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New boss of mutual network targets expansion

New boss of mutual network targets expansion

The new chief executive of the UK’s only mutual network has said he plans to expand over the next year.

Mark Smitheringale, the new chief executive of Financial Advice Network, was appointed in October and said he now plans to launch a recruitment drive, claiming smaller networks could be the future.

He said: “We are looking to expand the network and relaunch our proposition over the next few weeks or so.

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“But we are not out for a land grab - we are very cautious and don’t want to outgrow ourselves too quickly.

“This is about people wanting to join us on the basis of them looking at what we offer and us looking at the way they do business.”

Mr Smitheringale did not give any details of the network’s new proposition but said it would be “unique”.

He said: “The bigger networks have struggled for a number of different reasons which is why we think there is a real place for a boutique organisation.”

FAN is owned by the Shepherds Friendly Society Group and has five member firms with 35 advisers.

Mr Smitheringale joined the network from Homeloan Management Services, which is owned by Skipton Building Society.