An industry source describes this amount as “extraordinarily high” and adds: “How ironic. Prestbury is demanding a minimum of 60,000 a year from its people but its advertising campaign portrays its brokers resting easy.”But Prestbury argues the figure is reasonable as it only equates to five mortgages and five life policies per month. Lee Birkett, chief executive officer at Prestbury, says: “We have high standards. One of the reason we terminated our relationships with low performing advisers is because we believe in quality not quantity.” Last week Prestbury released its trading update which reveals it completed 933m of mortgages in 2004/05 and contracted 12 AR firms. The company saw a 58% increase in turnover to 8.2m, up from 5.2m in 2004, and a reduction in losses to 0.6m, down from 1.8m in 2004. Blue Pearl, the mortgage and general insurance network acquired by Prestbury in February has now been integrated. Prestbury now intends to focus on the recruitment of advisers and the development of existing ones.
Prestbury has been accused of imposing impossible standards on its network of advisers by demanding each brings in 60,000 of income per year.