John Charcol network looks to double in size

John Charcol network looks to double in size

John Charcol is looking to double the number of advisers within its network over the next couple of years.

The broker firm announced today (June 20) that is has relaunched its network for self-employed brokers, through which they trade under the John Charcol brand.

A network of this kind already exists at the firm but is primarily made up of advisers who worked at the company before and then shifted into self-employment.

John Charcol is now actively recruiting for self-employed advisers to become appointed representatives in its Partner Network and has upped the amount of commission the network pays.

Luke Somerset, chief operating officer at John Charcol, said the network currently had about 50 brokers working under the John Charcol name and that the firm would look to expand this to about 100 brokers over the next few years.

He said: "In terms of our aspirations, we’d like to double the size over the next few years but we have not set any fast and hard targets.

"We’re aware there’s a lot of really good brokers so we’re more interested in finding the right talent."

Through the network, brokers can advise on mortgages and protection as well as general insurance and legal services while using the company name.

John Charcol offers two levels of involvement to brokers: self-sufficient brokers with their own leads can join the full Partner Network while those still establishing themselves can join a supported network.

The supported network can provide leads and full administrative support to new brokers, while on both levels brokers receive marketing, compliance and technical support through the partnership.

Mr Somerset said the beauty of the scheme was that self-employed brokers could "just rock up and start writing business".

He said: "Members can use the desk space at our London office. They don’t have to create their own software or email system."

The Partner Network offers an 85 per cent commission rate and client ownership terms that include a non-compete clause — protecting the broker’s client bank in the event a broker decides to leave the network — while professional indemnity insurance and proc fees are also covered.

Mr Somerset said this relaunch was a "sharpening of the pencil" to "recognise the commitment and work self-employed brokers bring to John Charcol".

He added: "The changes made through the relaunch are giving our brokers back about 5 per cent more of their income.

"We've narrowed the different levels of 'network' to two options, down from about six levels with varying privileges and terms.

"John Charcol has a great track record of supporting self employed advisers across the UK and employed brokers to transition into self-employment and this new proposition is designed to help others become more successful and profitable by trading under the John Charcol brand.

"In doing so, advisers will have more time to grow their business whilst benefiting from highly competitive commission rates and trading under [John Charcol]."