Mortgage Network Recruitment Figures For The Third Quarter of 2017gary
Massive apologies for the lateness of the network recruitment tables this quarter but although some people say that a change is as good as a rest this definitely doesn’t apply to changing offices and I’m only beginning to find out where everything has been hidden, two weeks after the event!
Moving on from my pathetic excuses for a very poor administration system however and turning to overall industry data, in a quarter with very little real movement the slightly negative figures are slightly deceiving with movement chiefly down to a surprising large drop in AR’s by Tenet and maybe less surprising drop by Sesame. In fact, if we remove the influence of these two networks we would see an overall increase of 0.24% in recruitment numbers rather than the 0.32% we actually have.
Turning away from generalisations now to the actual FCA figures, for anyone not familiar with these tables I should point out that although the figures are taken directly from data provided by the FCA, there can occasionally be anomalies such as retrospective entries on the register or changes where the information provided to the FCA has been misconstrued or is just plain wrong. This means that this table and its precursors are best utilised for showing trends in AR numbers with regard to the various networks but for more specific information refer to the FCA register directly.
Looking at the quarter now it can be seen that highest growth both percentile and in terms of actual numbers is rightly claimed by The Right Mortgage network. No doubt partly due to the continuing registration of mortgage brokers who were waiting for the FCA to sign the network off before they could become authorised, but I’ve no doubt also because of some terrific marketing by this new network. In second place we have Openwork, again in both percentile and numeric growth and Stonebridge in numeric terms but MAB just pipping them in percentage growth.
Meanwhile on the not so sunny side of the street we have Tenet with a drop of 15 AR’s although with 557 AR firms this isn’t the largest drop in percentile terms for which the dubious honour goes the Sesame. To illustrate just how quiet a quarter this has been, the network next in line is Pink but they have only lost 5 AR firms numerically followed by Julian Harris, Mortgage Intelligence/Next and HL Partnership with all three of these networks only losing 2 AR firms each.
In terms of new recruits into the industry. Following the trend Which Network has seen maybe a slight drop in these, but on the whole, this has been offset at least partially by the quality of newcomer we are seeing with many entrants more knowledgeable on the marketing needed to make their business a success.