Having added 13 new firms in Q2 2013, seven further brokerages have decided to join in the weeks since then, bringing Stonebridge’s total number of AR firms to 120.
Given the network finished 2012 with 83 firms, this means the network has grown its AR ranks by almost 45% in 2013 and highlights the rapid rate of growth it has enjoyed at a time when other networks are struggling to keep hold of their AR firms.
Stonebridge is forecasting that the additional ARs numbers will add around £1.4m in turnover to Stonebridge’s annual mortgage and protection figures.
Richard Adams, Managing Director of Stonebridge Group, commented:
“Having added 16 new AR firms to our ranks and increased our mortgage business by 23% in 2012, our main target for 2013 was to keep attracting new AR firms and grow business levels by a further 25% if possible. Given that we have seen 20 new AR firms join in the last four months alone, I have every confidence we can achieve and possibly even exceed the targets we set ourselves at the beginning of the year. This level of growth is impressive enough in its own right, but is made more so by the fact that many other networks are struggling to keep hold of their ARs.
“Networks have long known that they cannot afford to rest on their laurels if they are to continue to offer their AR firms the best proposition possible and this has been particularly true this year amid a background of flux following the introduction of the Retail Distribution Review, a change of regulator and the impending Mortgage Market Review changes coming into play next April. We constantly liaise with our AR firms to ensure our panels of providers remain best of breed and we are offering them all the assistance and support they need to help their businesses be successful. After a trying few years for the mortgage market, the light at the end of the tunnel is getting brighter and we intend to capitalise on this by continuing our expansion plans.”
