Benefiting from mortgage networks

Deciding to become an appointed representative (AR) and joining a mortgage network is an extremely big decision. For many advisers and indeed firm owners, particularly those who have spent decades working and building their businesses alone, becoming part of a larger organisation may initially seem quite daunting.

However, there are many benefits to joining a mortgage network, including training, security and support. In fact, one of the main reasons many firms join a mortgage network is the comfort and reassurance it can provide, particularly when it comes to meeting regulatory changes.

Mortgage networks are directly authorised by the Financial Conduct Authority (FCA) and as a result, accept full liability on behalf of their members. This layer of protection provides a safety net for AR firms, as the network will shoulder the majority of the compliance burden and provide them with reassurance that all aspects of their business operations are fully compliant with FCA guidelines.

Given the fact the regulatory requirements for firms has increased even further following the introduction of the Consumer Duty guidelines on 31st July, the support and guidance gained by being part of a network, not only offers greater peace of mind, it allows firms to spend more time advising clients and less time on the administrative burdens required to meet the demands of the regulator.

While help and support with compliance and regulatory changes is one of the key benefits of joining a network, becoming an AR will also open up access to support and assistance with marketing and business promotion that can help firms improve their customer relations and help their businesses grow.

The Right Mortgage for example, offers a complete suite of pre-approved marketing materials and sales ideas AR firm advisers can use when promoting their services to their clients. This includes videos, social media posts, sales brochures, factsheets, adverts, leaflets and advertorial features to name but a few, all of which can be white-labelled with the firm logo branding and contact information.

These marketing tools are completely free of charge and help our members by offering a ready-made solution to business promotion. This prevents them from having to allocate resources to marketing their business, saving them time and money, which again enables them to focus on addressing the needs of their clients and growing their business.

Being part of a network also opens up access to regular training events and educational workshops which helps to ensure firms/individual advisers are kept up to speed on key market and network developments. This includes monthly workshops and online webinars as well as national training events and conferences offering dedicated sessions focusing on technology, compliance and ways to grow your business.

Given the speed at which the mortgage market is currently changing, direct access to educational resources as well as the high-end technology systems offered by many networks, can prove essential in helping firms stay in the loop while navigating the complexities of the current economic environment.

Many networks also have extensive lender and provider panels offering a spectrum of product solutions including protection and private medical insurance that can open up areas of the market that firms may not have previously been able to access, and provides them with a suite of additional solutions to meet the needs of their clients.

With changes in the market a continued reality, being part of a mortgage network can provide advisers and their firms with the support and guidance they need to get through these tougher times. It can also offer those who chose to join peace of mind that they are meeting regulatory guidelines, allowing them to spend more time advising clients and focusing on business growth.