A new company has been launched that will help advisers to research the market when considering joining a network. Adviser Matrix will offer a completely independent service available free of charge to all FSA regulated advisers in the England, Scotland, Wales and Northern Ireland.
Adviser Matrix has been set up by Julian Wells and Pete Gwilliam, who together have over 30 years experience in the UK financial services market. Wells previously headed up the marketing function at specialist lender Mortgages plc and now works as an industry consultant, while Gwilliam is one of the most respected and well known recruitment specialists in the mortgage market. Both are well known in the intermediary market and understand the challenges it now faces.
The new company has been set at a time when financial pressures are causing many brokers to re-evaluate their business model and consider joining or changing networks. Adviser Matrix’s recent research has shown that 19% of brokers have considered joining a network in 2008. Furthermore, 53% of those surveyed confirmed that if a business could act independently, and make them aware of the key offerings of each of the networks seeking new recruits, it would be one they would want to work with to effect a change.
Adviser Matrix offers brokers a single point of contact and will research the network market on their behalf. Information is gathered from the broker via an online data capture form, which is available at www.advisermatrix.co.uk. Networks are then invited to pitch their proposition based on the broker's details supplied. The broker then evaluates the propositions on offer, identifying those networks with whom they wish to progress discussions. The identity of the broker is disclosed to the network only at this final stage.
Julian Wells, Co-Founder & Director of Adviser Matrix, says: “Choosing a network is not a quick process. Our research found 43% of brokers who have considered joining networks this year spent 3 or more hours with each network. With over 20 networks to choose from, clearly it is currently neither practical nor realistic for a broker to research the entire market. Adviser Matrix will enable brokers to consider a wide range of network propositions but without taking up large chunks of their time. This in turn creates the opportunity for networks to be able to promote their AR proposition to businesses that they may otherwise have never been able to have recruited as the broker would not have considered them.”
Pete Gwilliam, Co-Founder & Director of Adviser Matrix, says: “In the current market it is incredibly difficult for advisers to find the time to work on their business rather than in their business. Adviser Matrix will provide a service that helps them to make important strategic decisions, such as which network is best suited to their needs. At the same time we will free up the time of advisers to focus on the day to day challenges of actually running their business. Adviser Matrix will offer networks an independent and cost effective means of AR recruitment at a time when pressure on margins and resources is higher than ever before.”
Brokers interested in using Adviser Matrix can find more information on the website at www.advisermatrix.co.uk