London Money has announced it will be increasing the retention rates that they pay their brokers.
London Money has announced it will be increasing the retention rates that they pay their brokers.
According to the firm, the decision comes at a time when many brokers are being made redundant or furloughed due to the coronavirus pandemic.
The increase will come into immediate effect and cover all existing cases within their advisers pipeline.
Martin Stewart, director of London Money said: “The speed of this crisis is probably what has hit the industry and brokers the hardest.
“Ten days ago people were going about their normal lives and today we are in lock down as we sit and watch the industry shut down around us.
“We have always been loyal and fair to our advisers and they have shown the same values to us.
“They have contributed to the London Money coffers during the good times and so it is only fair that we use our cash reserves to help them in the bad times.
“We run a lean business and can afford to now support our brokers at a time when they need it the most.
“None of them will be asked to leave, move on or be discarded, in fact the complete opposite, we will pay them more.”
