Former Personal Touch chairman Martin Wilson has this week received full network status for his latest venture, The Right Mortgage and Protection Network.
Speaking to FTAdviser, the network’s founder said that there has been strong initial interest in people becoming appointed representatives and he aims to have 200 advisers active by the end of 2015, following membership tripling in the last quarter of 2014.
The network which will comprise of mortgage, protection and private mortgage insurance advisers, was established last year by Mr Wilson and joint managing director Adam Stretton.
Mr Wilson explained that in particular the network will fulfil a transitory role and assist advisers seeking to become directly authorised, following which it would continue to offer compliance and other support services.
The business recently partnered with SimplyBiz for services and compliance support as well as to gain adviser introductions.
Martin Reynolds, chief executive at Simplybiz Mortgages, stated that he has spoken to many advisers who are thinking of moving from their current network and are considering becoming directly authorised, but are looking to leave as soon as possible.
“The Right Mortgage offers a quick and simple authorisation process and on line induction courses, ensuring members are up and running as soon as possible. This arrangement allows advisers to fully explore the directly authorised process in a transparent manner with the full backing and knowledge of their principal.”
In addition to the partnership with SimplyBiz, the network has also signed a distribution deal with MortgageBrain, while Source Insurance joined the general insurance panel due to its system integration with The Key back office system.
Mr Wilson stated that he was not worried about recent woes of networks like Sesame and Financial Limited, as his network was focused purely on mortgages and protection, adding “we are taking a refreshing approach to the marketplace”.
peter.walker@ft.com
