myi: Is there still a role for networks in the current market?
I think there has never been a time when the role of the network has been more important.
With the onerous amount of regulation and compliance that we have already plus impending European legislation and the MMR, it is becoming almost impossible for smaller mortgage adviser firms especially to keep on top of the compliance needed to enable them to stay in business.
But as the year progresses, it is becoming more evident that it’s not only important to be in a network but being in the right network that is vital.
Networks are about more than just compliance these days, a good network will also give an adviser access to mortgage and protection products that they may not otherwise have available to them, but the biggest value add from a network in the current environment is the way they train and support their member advisers and firms.
This training should be in new products and services but should also include business help and support to help its member firms to grow and prosper, or even help them to exit the market - this is the biggest differentiator between networks at the moment
myi: What makes Pink different to other networks?
What sets Pink apart is that we believe that we provide a better package of support to our appointed representatives than any other network.
We have a clear strategy of what we want to achieve and this is centred on helping our members to be as successful as it’s possible for them to be by providing the best service to their clients.
We have a family ethos in Pink and have some advisers who have been with Pink since the day it was formed.
We believe they have stayed with us because we build long term value in people’s businesses, we have the right partnerships with lenders and protection providers to provide our ARs and their clients with first class products and we offer an extensive amount of training and workshops to support advisers to help their businesses grow.
myi: Pink was bought by LSL last December, what difference is this making to the network and its ARs?
LSL has given Pink financial stability and long term security; which in turn, has given Pink the confidence to build a long term plan for the future. This security and ‘feel good factor’ flows through our staff and our network members giving them the extra confidence to build their business models.
LSL are also backing our plans to develop our proposition to the DA market.
The Pink Mortgage Club has tended to focus on mortgages and we want to replicate our success selling protection in the network with the DA community.
So the club will be rebranded ‘The Pink Club’ offering the best procuration fees and a compelling life proposition to the DA community.
myi: How do you think the role of the mortgage adviser is going to change over the next few years?
I believe most of the change has already taken place, however a large number of advisers have still to adapt to the new market we are working in.
I believe the future is very bright for advisers once they realise that clients need more than just mortgage advice.
myi: Do you think the Mortgage Market Review will come in and what difference will it make to the market?
Yes, however the question is more like when and how tough will it be? Will it be implemented before or after the changes proposed by the EU directive on lending?
If the MMR comes first then will the EU directive undo these changes or if the FSA waits for the EU directive will the MMR gold plate the FSA’s changes?
Whatever happens, the intermediary community has shown itself to be resilient in some adverse trading conditions.
We at Pink intend to fully support our advisers and provide all the necessary training so they continue to provide first class advice to their clients.
