Line-up for network beauty pageant finalised
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Which Network has revealed the final details for its network beauty pageant to help Mortgage Times’ appointed representatives resume trading.
The event will showcase five major networks who will take their turns to pitch to Mortgage Times ARs.
Attending the event will be Homeloan Partnership, Lifetime Insurance Mortgage Experts, Mortgage Intelligence, Mortgage Support Network, and Personal Touch Financial Services.
Simply Biz will also be present to discuss the directly authorised route.
Each network will give a thirty-minute presentation explaining its proposition and its benefits, followed by a 10-minute question and answer session.
Paul Day, director of Which Network, the company which organised the event, says: “The networks are effectively going head-to-head in an attempt to demonstrate to brokers that they have the best proposition.”
Last month Mortgage Strategy exclusively revealed that Mortgage Times’ staff had been told that the network had gone into administration.
Mortgage Times ARs were also sent an email explaining that the network’s regulatory permissions had been altered and that they would no longer be able to trade under the company’s Financial Services Authority number.
The showcase is being held on January 11 at Jurys Inn in Milton Keynes.
Registration will start at 10am and the event will start at 10.30.
Brokers wishing to register before the event can do so here.
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Readers' comments (11)
Ian McIver | 4 Jan 2010 5:32 pm
Whilst this pageant appears admirable you would think that MT advisers would realise by now that the problem with a mortgage network is that it relies entirely on one source of business in the main.
It is clear that IFA networks have been left out entirely from this process - they are stronger all round in my view.
MT advisers should also look at networks where the commission is protected in the event of network default.
I would much rather pay the fee earned here by the organiser to the MT adviser and give them a fees free period - they need it given the losses they are probably facing.
Ian McIver MD
ianmciver@whitechurchnetwork.com
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Anonymous | 4 Jan 2010 5:56 pm
Clearly Ian, you are not aware that LIME are part of the Tenet Group, which is the largest Independently owned IFA Network in the UK, and as such is not reliant upon just one distribution channel for it's income.
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Anonymous | 4 Jan 2010 6:56 pm
A review of just five networks is insufficient. Also anybody considering going to another network should look at the networks's accounts before anything else.
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Bill Warren | 4 Jan 2010 7:43 pm
I assume that a large number of the "ARs" have indicated they want to remain as ARs despite their experience and several other ARs in recent times.You would expect me to say that I hope they have a hard look at the compliance support they can expect given past experiences!! Ian is broadly right despite LIME's position I suspect.
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Trevor Johnston | 5 Jan 2010 9:26 am
Four years ago I switched from being a Friends Provident AR to LIME after taking into consideration all the alternatives. Intrinsic was being pushed at the time and L and G wanted me to jump on board but neither were able to offer true IFA protection rates. I also considered Network Data, Mortgage Times and Sesame. LIME offered a realistic proposition with strong financial backing, excellent commission and supportive compliance (not obstructive). I have not been let down and would suggest that all Mortgage Times AR's seriously consider their proposition. As a member of the Tenet Group they offer the ability for advisers to easily switch to an investment proposition. As a member you will automatically have access to L and G mortgage club. I know I may sound like a Tenet director but really they are worth listening to.
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Anonymous | 5 Jan 2010 12:37 pm
The simple facts are that most Network's in the current climate are not making any meaningfull profits. The main reason is that the majority of mortgage brokers are simply not good enough to adapt to becoming financial advisors without a lot of support and training.Network Data and Mortgage Times brokers productivity is lower than those in other more succesful networks.So while networks continue to chase numbers instead of performance nothing is going to change (until the money runs out!)Only when league tables are produced on average productivity per head (by Network)will anyone really know who is worth joining.
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Gary Watts | 5 Jan 2010 1:14 pm
Although we have been approached by many other networks and organisations unfortunately we have had to cap the number at six in order to avoid "presentation burnout" by brokers attending. Taking advice from an educational psychologist it was decided that six 30 minute sessions would really be about the limit for people to absorb the necessary information and what could be quite complex comparisons.
The organisations presenting have been deliberately chosen as between them, they offer an extremely wide range of services, differing styles of support, and compliance regimes.
While having six organisations may not be perfect It's important to realise that attendees don't have to choose one of the six (nobody is locking the doors and stopping anyone getting out until they've chosen), and six proposals could be way more than most brokers would hear before making their decision if they stayed in the office?
Of course we realise that in spite of our efforts, some people attending will find none of these network proposals right for their business model and for those we will still be offering our standard free service to help them locate a suitable network or other organisation.
Choosing a new network is stepping into a new long term relationship which has to be given every consideration, and as part of that process attending the network showcase will get a lot of people off to a good start and help them make the right choice.
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Ian McIver | 5 Jan 2010 4:47 pm
I accept the comment on LIME.
I reiterate my point - anyone can go bust but it's a 'non-worrying' issue if your commission is protected in such an event.
Ian McIver
ianmciver@whitechurchnetwork.com
07730 146249
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Julian Wells | 6 Jan 2010 6:43 pm
This event is a great idea and i'm sure will be very helpful to a lot of advisers. Anyone looking to compare a broader range of 17 networks, mortgage and IFA, should have a look at www.advisermatrix.co.uk. no face to face event but if you know what you are looking for from an ideal partner this might save a trip to Milton Keynes
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Anonymous | 6 Jan 2010 10:38 pm
I would suggest that all MT advisors look seriously at the Directly Authorised route. SimplyBiz offer all of the compliance services and advice needed at a very reasonable rate. They also have excellent product and commission deals with all major providers.Commission in most cases is paid direct to the DA. As a DA you will also retain ownwership of your clients. A very good question to ask the networks represented at the beauty pageant.
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