Martin Reynolds, chief executive of Simplybiz Mortgages, talks about a flood of new advisers set to join the Yorkshire-based support services provider this year.
In the latest FTAdviser video interview, he said they are getting a mix of everything. “We are getting existing, directly authorised advisers moving to compliance providers.
“We are also getting quite a large number of appointed representatives moving out of a network and wishing to go directly authorised,” he commented.
“What we are finding is we are getting some advisers who are within a firm who are directly authorised or an appointed representative and are leaving two or three of them at the same time to set up their own business and going directly authorised.
Mr Reynolds suggested there is safety in numbers, but that there was always that idea that they wanted to run their own business and sail their own ship.
“I think now they have seen 18 months of stability in the mortgage market a lot of people are starting to feel now is the time to actually start up their own business and set up their own brokerage.”
During the interview with FTAdviser’s Emma Ann Hughes, Mr Reynolds also revealed that he expects a subdued housing market in the run up to the general election.
He said he would take promises made by MPs seeking re-election with a “pinch of salt” and felt once a new government was formed, the housing market should pick up again.
Mr Reynolds also says further announcements on the sale of Simplybiz should happen soon.
It was back in January that Simplybiz announced it was investigating options, including considering a sale or floating a stake in the group, as it seeks to raise cash to fund growth initiatives.
emma.hughes@ft.com
