Appointed representatives (ARs) of mortgage networks could be forgiven for feeling a little uneasy as certain events unfolded over the past couple of months.
Avoid the push
First4Brokers went into administration on August 11 2006, leaving its members waiting in vain for outstanding procuration fees. In September, Friends Orion told its ARs to go forth and multiply – somewhere else.
Within the past week, St James Place (SJP) has told 99 member firms that specialise in mortgages that they are no longer wanted – they just don’t fit with SJP’s aspirations in the wealth management arena.
The current, stark message to ARs and network members generally is this – if you are beginning to have concerns about your existing mortgage network, start thinking about jumping in your own time, before you are pushed out with undue haste.
Picking the right network
The AR model suits a growing number of sole traders and intermediary firms, as shown by the 25 per cent year-on-year growth in the number of ARs coming into mortgage networks.
So pick a network that is financially sound, is totally focused on mortgage intermediaries, and is ambitious enough to ensure every one if its member firms realises its full potential.
A number of such networks exist. One that springs to mind is, er, Network Data and er, erm...
