The number of firms that have applied to join Stonebridge hit its “highest ever level” in July as experienced advisers sought to join the network.
The mortgage and insurance network saw 22 advisers join last month, bringing its total adviser headcount to 709.
Stonebridge said the advisers were mainly experienced and moving from other networks, or registered individuals deciding to become an appointed representative.
Rob Clifford, chief executive of Stonebridge, said: “Throughout the year, despite the pandemic, we’ve seen a growing demand for the Stonebridge proposition from other advisory firms which has boosted our recruitment, but it’s also clear that our existing members also want to grow their businesses in order to meet the greater demand, and our recruitment team are highly experienced at helping to make this happen."
The network also reported a record month for lending applications, with more than £1bn worth of mortgage applications processed during July, as Stonebridge’s member firms placed 5,500 cases during the month.
It added the purchase and remortgage mix had returned to a “more typical” split, and purchase cases accounting for 58 per cent of applications received in July.
Mr Clifford commented: “During what has been an incredibly challenging time for all, we are very pleased to be able to announce that July saw our AR firms and advisers place a record amount of lending applications, exceeding the £1bn mark after a very strong June.
“August is also looking positive, and the post-lockdown enthusiasm plus stamp duty changes are clearly creating increased demand for advice which our AR firms are well-placed to take advantage of, with the strong level of support we provide as their network.”
Meanwhile, Stonebridge employees who were placed on furlough returned to work at the beginning of the month, as its offices in Basildon and Nottingham reopened with social distancing measures in place.
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