Newpark aims to double membership
Last month, TMM online revealed Newpark had bought out joint venture partner Mortgage Link from Newpark Broker Services (NBS). Newpark unveiled a Newpark Home Loans, which comes with a new pricing structure and proposition for advisers. The group encourages its members to write non-mortgage business including life insurance.
Newpark Home Loans general manager said Andrew Scott said his group is focused on bringing over advisers from its former joint venture, but said there was a concerted effort to win new members, particularly experienced advisers starting their own brokerage, or brokerages looking to expand and bring in new advisers.
One of Newpark’s main differentiators is its fee structure. The group charges per brokerage, rather than by the individual and claims to have a lower fee structure than rivals. Scott expects small brokerages looking to expand to defect from other groups, and says it is easier to bring in new entrants under the brokerage membership structure.
Scott said: “The barriers to entry for a new brokerage, or one looking to expand, are so high. Costs of joining a group are prohibitive. Our model will shave off overhead costs which will be advantageous.”
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