Richard Griffiths is managing director of Network Data
Many networks have struck third party deals with the likes of Paymentshield and you should expect to retain this type of monthly commission stream when you join one of the new mortgage networks. If you are leaving an existing IFA network you should check the details of your written contract.
Dave Dodworth is compliance manager at Professional Mortgage Partnerships
Your network will have to have arrangements with all major providers for renewals. We have most majors covered but will speak to other providers for a prospective AR.
Chris French is managing directror of The Mortgage Marketing Center
This depends on the terms of the contract signed. We will not take part of a renewal commission but if a new or increased policy for the same individual is taken out then we will want a percentage of this.
Bill Warren is network director at The complete Network
This will depend upon the policy of the particular network and their AR contracts. At Complete, for example, you would be retaining 100% of all and any renewal commissions.
John Lee is head of sales at Genesis Home Loan
This depends on your existing agency agreements and what agreements the networks you are considering have in place. Ask your existing providers their position and also ask your network what insurance agreements they have.
Chris May is director at Mortgage Times
Yes. Renewals are paid in line with servicing rights. If you are paid by a third party – not direct from the product provider – you might have to arrange to transfer your agency to your new host company. But be careful about the network you choose as this can be more difficult than it sounds.
Stephen Atkins is group compliance director at Freedom Finance
Not necessarily. There are some large providers, particularly of GI, who pay commission only to active accounts. If firms find themselves in that position they should negotiate or move the business elsewhere.
Nick Battersby is group compliance director at Trustgaurd Credit Services
No. However, there some networks out there that will be charging up to 15% of the firm's business turnover on top of monthly fees. At Trustguard we have always steered clear of this approach and prefer to look at establishing longer term relationships with brokers, with modest fees based on the number of advisers working in the firm.
Richard Howells is chief executive of BBB Network Division
Yes. We encourage our members to build the capital strength of their business by growing a passive income stream whether this be from renewals, retainer fees or fund-based commissions.