Kevin Paterson’s imminent departure from Park Row Ass-ociates could trigger an exodus of mortgage brokers from the firm, inside sources claim.
And they attribute Paterson’s exit to the firm’s diminishing appetite for mortgage business.
Paterson quit his position as national sales director at Park Row earlier this month to join Enterprise Group as group marketing director. He starts in his new role next month.
One broker at Park Row told Mortgage Strategy that he and some of his colleagues will also look to move on once Paterson leaves.
He says: “There’s dwindling support for brokers at Park Row. Paterson always fought our corner, but with him gone this will no longer be the case. Park Row is moving towards corporate and private clients, not mortgages.”
Another senior source at the firm says: “Park Row has drifted away from mortgages. Its emphasis has changed and independent investment financial advisers are replacing brokers.”
But Carey Shakespeare, commercial director at Park Row and Paterson’s replacement, denies the firm is rejecting the mortgage side of business.
He says: “Mortgage brokers are im-portant to our business and always will be. There’s no planned change in em-phasis and Paterson’s departure does not affect this. We want to make our mortgage proposition as attractive as possible for brokers.”
Paterson says he moved to Enterprise because he wanted to get back into mortgages full time.
He says: “Park Row is committed to quality independent financial advice across the board, especially in its corporate and private client divisions.”