THE ROLE of aggregators in the New Zealand mortgage sector is undergoing a quiet but profound shift. No longer confined to managing lender access and splitting commissions, aggregators are being recast as strategic partners − expected to deliver business guidance, regulatory clarity and scalable support systems that advisers can build a future on.

Far from the back-office operators they have sometimes been portrayed as, aggregators have a sense of mission to equip mortgage advisers with the tools, support and advocacy they need to thrive in a complex and fast-changing environment. As compliance pressures intensify, digital disruption gathers pace and client expectations shift, aggregators are becoming central to how advisers run their businesses − and whether they succeed or fail.

NZ Adviser recently sat down with four leading aggregators at Onemata Restaurant in the Park Hyatt Auckland to explore the challenges and opportunities shaping mortgage advice in a post-regulatory, tech-driven environment. Representatives from Link Financial Group, Finsure, The Adviser Platform and NZ Financial Services Group were joined by two advisers to provide a different perspective. Together, these experts provided a comprehensive view of the mortgage advice industry’s evolution, touching on diversification beyond residential lending, adviser business development, regulatory complexity, lender service levels and the growing importance of advocacy and technology.

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Unlocking untapped lending markets
Mortgage advisers have come a long way in recent years, but aggregators know that they are still at the early stages of what is likely to be a much longer journey that transforms finance for Kiwis. Advisers are only beginning to explore vast opportunities in areas like asset finance, commercial lending and business finance, for example.

“These are enormous parts of the market that are hugely underserved by advisers at the moment,” said Jenny Campbell, country manager for Finsure in New Zealand. “It’s a great opportunity for aggregators to help advisers upskill in those areas and offer lenders that go beyond standard residential loans.”

The overall proportion of lending coming via third-party channels was under 30% ten years ago, but it has steadily increased since COVID. A Finance and Mortgage Advisers 

Association of New Zealand (FAMNZ) report late last year showed that while only one in three (35%) of all borrowers had secured their last mortgage through a mortgage adviser, the percentage who did so in the last 12 months had risen to almost one in two (46%). Industry leaders often estimate the number at over 50% based on their own observations.

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Ryan Edwards, managing director of The Adviser Platform (TAP), agreed that demand for advice is growing across the board. “There’s a huge opportunity in the market for advisers to be proactively giving advice,” said Edwards. “Aggregators help free them up to do that − whether through systems that create efficiencies or [by] demystifying regulatory obligations.”

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That freedom to focus on advice, not administration, is increasingly essential. Baden Martin, CEO of NZ Financial Services Group (NZFSG), said aggregators must maintain deep lender relationships to give advisers access to the right products at the right time.

“We manage relationships across a broad spectrum of providers,” Martin explained. “If our advisers are properly educated on those products, they can find a solution for almost any client situation.”

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Josh Bronkhorst, CEO of Link Financial Group, said adviser diversification has accelerated, especially in recent years.

“Over the last four or five years, we’ve seen much greater take-up of non-bank lending, insurance, KiwiSaver and investment referrals,” said Bronkhorst. “Our role is to keep advisers safe while helping them grow into broader, sustainable businesses.”

Francine Kwok, general manager of EverBright Finance, added that from the adviser point of view, aggregators can support business diversification by helping firms expand into insurance and investment advice. “Growth also involves diversity,” said Kwok. “Aggregators can help us tap into different sectors to create more rounded businesses.”

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Technology, compliance and the future of support
Compliance is a constant theme in New Zealand’s financial advice sector, but how aggregators approach it is changing. “I find myself not really using the word ‘compliance’ any more,” said Edwards. “We talk about governance. You should be running a good business anyway.”

Where once compliance was seen as a box-ticking exercise, many now view it as part of broader business governance. “When it’s your name on the door, you take more responsibility for the quality of the advice,” said Edwards. “The key is having systems and reporting that make meeting obligations just a click away. You should aspire to have all your governance systems at your fingertips − not because the FMA [Financial Markets Authority] wants it, but because it makes good commercial sense.”

But Campbell cautioned that some advisers were misled into thinking that running their own financial advice provider (FAP) licensed business would be straightforward. “A lot of advisers got sold a bit of a sausage on becoming their own FAP,” she said. “Small firms often don’t have the resources for that kind of compliance load.”

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Bronkhorst said the regulatory environment has prompted aggregators to rethink their models. “Whether advisers operate as authorised bodies or their own FAPs, we see our role as keeping them safe,” he said. “That’s where our staff, proven systems and processes, including software and other technologies, play a huge part.

“I’m certainly not promoting the authorised body model over the own FAP model, since LFG offers both − they both have merit. However, it is critical that the model is fit-for-purpose for the adviser business. Most advisers just want to be out there advising clients, not managing their own compliance process from A to Z,” he said.

Some firms, such as Link Financial Group, have developed their own software, aiming to boost system efficiencies and streamline adviser operations. NZFSG has taken a similar tack, recently introducing a ‘voice to notes’ tool in its CRM that transcribes verbal notes for record-keeping.

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Martin said NZFSG tailors its support to advisers, whether they’re under its licence or their own. “We promise to keep you safe and save you time,” he said. “That includes training, secure data practices and tools that make it easy to get things right.”

Kwok believes aggregators must offer more than tools − they must offer streamlined systems that embed compliance naturally into everyday workflow. “It’s not just about launching deals,” she said. “Aggregators provide proactive learning and regulatory support that boost efficiency.”

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Nigel Perkins, head of mortgages at Haven Mortgages, agreed. “The proficiency piece is massive,” he said. “Making sure we can get through work productively and compliantly − fast − is vital.”

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He added that the compliance journey was initially daunting, but it was made easier through robust aggregator support. “What was daunting during the regime change was trying to keep up sales while ticking all the boxes,” said Perkins. “Our aggregator made it feel seamless.”

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But data-driven growth support from aggregators was equally valuable. “Now it’s really about having great business management tools to understand who’s doing what, where the best opportunities lie, and how we can optimise our settings to complement our sizeable client database,” said Perkins.

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The rise of adviser as business owner
More aggregators are now helping advisers think and act like business owners. That means offering support beyond compliance: coaching, HR tools, social media strategy and succession planning. “We’re helping adviser businesses think about succession earlier − whether that’s bringing in new talent or setting them up for a dignified exit,” said Bronkhorst. 

But even the basics of running a business were still a mystery for some advisers, especially at the start of their journey. One area where many adviser businesses can unlock greater potential is through targeted business education and mentoring,” said Bronkhorst. “We support advisers with tailored growth plans, ongoing professional development, and strategic guidance—helping them decide whether to manage functions like KiwiSaver, insurance, or referrals in-house or through trusted partners, so they can make confident, informed business decisions.”

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Campbell agreed, noting that advisers often need help recruiting, retaining talent and building culture. “There’s a huge skill gap around how to build a sustainable business,” she said. “Aggregators are well placed to help with that.”

Edwards said advisers were sometimes slow to point out their own value. “We’re not very good at celebrating success in this industry,” he said. “We need to help advisers see themselves as professionals who improve people’s financial wellbeing − not just people who get loans across the line.”

Martin said adviser expectations have shifted. “If we want a strong, resilient adviser community, we need to make sure those entering the industry become success stories,” he said.

For Kwok, practical support is what matters most. “We need consistency, clarity and help with how to implement policy,” she said. “It’s not just about reading regulations but knowing how to apply them while staying efficient.” She also pointed out that cross-pollination is one way of learning, and noted, “There’s room for mentoring ecosystems and more peer-to-peer learning.”

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While most aggregators see training and mentorship as vital, Campbell pointed to some persistent barriers. “Lender stand-down periods for new advisers are ridiculous,” she said. “We should be helping new talent into the profession, not keeping them out.”

She’s also championing initiatives like scholarships and training for women and culturally diverse advisers. “We’ve got a Women in Finsure group with a real mentoring program,” said Campbell. “It’s not just lunches − it’s about building skills and confidence.”

Martin echoed the need for business coaching. “Advisers coming from banking have strong technical skills,” he said. “But they often don’t know how to market themselves or run a business. That’s where we come in.”

Aggregators take on advocacy
Advisers often feel caught between customer expectations and lender service delays − and they’re increasingly looking to aggregators to represent them. “The most common complaint I hear is that advisers feel aggregators aren’t doing enough to advocate with lenders,” said Campbell. “If it takes two weeks for a deal to be picked up, that’s not good for the customer or the adviser.”

Advisers value aggregators as strategic allies. “We stay really close to our aggregator − not just for compliance but for product training, partnerships and simple process alignment,” said Perkins. “That strong relationship helps us respond quickly to opportunities in the market.”

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The emergence of the CEO Advice Forum − facilitated by Financial Advice New Zealand (FANZ) − has created a venue for
 

aggregators to collaborate. The forum brings all the aggregation groups together so there is a single voice to lobby industry stakeholders and regulators around pain points for advisers. “We finally have a seat at the table,” said Martin. “It gives us a professional way to lobby regulators and banks with a unified voice.”

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Much of the lobbying action is not broadcast widely, which can make creating momentum tough. “The industry doesn’t necessarily see the lobbying that goes on behind the scenes − but it’s happening, and it’s working. We just need more advisers engaged with the process,” said Edwards.

“New Zealand is chronically underadvised across every product we represent,” he added. “I’d love to see industry-wide campaigns around the benefits of seeking advice − something that raises the bar for everyone.”

Still, frustration lingers around the ‘poor cousin’ status of mortgage specialists within the wider financial profession. “The incumbent professional bodies have largely ignored the mortgage sector,” said Campbell. “They have no commercial relationship with the lenders. We as aggregators do − and we need to use that influence.”

Bronkhorst said these bodies play a vital role in terms of lobbying on behalf of the industry and advisers, but professional engagement with places such as the Commerce Commission or the FMA will only gain “real sway” once membership levels increase significantly. “Until then, it’s up to aggregators to continue to provide leadership,” he said.

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How adviser-client relationships can survive in the AI age‍

Financial firms globally are making huge investments in generative AI and are now beginning to see the financial benefits. A Bain & Co. survey last year found that financial services firms are benefiting from an average 20% productivity gain in software development, customer service and other areas. 

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Adoption of AI by companies in the US has been rapid, with levels in 2024 ranging between 30% and 60% depending on department and function. A New Zealand survey showed much lower penetration of different company functions, suggesting the main impact of AI is yet to be felt here. 

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Even so, investment in AI and other technology is certainly ramping up. 

“We’re investing in our CRM platforms to provide tools and enhancements to streamline adviser businesses and leverage that technology as much as possible,” said Martin.

“But I think, going forward, the opportunity is there for advisers to double down and show what makes them different. It’s absolutely that personal relationship that customers seek. They love the independence, the impartiality. They love the fact that an adviser is there for the life of the product, not just for the transaction,” he said.

Despite the influx of AI tools and automation, the participants downplay the idea that technology will replace human advice. “With all the tech in the world, this is still a people business,” said Campbell. “Clients value being able to pick up the phone and talk to someone who knows them.”

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Kwok agreed that future client relationships will be digital and transparent, but human connection remains the differentiator. “Clients want the efficiency of AI but also want a human who can guide them through life goals,” she said.

It’s obvious that tech is going to allow credit decisions to be made more quickly. But the trust factor is still lacking for AI, given the size and importance of the financial decision for most people. “Customers are voting with their feet in terms of what they value in the transaction, and increasingly, we’re seeing customers lean more towards getting that impartial advice from an adviser and valuing that ongoing relationship,” said Martin.

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Perkins warned that continued underinvestment by banks in the adviser channel could backfire. “If banks don’t back this channel with appropriate investment and resourcing, they’re essentially saying they don’t believe in the advice their clients truly want and are seeking,” he said.

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Aggregation is no longer about commission splits and CRM systems. It’s about helping advisers build businesses worth buying. “A few years ago, advisers wanted to know what we could do for them from a general benefit and features perspective,” said Bronkhorst. “The conversation has shifted from ‘What do you offer me?’ to ‘Can I run a successful business off your platform?’ Advisers now expect tech, support, professional and business development, and a pathway to succession.”

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Edwards noted that the language used to describe adviser work matters. “We’re moving away from ‘brokers’ to ‘advisers’. You’re not just arranging a deal − you’re providing ongoing advice, often across multiple product lines. We’re not just here to get people into loans − we’re here to improve their financial wellbeing. That means helping advisers see themselves as professionals, not just intermediaries,” said Edwards.

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TAP has invested heavily in tech to help advisers access scale. “We’re sitting on about 90 staff now,” Edwards said. “This allows us to share a level of scale and resourcing with our adviser clients that means they can focus on giving great advice, rather than reinventing the wheel from a systems and staffing perspective.”

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The aggregator of the future must champion the adviser’s value proposition. “Digital players will keep entering the market,” Martin said. “But advisers offer independence, ongoing service and a relationship you can’t get from a chatbot.”

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Today’s aggregators are judged on their ability to help advisers build businesses with scale − and long-term value – because sustainability, trust and adaptability now define success in a sector shaped as much by regulation and technology as by relationships.

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Campbell put it simply: “Our job is to help advisers build sustainable businesses − and to be their strongest voice in the market.”

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As regulation increases and waves of new technology continue to rewrite the rules of engagement, the expectations for aggregators have changed − today’s advisers aren’t just looking for back-end support or access to lenders. They’re looking for allies who can help them build future-ready businesses. 

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Aggregators willing to shoulder that responsibility will be the ones who can help shape the next era of mortgage advice in New Zealand.

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*KM Business Information NZ

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