Network Review: Political turmoil not hitting AR figures

Watts-Gary-700.jpg

So here we are with the networks’ recruitment performance figures again, this time for the second quarter of 2017.

It’s been a strange quarter in political terms, with a disastrous snap election by the Conservatives compounding the uncertainty regarding the countries financial situation.

Amazingly this doesn’t seem to have any adverse effect of appointed representative recruitment across the network community.

In fact the opposite is the case, with undoubted rises in mortgage interest rates around the corner following the steady increase in inflation figures over the last year, and only expected to get more aggressive over the past six months.

This is also expected to drive more remortgage business as lenders’ SVRs gradually become less attractive.

Probably as a result of this, Which Network have noticed a marked increase in newcomers into the mortgage broking business, with only three of the 15 networks featured in our table experiencing a reduction in AR number this quarter.

As always I should explain that although the figures were accurate on 1 July when they were taken, there can be occasional retrospective changes to the FCA register.

Having said this, any such changes are very unlikely to make much difference to overall trends, which are much more useful than differences on any given date.

It must also be emphasised that these figures alone should never be used to make a judgement on the suitability of a network, as recruitment policies and marketing budget are both factors.

Before any business takes such a major decision I would always recommend they take some independent, impartial advice on the subject.

In numerical as well as percentile terms The Right Mortgage led the field in Q2 with an increase of 19 AR firms over the quarter. In second place are Tenet with 10 additional ARs, or the or Mortgage Support Network using percentile terms. Stonebridge are in third place with six added ARs.

As mentioned earlier, very unusually on the negative side of the table we only have three networks who have had an overall reduction in AR numbers.

These are Sesame who have lost a further 19 ARs, followed by Intrinsic who have lost four ARs – although it must be said that with 1135 AR firms in total this only represents a reduction of 0.35 per cent. Finally, Julian Harris have lost two ARs.

Gary Watts is director of Which Network