Article
Follow the Capital
Australian mortgage broking is entering its institutional age: the emerging opportunity for founders, Family Offices, and patient strategic capital
Follow the capital down the value chain: why brokerages are becoming investable enterprises, and what that means for founders and Family Offices.
PDF · long-form article
Opening
Every now and again, a transaction story appears that is interesting not because of the transaction itself, but because of what it tells us about the direction of an industry.
The reported appointment of UBS to explore a sale of Thinktank is one of those stories, and underneath it sits a larger pattern: the early institutionalization of Australian mortgage broking.
Originally published as a long-form article, August 2026.
Contents
Chapters
- 01 The industry I grew up in was never designed for this
- 02 Distribution has become strategically important
- 03 Follow the capital down the value chain
- 04 AFG and Thinktank as case studies
- 05 The brokerage is becoming an investable enterprise
- 06 Trail value and enterprise value are not the same thing
- 07 The opportunity for Family Offices, and for founders
- 08 Prepare before the offer arrives
Full text in the downloadable PDF.
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