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Analysis of the Network Performance Tables for the Last Quarter of 2009

Following on from the cover story in last week’s mortgage strategy Which Network have produced the network league table to give an indication on AR’s movement over the last quarter and 2009 as a whole.

The passing of 2009 has seen 11 networks in all lose their AR’s in one way or another and this accounted for in excess of 1,600 firms exiting the register, undoubtedly some of these firms have been appointed by other networks. The total number of firms showing under the listed networks at 31st December 2009 was 7,858, whereas at the beginning of 2009 it was 9,510, an annual reduction of 1,652. Coincidentally this is almost identical to the number of firms that the networks that are no longer trading (1’669) were responsible for.   Obviously it would be foolish to consider that this is the precise reason for the drop in registered AR firms, however it could be said that the demise of their network was probably the final straw for some disillusioned advisers. Amazingly, although we have helped a large number of advisers find the right home for their business, a considerable percentage of our enquiries (in keeping with the myth) still think that size is important even though if one lesson can be learned from this years’ volatility should be that it is not all about the number of AR firms a network has.

Interestingly we are also seeing advisers heading for safety in numbers by joining larger firms as a Registered Individuals (RI), relinquishing their AR status. While this is understandable it is unfortunately based on a false premise as in fact more far more individual practices have gone into liquidation than networks it’s just that because they are significantly smaller the event is generally viewed as less newsworthy by the media and the problem doesn’t tend to get reported.   A number of brokers have gone Directly Authorised choosing to accept the higher workloads to be “master of their ship” and unfortunately although maybe not surprisingly a substantial number have exited the industry and sought other careers.

Those advisers that do remain have done exceptionally well and now that we are seeing real green shoots of recovery (as averse to political spin) will hopefully benefit from a more prosperous tomorrow. There are some increases in AR numbers for the year for particular networks and when considered in percentage terms they are notable 34% for Mortgage Support Network with a net increase of 22 firms for the year, 37% increase for MINT with a net increase of 41 firms and 54% increase for Home Loan Partnership having a net increase of 63 firms on the year. I’m sure these networks will be very happy if their profitability increases by the same margin.

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