PMN is urging mortgage advisers who are seriously considering becoming Appointed Representatives (ARs) to thoroughly check out the credentials of a network prior to becoming a member.
In an attempt to help the intermediary community establish the strength and credibility of the many network propositions, PMN has today launched a Mortgage Network Healthcheck, which is an essential guide listing the 30 most important questions a prospective AR member must ask any network before joining as a member. The guide is available in document format, or online at PMN’s website (www.p-m-n.co.uk).
“Our focus as a business is to give good, pragmatic advice to mortgage professionals,” commented PMN managing director Dale Knight. “If an individual or an organisation is seriously becoming an AR then it’s important that they find the right home for them and their business. Our Mortgage Network Healthcheck guide will help them achieve this goal.
“We have analysed the questions that have been posed to PMN in recent weeks by our AR members. The 30 most commonly asked questions form an excellent template for the wider intermediary community – and if only one mortgage adviser benefits as a result of this exercise, then it will be a job well done as far as PMN is concerned.”
PMN believes some of the key questions intermediaries need to ask include:
- What are the network’s entry or exit costs – and what will the fees be post-Mortgage Day?
- Does the network provide run off Professional Indemnity cover?
- Are Life and General Insurance commissions available on an accrual basis, as well as up front?
- Does an AR member earn commission on renewals of Life and General Insurance policies?
- What administration and compliance support can an AR member expect?
- What experience does the network have in dealing with the FSA?
- What is the cost of bringing new advisers into the network?
- What is the procedure if an AR wishes to leave the network?
“The network landscape is a very confusing place at the present time,” added Dale Knight. “We believe that our guide will help professional mortgage advisers to gain key primary information on a potential network partner that will assist them in the decision-making process.
“You cannot underestimate how important it is for an AR to join the right network. If our guide only assists one adviser to find the right home for them and their business then it will definitely be a job well done on our part.”
