Co-operative adviser group SHARE has become a mortgage aggregator in its own right after ending its ties with The Mortgage Supply Company.
Good Returns – Tuesday, December 10th 2019, 8:44AM
SHARE, led by chief executive Tony Dench, has ended its commercial arrangement with Mortgage Supply. It comes months after Mortgage Supply formed its partnership with Astute Financial.
Dench said SHARE has formed direct relationships with the banks, and its formal relationship with the Mortgage Supply business comes to an end in mid-December.
Dench told TMM Online the Mortgage Supply relationship was a “sensible commercial arrangement”, but one that had come to an end, presenting opportunities to grow its mortgage business.
“There aren’t many aggregator groups around, and there will probably be fewer under the new regime. SHARE will take its place in the market as an aggregator business, and we are looking to grow and recruit mortgage advisers.”
SHARE comprises about 70 investment, insurance and mortgage advisers. Mortgage advisers make up about “a dozen” of the group’s members, and SHARE is keen to bring more on board in 2020.
Dench said the new aggregator had plenty to offer advisers pondering their choice of group under the new regime.
“SHARE is a co-operative structure with a collaborative culture. We have one CRM, and one brand and operating system, essentially under one umbrella. With our licensing structure, we will have a single [FAP] licence at the top, with all share advisers under that licence”.
SHARE has “centralised support” for advisers, under a single brand and operating system, as well as strong back office support, Dench said.
He added the co-operative structure would suit advisers looking to own equity in their group, or those considering succession planning.
“As we’re a co-operative, there’s an opportunity to own the business. It’s owned by advisers with no majority shareholders. There’s also flexible ownership, advisers can join SHARE and transfer some of their business to the group. It allows advisers to grow their business or undertake succession planning,” Dench said.