Mortgage AR Networks

ACG

MortgageMamma wrote: »

I will contact the Mortgage Support Network tomorrow, I think they had just come about around 2006/7 and I remember their name now you've said it?

I do not think they will accept you without CAS.

I joined them 2-3 years ago and the first thing they asked was if I had CAS. But its alwas worth a chat with Peter, he may know of a firm within MSN who is looking to take someone on. He was the first person I spoke to when looking to find another advisor.

dunstonh

I left my network and wish I had done it years earlier. We now use better software, have more freedom and not a network putting in place rules to cater for the lowest common denominator. Its much cheaper too. The difference for us was over £40,000 a year by being directly authorised (total cost difference).

Now, we are IFAs and this is a key point as many networks have dropped investment class business and gone mortgage/insurance only. Those that are still going are mostly restricted now.

I didn't realise they had abandoned their IFA offering, that's not good for all the IFA firms that were with them.

Oh yes it was. For most it was the best thing they ever did. Sesame took on all historic liability. So, firms were able to move away and start with a clean slate liability wise.

They were pretty tough on my principal at the time regarding capital adequacy

I am not sure how anyone could really fail the capital adequacy requirements for a network as you only needed a £10k surplus on your assets over liabilities. Sesame only tended to be tough on the problem firms and you had to really be bad to be a problem firm (apart from their last few years when they did turn things around)

MortgageMamma

dunstonh wrote: »

I left my network and wish I had done it years earlier. We now use better software, have more freedom and not a network putting in place rules to cater for the lowest common denominator. Its much cheaper too. The difference for us was over £40,000 a year by being directly authorised (total cost difference).

Now, we are IFAs and this is a key point as many networks have dropped investment class business and gone mortgage/insurance only. Those that are still going are mostly restricted now.



Oh yes it was. For most it was the best thing they ever did. Sesame took on all historic liability. So, firms were able to move away and start with a clean slate liability wise.



I am not sure how anyone could really fail the capital adequacy requirements for a network as you only needed a £10k surplus on your assets over liabilities. Sesame only tended to be tough on the problem firms and you had to really be bad to be a problem firm (apart from their last few years when they did turn things around)

Now I learn what actually happened, I expect it WAS good for a lot of IFAs who felt suffocated by them. I think that's how I felt, suffocated. I had a fantastic compliance record with my previous network and sesame made me feel completely unwanted.Not an experience I want to repeat. Its nice to hear from you after all these years I'm glad to see you are still trading and prospering, and have found contentment being DA.

As for my principals issues, it was more a problem caused by his wife being a bit naughty with the spending I think, I can't remember the nature of it but it got sorted in the end but the stress the poor man went through was shocking:(

Do you still do mortgage business within your practice I seem to remember you concentrated mainly on investments.

dunstonh

Now I learn what actually happened, I expect it WAS good for a lot of IFAs who felt suffocated by them. I think that's how I felt, suffocated. I had a fantastic compliance record with my previous network and sesame made me feel completely unwanted.Not an experience I want to repeat. Its nice to hear from you after all these years I'm glad to see you are still trading and prospering, and have found contentment being DA

yes. Still around. Business booming and growing. Just got a bit bigger last year with my staff involved. Good to see you returning (or close to it!!).

Do you still do mortgage business within your practice I seem to remember you concentrated mainly on investments.

I'm still investments only personally but I now have three mortgage advisers and another IFA with me now.