On the Newspage Editors News Desk, a number of brokers have been discussing how difficult it can be when trying to leave or switch networks. With surprising exit fees or needing to pay towards a potential clawback liability, the restrictions can actually make it financially unviable to move. Have you had a bad experience or are you even a network prisoner unable to move to a better partner for your business? If you'd rather remain anonymous, just email your response to <a href="mailto:editors@newspage.media">editors@newspage.media</a>.

mortgages

Network prisoners

As someone that runs a network, I have to say it is ludicrous how hard it is for brokers to switch networks in general. Networks should be held accountable. After all, we are service providers, and if an AR firm wants to leave, there shouldn't be unreasonable barriers to prevent them. Some networks seem to want to hold onto firms and literally earn their pound of flesh but for me this is just a toxic way to do business. Give a great service and your ARs won't want or need to leave in the first place. 

We are a boutique network for those that require true independence. Privately owned for more than two decades, we ensure our members will never be a number - you will be part of our extended family with a network that knows your name and cares about your firm. Our members have access to all advice permission areas (Mortgages, Specialist lending, Bridging, retail protection, business protection, wealth). This is unique in the industry. We believe in giving everyone a chance to succeed with their own business. We can work with new advisers and also experienced. Recent accolades include being awarded the best network at the Mortgage Strategy Awards 2023 and highly commended best network at the Protection Guru Awards 2022. We believe in social responsibility and giving back, donating 10% of our profits to worthwhile causes every year.

Daniel Hobbs

Brokers should be able to transfer from one network to another just like a remortgage. It shouldn't need military planning to happen. Seeing that the Equity Release Council helped implement industry guidelines lenders are happy to follow, perhaps it's time for a Broker Release Council to set some guidelines that Networks all agree to follow? If not, why not? Fairness for all. Perhaps a project for the AMI.

Stuart appears regularly on BBC 5Live and BBC Radio Solent. He writes for Mortgage Strategy and Money Marketing magazines and co-produces The LM Experience Podcast which is available on iTunes and Podbean.

He has over 23 years of experience in the mortgage industry, having been an Adviser and Underwriter for several High Street lenders prior to becoming a respected Mortgage Broker.

He has contributed to publications such as The Times, Daily Telegraph, The Guardian, Daily Mail, Evening Standard, The Independent, Daily Express, Daily Mirror, FT Adviser, Glamour and More! Magazine.

Network prisoners

2 responses from the Newspage community
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Daniel Hobbs

CEO at New Leaf Distribution

Stuart Gregory

Director at Lentune Mortgage Consultancy

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2 responses from the Newspage community
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