Stonebridge Group has reported a 24% increase in the number of appointed representative (AR) firms signing up throughout 2012.
The mortgage and insurance network had 67 firms among its ranks at the end of November 2011, but it has now reached 83 firms.
Stonebridge has also increased staff numbers within its compliance department in a move designed to ensure client file monitoring can be undertaken at an appropriate level with the extra firms now on board.
Paul Kilkelly, director of Taylor Milburn, one of the latest recruits, said: “At a time when much is changing in the mortgage industry, brokers need some consistency from their networks and Stonebridge represented the best fit for our needs.
“Other networks continue to increase their fees and tweak their charging structures, but Stonebridge has a transparent model that has remained unchanged for some time now. In the current climate and with the remuneration networks receive elsewhere, there is no justifiable reason to charge a separate monthly fee.
“With solid compliance support and relationships with key lender and provider partners, it is no surprise that Stonebridge has been able to expand its AR firm ranks at a time when other networks seem to be shrinking.”
Richard Adams, managing director of Stonebridge Group, added: “Our existing AR firms will always remain our number one priority, but we have made a concerted effort to increase our size this year and this hard work is reflected in our numbers.
“We have long said that as long as the right strategy is in place, then the network model is sustainable and our expansion is testament to this. To some extent we have been able to capitalise on a growing number of advisory firms who were not satisfied with their previous network; however a lot of the increase is down to the attractiveness of our proposition.
“These continue to be trying times for advisers with banks only just rediscovering their appetite to lend and new legislation and regulation being implemented all the time, but with the right network partner firms can continue to thrive. Advisers should constantly review their relationship with their existing network and ask themselves if they are really getting as much bang for their buck as it is possible to achieve in a network such as ours.”
