Mortgage Choice swells adviser ranks

“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.