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.
- Top trends
Close Brothers, owners of network Mortgage Intelligence, are considering setting up a lender at the end of 2006, with a set decision due early next year.The news has created concerns as to whether the group would be creating a conflict on interest by having both a network and a lender in the group.Bob Golden, a […]
Abbey chief economist Barry Naisbitt reviews some of the key economic events of 2005 and looks at what might happen over 2006.Naisbitt says: During 2005 the pace of growth in the UK economy has slowed markedly. While there is still time for activity to show an upturn, it looks likely that economic growth will be […]
With Christmas just around the corner, The West Bromwich, in partnership with the Mercian Trust, is donating 10,000 to support local community seasonal fundraising activities.Among the beneficiaries throughout the region are the Phoenix Singers, who will perform a fundraising concert in aid of St Marys Hospice at the Adrian Boult Conservatoire in Birmingham at 4.30pm […]
Digging the dirt in the mortgage world
Those with a long memory will recall that at the start of the last parliamentary term George Osborne announced his intention to merge income tax (IT) and national insurance (NI). Headline grabbing as the initiative was, the reality of the complexities, challenges and costs of such a move resulted in this idea being kicked into the political long grass.
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