The network is close to reaching its three-year recruitment target of 1000 sellers within its first 12 months of operation and has subsequently had to revise its ongoing targets.
Richard Coulson, CEO of Home of Choice, commented: "Home of Choice has rapidly established itself as a major force in mortgage distribution. As the fastest growing network, we’ve already appointed 584 sellers but significantly there are a further 320 brokers awaiting transfer or in the pipeline. In my view, brokers who want to join us but are tied into network contracts for up to six months are political prisoners who have been immorally detained by anti-competitive networks desperately enforcing notice periods after advisers’ hearts and minds have moved on.
“Our three-year business plan was to recruit 1000 sellers but sales director Gerry O’Brien and I were so confident of our proposition for brokers, we challenged ourselves to achieve this more quickly and have set a new target to recruit 2000 sellers by the end of 2008.”
From implementing safe sales and 24/7 compliance to developing its technology, to drawing up fair, open, principled and transparent contracts to working directly with brokers to grow their businesses, Home of Choice insists it has differentiated its proposition by consulting extensively and continuously with brokers.
Coulsen said: “Brokers tell us we have created a buzz in the market with our real alternative to the tired network formulae. For us that is the greatest compliment. We’re also regularly approached by other networks with a view to consolidation because of our reputation in the market.”
Speaking at its anniversary celebration, Richard Coulson revealed Home of Choice’s first year highlights:
• Received 1471 applications of which 904 are sellers (with an average of 3.1 sellers per firm). 584 sellers have been appointed and 320 are still on the transfer list.
• The first 700 sellers and staff received Home of Choice founder share options.
• Product proposition developed from whole of market mortgage panel to everything the broker needs for a professional mortgage advice service including: secured loans, car finance, life and critical illness, buildings and contents insurance, conveyancing, overseas property purchase, overseas mortgages.
• Developed parallel business concept to enable financial planners to build professional specialist mortgage businesses alongside their existing pensions and investments business.
• Multi million pound investment in technology working with specialist IT company Focus and Assureweb. The unique fee payment system developed by Home of Choice has revolutionised brokers’ businesses.
• Built an eight-strong team of business development directors to support brokers who wish to grow profitable business within a safe and compliant framework. More than 30 businesses are actively recruiting PFAs into their business using HoC processes, electronic recruitment system and vetting for probity and financial fitness.
• Continued to build the Home of Choice team by appointing mortgage expert Mal McConechy and estate agent development director Frank Lowe.
• Ahead of plan and moving closer to profitability. Original target was 1000 sellers by month 36. Time to set a new three year target of 2000 sellers.
• Brokers producing significant volumes and lenders now approach us with exclusive deals because of the quality of the business, the professionalism of the brokers and the technology enablers.
Coulsen added: “Maintaining a positive attitude is key to meeting the challenges in our industry. We’ve bucked trends and our target audience is voting with its feet to be part of the Home of Choice community. We’re looking forward to the year ahead and have great plans to continue growing our own and our business partners businesses.”
