Mark Smith's challenger consolidator launches mortgage service

Mark Smith's challenger consolidator launches mortgage service

An entrant consolidator founded by two former Mattioli Woods directors has launched a central mortgage desk to support its firms, alongside a joint venture with an insurance firm. 

Truinvest founded the mortgage service from the hub of Group Rapport, which it acquired in March last year.

Truinvest Mortgages will be based in Group Rapport’s office under the management of Rachel Lane. 

The firm said mortgages were an important part of financial planning and that it could be hard for advisers to effectively manage applications due to the amount of work that goes on behind the scenes. 

“The mortgage desk will ensure that clients get the best possible service and advisers can concentrate on what they do best in their role with the client,” it said.

Weybridge-based Group Rapport has four advisers and provides advice services to both corporate and private clients.

Truinvest was set up in 2019 by Mark Smith and Micky Johal and identifies itself as a “market disrupter” - looking to reinvent how traditional financial planning is delivered in the UK.

The pair previously worked at wealth manager Mattioli Woods as chief operating officer and director of mergers and acquisitions respectively. 

Smith, chief executive officer, said: “Micky and I formed Truinvest to create a modern, forward-thinking financial services business focused on giving highly-personalised advice and supported by the best of technology. 

“The launch of the mortgage service is a great example of how we can help our advisers to support their clients and helping to make their clients' lives better”. 

Johal added: “It has always been a key part of our strategy to grow the business by recruiting and training new advisers and this new development will help those advisers provide a wide range of services."

Alongside the mortgage service, Truinvest has partnered with 1.618 Advisory Services on a joint venture allowing it to provide financial planning and investment advice to the firm's clients. 

1.618 Advisory Services provides advice for life insurance, business insurance and health care products in the UK. 

Tyrone Hodgson, chief executive of 1.618 Advisory Services, said: “Truinvest offers a unique proposition for the UK market, bridging the technology gap for advisers and clients. 

“Ensuring that clients receive the most valuable part of the relationship, 'the advice', while also possessing the means to make sure they are on track to achieve it ensures our clients will receive the same highly personalised service that they have come to expect and demand.” 

The latest venture comes as the consolidator completed its first deals just a year ago and hit its ambitious target to have £1bn of assets under its advice within the first 12 months.

In March this year, it acquired NLP Financial Management Ltd and Birchwood Investment Management Ltd as part of a five-year growth strategy targeting annual revenues of £50m.  

Last year in June the firm also bought Bromwich Financial Planning

Truinvest also has the backing of family office Stonewood Wealth Management, which has injected an undisclosed amount of funding.