Founded in 1999 and joining AFG from inception, Western Australia–based Lifespan Mortgage Services has grown steadily alongside its aggregator. Succession planning became the catalyst for the business to become the first brokerage to participate in AFG’s Broker Investments program. The arrangement supported the exit of former co-director Brian Clarke, while establishing a future-looking ownership structure for his business partner, David Moore.
Under the transaction, AFG acquired a 30 percent equity stake in the business. This enabled Lifespan to appoint two new directors, both active brokers, who each hold 10 percent shareholdings, alongside Moore retaining his 50 percent stake. AFG executive Mark Hewitt also joined the board, providing strategic insight and governance support.
“The transition to retirement is a big consideration within the industry. Relying on trail was never really a satisfactory outcome for us. It was important for us that the business as an entity continued, irrespective of the individual.”
– David Moore, Lifespan Mortgage Services
AFG’s investment enabled Clarke to exit the business in a strong position “that was based not just on a multiple of trail, but on the profitability of the business,” an approach Moore says can be replicated when he, in turn, begins planning for succession.
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Beyond ownership structure, Moore says AFG’s involvement has delivered broader strategic benefits, offering “an insight into industry best practices beyond our four walls.” This has influenced Lifespan’s thinking around evolving its broker remuneration model, including a shift from commission-based to salaried roles for new brokers.
The introduction of the two new directors has also injected fresh momentum into the business. Moore says their equity stakes have created greater engagement and accountability “because they’ve got skin in the game,” effectively doubling the volume of business they are writing.
Reflecting on what makes Broker Investments a strong fit for other brokerages, Moore highlights accountability as a key driver of momentum: “We’re now pushing forward, and within 12 months, it’s almost a different looking business because of what we’ve embraced.”
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