Oakwood looks to take on 70 more brokers

Oakwood Financial Management is recruiting 70 more brokers to help grow its business.

The Coventry-based IFA has joined Paradigm Partners as a partner member, which gives it shares in the capital generated by the business.

Oakwood currently has 30 IFAs, more than 4,500 clients and is projecting a turnover of £2m for 2008. It hopes the link-up will allow it to build its annual recurring income as well as its stake in Paradigm.

Jas Jaspal, chief executive officer of Oakwood, says: “With this proposition we are hopeful we have put something together which will draw more brokers to us.

“It offers an efficient way of working for brokers, allowing them to claim a high rate of commission and fees along with the freedom to see clients and do what they do best.”

He adds: “We hope to be talking not only to mortgage professionals looking to develop but also to existing IFAs wishing to move their businesses forward.”

Oakwood’s advisers will have access to Paradigm support services including compliance and investment management.

They can also take advantage of its mortgage club, Paradigm Mortgages Services, and IT support.

Paul Hogarth, senior partner of Paradigm Partners, says: “To have an IFA firm with the pedigree of Oakwood joining Paradigm is a boost. It shows the strength of our proposition.”

Hogarth says that its offering is ideal for firms that are recruiting brokers because it delivers a transparent model.

He adds: “It builds capital assets that not only generate income but also provide ways to retain and reward registered advisers.”

Colin Jackson, director at Bar-onworth Investment Services, says partnerships such as this make sense and could lay the foundations for bringing in income when the market returns.

He says: “At the moment the mortgage market is pretty dead so I imagine that what Paradigm and Oakwood are putting in place now will allow them to reap the rewards later on.”

And Mike Fry, director of Halton Insurance Services, says that with the growing number of job losses in the industry, this is a good time to recruit quality employees.

Fry says: “Those recently made redundant may want to go from the rigidity of being with a certain lender to having the freedom and flexibility to advise on a range of products.”