Existing clients generate 44% of leads and their referrals another 28%. The economics of broking now favour retention over acquisition — here's how to run the book accordingly.
Deloitte's broker survey asked where new business actually comes from. The answer was unambiguous: existing customers account for around 40% of leads, customer referrals a further 25%, and referrer partners 15%. Advertising contributes just 8%, with purchased, aggregator and association leads making up about 7%.
Read the numbers as a budget
Nearly three quarters of pipeline flows from relationships already established. Yet in most broking businesses the marketing spend, the technology spend, and the working week are all weighted towards the 15% of leads that come from paid and cold sources. The report describes an industry whose revenue model has quietly become retention-led while its operating model remained acquisition-led.
Contact frequency is the hinge
Deloitte found 96% of brokers report contacting clients annually or more often after settlement, but the distribution matters more than the headline: 32% make contact annually, 26% semi-annually, and 29% only every two years or longer. A two-year contact gap covers exactly the window in which clawback expires, fixed rates roll off, and refinance intent peaks.
- Monthly contact: 4% of brokers
- Quarterly: 9%
- Semi-annually: 26%
- Annually: 32%
- Every two years or more: 29%
Turning relationship value into a process
Referrals are a lagging indicator of service, and service at scale is a scheduling problem. A broker with 600 clients cannot hold 600 review dates in their head. The businesses converting the retention advantage into revenue are the ones that treat the review cycle as a standing operational rhythm — a monthly list, worked and cleared — rather than as goodwill contact when time allows.
"Consumers that use mortgage brokers value the personal relationships and support offered throughout the life of the loan."
Source: Deloitte Access Economics, The Value of Mortgage and Finance Broking 2025, prepared for the MFAA (February 2025).