UK newswire, Newspage, asked a selection of brokers if they’re happy with their networks, and what brokers should beware of before choosing one. One said “a pet peeve of many brokers with some networks is how they approach social media”. Their views, alongside those of a network itself, are below.
Rhys Schofield, Director at Peak Mortgages and Protection: A pet peeve of many brokers with some networks is how they approach social media. Too many of the stuffy ones would rather pretend it didn’t even exist and make it very difficult to use social media properly, yet others seem a heck of a lot more enlightened and help you to make the most of the world of opportunities out there. My advice to brokers choosing a network would be to think about whether this is a network with its finger on the pulse and fit for the pace of change in the 21st century.
Daniel Hobbs, Managing Director at New Leaf Distribution: It’s really quite simple: being a great network relies on providing fantastic customer service. At New Leaf, we are proud to be the “network that knows your name”. In other words, we take time to really support and know our firms. Lots of advisers join us and complain of their previous network being too corporate and lacking in basic support. I think too many networks treat their members as a commodity and, once used up, they are thrown away in the trash and replaced by the next shiny firm that comes along. There’s no room for the new adviser to start a business, either, as profits are chased first to satisfy the shareholders. At New Leaf, we truly believe in the value of the person and, experienced or not, have the patience to take the adviser on a journey to be successful. We take great pride in our members’ achievements and we can see them make a real difference to consumers in their communities.
Scott Taylor-Barr, Financial Adviser at Barnsdale Financial Management: My business is partnered with The Openwork Partnership as its network, but I have been with Openwork through the previous practice I worked in for the past 14 years. I’ve always found them to be excellent at looking after their ARs in terms of ensuring we remain compliant and delivering excellent customer outcomes; they hold us to a high standard and rightly so. With the ever-rising costs of Professional Indemnity Insurance and the implementation of Consumer Duty, this year I certainly feel that I’m getting value for money from the arrangement and am more than happy with the systems and support that I get.
Imogen Sporle, Managing Director, Finanze Property at Finanze: We have been with our network almost two years now. We get good value for our money from our network, but joining a network is something to be considered carefully. You pay them for a service so the net income for your business will be less but they do get rid of the compliance headache, which is always nice in this industry. Not all networks are the same, however, and some are far better than others. We are lucky to be with a well-renowned network that provides fantastic support but not all networks are like this. I think a positive change that could be made across all networks is for there to be ongoing support, someone you can call if you have a case you are struggling to place or want further training in certain areas as some brokers join the industry with little experience and having this support behind them would be useful.
Riz Malik, Founder & Director at R3 Mortgages:I transitioned to New Leaf at the end of last year when the principal of my prior network told me he was retiring. The gravity of changing networks was not lost on me, and it caused many restless nights. Fortunately, my decision proved to be the right one. The level of assistance and support I’ve received has been outstanding, with a sincere concern for both me and the growth of my business.
Adam Smith, Founder at Alfa Mortgages: I am with Beneficial. The 100% network. You pay a set fee and keep all of your revenue. The team are easy to get hold of and along with and they are forward-thinking, allowing you to be entrepreneurial whilst remaining compliant. I would highly recommend them.
