BestAdvice fires the questions at Amanda Wilson, director of The Right Mortgage & Protection Network
BestAdvice (BA): What is your history in financial services and specifically at The Right Mortgage?
Amanda Wilson (AW): I started working in financial services in 1986 as a Financial Adviser, before moving over to concentrate on all things protection back in 2005. At that point, Martin Wilson and I established and began running, Personal Touch Financial Services (PTFS), and we continued to do that until 2010.
In 2015 we started The Right Mortgage (TRM) with a passion and drive to evolve the best network for advisers and firms using all our previous experiences. I’m pleased to say we’re still on that journey, plus we’ve added a specific DA proposition, The Right DA Club, as well.
BA: What is it about the network model that continues to be popular for firms? What do they want from you when they are looking for a Principal partner?
AW: What we offer at TRM is genuine experience and understanding of what it is to be an authorised firm and an adviser. So, running the business itself and dealing with individual clients; well, we like to think few networks truly have that knowledge, and therefore are able to tailor products, services, resources, etc, to both owners and advisers, like TRM can.
We also try to ensure that, when it comes to regulation and compliance in general, we take a common-sense approach based on the fact we’ve been there and done it. It’s all about delivering what is right for the adviser and firm in general, and providing everything necessary for them to be both successful and compliant.
BA: How is The Right Mortgage different to other network operators, particularly in the mortgage and protection space?
AW: At TRM we offer a cluster of specialist propositions, with a whole of market approach to not only mortgages, but also protection and insurances, and also other growth areas such as private medical insurance and equity release. It’s about understanding that not all firms will want to be active in all these areas, but if they are, then we need to have the best proposition available to them in order that they might develop a strong client base, provide the right solutions, and for that part of their operation to be successful.
We have experts in their field working in all those sectors, who can take either an experienced firm, or one that is new to the sector, through the options available, and give them access to the right lenders, providers, insurers, etc, in order to meet the widest possible customer need.
It’s also about recognising where the market is right now, and where advisers are likely to be pivoting. Hence, we have (as mentioned) a specific PMI proposition for this growing sector, and we also run The Right Retirement which can help firms plan an exit strategy which suits their needs.
BA: The new Consumer Duty rules will be in play from the 31st July. Given the ongoing regulatory changes and the shifting responsibilities for advisory firms, does it seem inevitable that more practices will seek out the safety umbrella of a network?
AW: TRM understands that some businesses are always going to want autonomy in running their business, however that doesn’t mean they don’t want to cherry-pick some of the strong support/resources AR firms have access to within TRM. We are certainly seeing more and more enquiries from DA firms to our proposition, The Right DA Club, and they are able to access that support.
However, conversely, there are firms who want the umbrella support that comes with a network like TRM. They want that guidance and hand-holding, and they want the economies of scale, and the access to products and services and better terms, that they simply wouldn’t be able to access on their own.
At the same time, we’re all acutely aware that firms have a growing, and ongoing, regulatory responsibility that needs fulfilling, and for many firms the best way they can do this is by being with a network like TRM. We don’t see that want or need changing anytime soon.
BA: How has The Right Mortgage supported firms in terms of ensuring they are hitting the ground running with Consumer Duty?
AW: We have been working tirelessly within the business, and directly with member firms, to make sure we have fairly interpreted the new regulation, and that we pass those views and insights over to advisory practices.
This is an important moment for advisory regulation, and we’ve recently revamped our Consumer Duty Hub for member firms, adding a new suite of supporting documentation and pre-approved documents that they’re able to use so as to meet their Consumer Duty responsibilities. This is all about delivering positive consumer outcomes, documenting how this has been done and the system and process developments that have allowed firms to get to this point.
We are clearly in a very different interest rate environment now than what we have seen over the past decade. How are you supporting advisory firms, particularly in the remortgage and PT space, to help them provide the best outcome for existing borrower clients?
AW: We have designed a specific ‘Remortgage & PT hub’ with a raft of information and resources available specifically for advisers to use. This includes lender details and requirements, plus marketing materials and how firms can keep clients up to date with their current timeline and options, plus how best to communicate with them. I think we all recognise that purchase activity is down on recent years, but in terms of existing borrowers, advice is absolutely crucial given the rate/product/criteria changes we are seeing, often at very short notice. This is a fundamental part of the advisory business and firms need to make sure they are making the most of this opportunity.
BA: What next for The Right Mortgage over the rest of the year and beyond?
AW: TRM has an ongoing growth plan where we see new advisers coming into the industry via our new Academy, and we have plans to really look at the protection market and see where we can make a difference. However, it’s also about maintaining our culture in what is likely to be a very different market to the one we’ve had in recent years. That means continuing to focus on trust, respect and partnership, and continuing to show how we remain the very best option for firms and their advisers, whatever their authorisation status.