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need to protect consumers, but we believe there Britain and hinders investment in developing achieve its original objectives.
is an important balance to be struck between the next generation of professional advisers. It Over the last decade the number of financial
the interests of consumers and the advice pro- also undermines the sustainability of predomi- advisers in the UK has fallen, whilst at the same
fession. nantly small businesses - the opposite of what time the level of secured and unsecured debt
the government wants in these difficult times. among consumers has rocketed. This stark real-
Barrier The introduction of a 15-year long stop would ity alone surely reinforces the reason why the
Unlimited and perpetual liability represents a bring to an end this injustice. British public needs more access to professional
barrier to the expansion of our profession in Address these issues and the RDR could well financial advice, rather than less.
Networks are flying high
Improved efficiency and state of the art brokers are regularly given by so called
Gemma Harle, managing director at compliance support go hand in hand. The industry experts is to try and break into new
Mortgage Next, looks at why networks are better networks now provide compliance markets. Unfortunately, the experts give
so important to advisers support systems which check files without little guidance as to how this should be
To say mortgage networks must provide brokers needing to submit endless done, other than stating the obvious such as
reliable and cost effective compliance paperwork, thereby reducing admin time to 'sell more insurance' or 'equity release is
support for brokers is like saying airlines a minimum. Application, compliance and going to be the next big opportunity'. Some
must ensure their aircraft fly safely. Agreed, case tracking systems are also becoming networks have become adept at filling that
both are necessary, but these days it's increasingly integrated, reducing the need knowledge gap, by providing detailed and
pretty much taken for granted that decent for duplicate data input. practical information about how to break
compliance support and safe aircraft will be However, the Holy Grail which all brokers into new markets. At Mortgage Next, for
provided. If not, neither networks nor are currently seeking is help with new example, we run regular workshops and
airlines have the right to be in business. business. Again, the better networks are seminars for our ARs in which we look in
However, like the airline industry, not only providing support with lead detail at new markets, ranging from self-
networks have to go well beyond the basics generation, but are also providing help with build to equity release.
in order to win custom and grow their everything from website development to Networks have therefore changed
market share and this is particularly true in database management. Many brokers radically over the past 4 years. Providing
a tough market. Brokers not only need to be recognise that their existing client database high quality compliance support is
able to process their mortgage and general represents the richest seam of new important, but it is just the start of what
insurance business efficiently and in a way business opportunity available to them, but networks have to offer. Today, many
which keeps the regulator happy but, most they frequently have no effective way to tap networks provide a fully rounded business
importantly, they have to keep the business into it. By spending time now (when time is, proposition which has considerable appeal
rolling in. Brokers are therefore looking for unfortunately, not exactly in short supply) to smaller firms of mortgage brokers. I'm
far more than mere compliance support rebuilding databases using software and sure we'll see some networks join forces in
from their networks. They are looking for systems provided by their network, brokers 2009 in order to strengthen their service
ways to improve efficiency, ways to can put themselves in a far stronger proposition still further and although the
generate new business, ways to break into position to generate more business from number of networks may therefore reduce,
new markets and ways to improve the existing clients during the year ahead. their importance to mortgage brokers will
quality of the service they offer clients. The most irritating piece of advice which undoubtedly increase.
www.mortgageintroducer.com February 2009 Mortgage Introducer
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