• subs-bellGet the latest news! Subscribe to the ifa bulletin

Mortgage Choice swells adviser ranks

Mortgage Choice’s financial planning arm now has 16 advisers, with the major brokerage planning to have 60 authorised representatives by 2016.

“The progress of Mortgage Choice Financial Planning is very pleasing,” said Mortgage Choice chief executive Michael Russell.

“We have a unique proposition for our franchisees, advisers and customers and we are looking forward to a consumer launch in the not too distant future,” he said.

The planning branch of Mortgage Choice, which was ‘soft-launched’ in October last year, outperformed its 2012/2013 target of 8 to 10 advisers by June 30, having signed up 11 by that date.

The financial planning branch also outperformed its August 2012 guidance, although it still recorded a net loss after tax of $951,000.

The results were accompanied by an announcement that Mortgage Choice will sell its aggregator LoanKit to Appleyard Capital-owned finance brokerage Finsure.

Despite noting that LoanKit “has continued to show a marked improvement year-on-year with regards to the settlement number, loan book growth and recruitment count”, Mortgage Choice said selling the aggregator would allow it to focus on Mortgage Choice Financial Planning.