Mortgage Network Recruitment Performance For 2016gary
Without beating around the bush, or the Trump or the Brexit. I think it’s fair to say the 2016 has been an extraordinary year for financial services in the UK and the world in general. Forecasts by a multitude of experts that we would immediately fall off a cliff and be reduced to eating rats following that vote have proven to have been more than a little pessimistic, although most people would acknowledge that we’re in for some hard times in 2017.
Leaving all that aside however on the grounds that it is what it is, Which Network has now changed the way the figures for the tables are calculated. This is a result of the FCA classing Introducer AR’s as Introducer AR’s when they join a network but just labelling them as AR’s when they leave. I don’t want to bore you with the minutiae of the situation but the adoption of the new procedure for calculating figures in our tables very neatly side steps the problem giving. We believe a much more accurate reflection of the situation.
Having said all of that, please remember that these figures although undoubtedly important in terms of illustrating how a network is performing shouldn’t be taken in isolation in making a decision on whether or not to join any particular network, please take independent, impartial expert advice if you’re thinking of making a move or setting out on the road to independence. Also the “basket” of networks we use although representing most of the big names is picked by ourselves to reflect the overall sector and is not inclusive of all networks some of whom may not want their recruitment stats revealed.
Meanwhile, back at the task in hand 2016 has not only shown an increase in overall network recruitment figures but with a couple of notable exceptions in both directions the good news has been pretty much spread across most of the networks.
Looking at the year’s winner we can see that numerically Intrinsic are once again leading the charge with a combination of some nifty recruitment and some major acquisitions. Not far behind in terms of numbers and significantly ahead in percentile terms are Stonebridge with 51 new AR’s giving them an increase of 20% in AR numbers. In this case, this is at least partially the result of a strong recruitment drive plus their position as preferred network by Legal and General when they closed down their AR network. In third place, numerically speaking we have Openwork helped no doubt by their very low attrition rate.
At this point I must also give a mention to The Right Mortgage Network who have attracted 111 AR’s to their proposition. I haven’t included them in the analysis since they are literally brand new and it would be unfair to the other networks since haven’t really had anytime to lose people yet but there’s no denying they’re off to a great start.
Amazingly looking at the losers this year there are only three. The worst performing network in terms of recruitment is Sesame whose AR total is down 78 over the year, however most the losses were in the first and second quarters and they will be happy to see AR numbers becoming a little more stable now. In the second bottom spot we have the twin offerings of Mortgage Intelligence and Mortgage Next with a reduction of 6 AR’s representing 3.16% of their AR base and in third place we have Tenet, although the loss of 2 AR’s from a network with a membership of 571 is hardly significant.
So that’s the network recruitment year in a nutshell. As I mentioned at the beginning of this article considering all the political turmoil it certainly shows the resilience of financial services in the UK and the fact that mortgage broking as a career is once again becoming increasingly popular.