Having taken on 17 advisers after striking a business deal with South Midlands-based Newman Estate Agents, MAB now has around 220 intermediaries nationwide, from Newcastle to Exeter.
It has expanded by working with estate agents to provide a financial advice model that will allow them to concentrate on their side of the business while MAB looks after the expansion of their financial services.
MAB said it was different from networks by trading under one house style and specialising in estate agency/mortgage shop models. It aims to differentiate itself from networks by supporting its franchise operators with recruitment, training, technology, advertising, branding and public relations, as well as compliance support.
In addition to the existing presence in estate agencies, it also launched mortgage shops earlier this year. Its mortgage shops are either freestanding, or in some cases adjacent to the estate agency business.
Peter Brodnicki, chief executive of MAB, commented: “We are constantly developing our financial services model so that estate agents can effectively plug them in and play. The good thing about our operation is that we are perceived as a single mortgage broker, by the fact we are made up of numerous entrepreneurial businesses. We expect our strong growth to continue over 2007, and to extend the network of estate agents and mortgage shops.”
Sheridan Bradley mortgage adviser at broker firm Lodemead, said: “I think the expansion of larger, branded mortgage intermediary operations makes it harder for smaller mortgage advice firms who are trying to compete. Ultimately this will give less choice to the consumer on where to go for advice.”
