At the start of the film About A Boy – perhaps in the book as well, I have to confess I haven’t actually read it – Hugh Grant’s character, Will, takes umbrage with the phrase, ‘No man is an island’. For him, every man is an island, and he is the prime example of this. Indeed, he is not only an island, he’s Ibiza, able to live his life purely in the pursuit of his own happiness. Of course, by the end of the film (and, no doubt, the book) Will learns that he hasn’t really been living at all and it’s only through the companionship and support of others that his life starts to make sense. The lesson learnt being: a) get some friends; and b) preferably have Rachel Weisz as your girlfriend. Then things will start to look up. And why wouldn’t they?
Well, as no man is an island, the same perhaps could be said for trade bodies. Firstly, we need the support of our members as, without their drive and enthusiasm, we would simply cease to exist. Then we must look outside and engage with stakeholders. This means, in the mortgage market, communicating with a vast array of individuals, organisations and bodies that shape the industry we have.
Support structures
This is simply not a business where any of us can exist in splendid isolation. We all need support structures and relationships with those who share a mutual interest to ensure a more effective environment for all of us to work within. Indeed that’s why mortgage intermediaries join AMI. I’m sure that, especially for one-man bands, there can perhaps be a sense of ploughing a lone furrow. With limited resources and a day job to do, I hope having a support service such as AMI and a team fighting your cause is of great benefit to you. And for those of you who aren’t AMI members, why not come and check us out?
Anyway, as I mentioned, trade bodies are not islands either. We must look at the industry and, much like AMI members, look at the market we operate in and see if there are other areas we can expand into. This is why you will have seen the announcement of a strategic alliance between AMI and the Corporation of Finance Brokers (CFB). With the unanimous agreement of its Board, and subject to a membership vote at its EGM later this month, the CFB will wind-up and become the Association of Finance Brokers (AFB), a sister trade body to AMI.
Earlier this year we asked AMI members what areas of business they would be looking to expand into during 2006. The top three areas were secured loans, commercial loans and offshore lending and it was felt that, in order to support the continued business activities of our members, we should respond to the further findings. These revealed that:
- 44 per cent of AMI members already offer secured loan advice.
- This is predicted to rise to 66 per cent in a year’s time.
- 63 per cent of AMI members said they would look to it to provide information regarding regulation of the secured loan market.
As a trade body, we have of course been here before. The Association of Independent Financial Advisers (AIFA) set up a strategic alliance with NAMBA out of which AMI was created and we have no doubts that AFB will grow into an equally productive, financially robust and well-respected trade body. We are helped of course by the current CFB membership, all seen as leaders in their sector and wishing to conduct regulated business to the highest standards. This is a tremendous base to build on.
Alliance benefits
The benefits of the alliance are many. The more members we have, the louder our voice is with the key policy makers and regulators, and the alliance sees membership numbers grow. We can bring this combined force to bear at the UK and increasingly, the European level, where an effective lobbying voice for intermediaries is essential. Indeed, the AIFA ‘family’ is increasingly seen as the natural home for intermediaries looking for effective lobbying, protection, and for a sector which is actively managing its own reputation. Plus, with the economies of scale we can bring, membership fees can be controlled and services expanded.
AMI members are welcome to join the AFB. Focusing on the needs of secured loan brokers, they will benefit from the specific communication, good practice notes, helpdesk information and other resources we can offer. These are exciting times and we hope firms recognise these benefits and the support membership of this trade body will offer them. ‘No firm is an island’ and, by joining the AIFA ‘family’, you’ll never be on your own.
Rob Griffiths is associate director of The Association of Mortgage Intermediaries (AMI)
