the likelihood of errors.
Daily Commission Payments
Another significant feature of COG Aggregation is its daily commission payment system.
Depending on lender arrangements, brokers can receive their commissions on a daily basis, which enhances cash flow and provides financial stability.
This feature is particularly beneficial for brokers who rely on consistent income to manage their operations effectively.
Benefits to Mortgage Brokers
Access to a Broad Lender Network
For mortgage brokers looking to diversify into asset finance, COG Aggregation offers a seamless way to access a broad network of lenders.
Brokers can tap into this network without the need for direct accreditation, which simplifies the process and saves time.
This expanded access allows brokers to offer a wider range of financial products to their clients, enhancing their value proposition.
Competitive Finance Rates and Commissions
COG Aggregation leverages its strong industry buying power to secure competitive finance rates and commissions.
This advantage helps brokers remain competitive in the market, enabling them to attract and retain clients more effectively.
By offering favourable terms, brokers can build stronger relationships with their clients and grow their businesses.
Specialised Support Services
In addition to its technological and financial benefits, COG Aggregation provides specialised support services tailored to the needs of brokerage firms.
These services include compliance support, systems and infrastructure assistance, and training resources.
By addressing these critical areas, COG Aggregation helps brokers streamline their operations and ensure regulatory compliance.
Operational Strengths and Impact of the Merger
Consolidation of Resources
The merger of Consolidated Finance Group and Platform Finance Group was a strategic move aimed at consolidating resources and expertise.
This consolidation has allowed COG Aggregation to offer enhanced services to its members, combining the strengths of both entities into a single, unified platform.
Formation of a Market Leader
As a result of the merger, COG Aggregation has emerged as the largest asset finance services business in Australia.
The organisation is responsible for a significant volume of over $6.7 billion in asset finance, underscoring its position as a market leader.
This scale provides brokers with unparalleled access to resources and opportunities.
Unified Support Structure
COG Aggregation maintains a robust support structure, including Business Development Managers (BDMs) and dedicated broker support teams.
This unified approach ensures that brokers receive consistent and high-quality assistance, whether they are new to asset finance or seasoned professionals.
COG Aggregation’s Technology and Innovations
COG Connect System
The COG Connect system is a cornerstone of COG Aggregation’s technological offerings.
This sophisticated client management and loan application platform is designed to simplify the loan application process while providing advanced features such as automated compliance, customer self-service options, and detailed reporting tools.
By streamlining these processes, COG Connect saves brokers time and reduces the likelihood of errors, allowing them to focus on delivering exceptional service to their clients.
Advanced Reporting and Compliance Tools
COG Aggregation’s technology also includes advanced reporting and compliance tools.
These tools provide brokers with detailed insights into their operations and client interactions, helping them make informed decisions.
Additionally, the automated compliance features ensure that brokers adhere to industry regulations, reducing the risk of non-compliance.
Enhanced Product Accessibility
The merger of Consolidated Finance Group and Platform Finance Group has resulted in the combination of their lender panels, increasing the diversity of available financial products.
This enhanced accessibility makes it easier for brokers to find suitable products for their clients, further strengthening their value proposition.
Broker Relationship and Support
Dual Support Streams
COG Aggregation offers two distinct streams of support to cater to the diverse needs of brokers.
Mortgage brokers looking to diversify into asset finance can access tailored support through Platform Finance, while dedicated asset finance brokers receive specialised resources to help them succeed.
Training and Development Resources
To help brokers expand their expertise and refine their business practices, COG Aggregation provides substantial training and development resources.
These programs are designed to enhance brokers’ skills and improve their ability to deliver high-quality service to their clients.
Streamlined Transaction Processing
By combining the lender panels from its merged entities, COG Aggregation has streamlined transaction processing.
This improvement enhances the efficiency of financial product accessibility, benefiting both brokers and their clients.
COG Aggregation stands out as a leader in the asset finance industry, offering a comprehensive range of services and support to brokers. From its extensive lender panel to its advanced technology solutions, the organisation equips brokers with the tools they need to succeed in a competitive market. Whether you’re a mortgage broker looking to diversify or an asset finance specialist, COG Aggregation provides the resources and expertise to help you thrive.