Pink’s head of network said the rise in adviser income was down to Pink’s decision to recruit only those individuals who demonstrated a commitment to grow their businesses, as opposed to switching networks for “the best deal”.
He said: “There are a lot of mortgage networks out there that entice advisers with financial incentives, cash up front and a higher proportion of the procuration fee.
“Our view is that if advisers join you for money, they will leave you for money. We believe in building our business for longevity and that means supporting advisers to build their own sustainable business.”
Mr Graves added: “Profitability comes as a product of that.”
Aaron Strutt, product manager at London-based Trinity Financial, said: “If you are going to be an appointed representative, you are looking for the support a network will give you. It makes sense to choose a network that does more than just provide leads. We wanted to grow our business – a network’s job is to work out which brokers are good and which are compliant.”