UK mortgage advisers Just Mortgages grew from 13 brokers at the start of 2017 to 81 by the end of the year.
The firm launched with just three brokers in 2016 to offer a way for brokers to work solo while still retaining the help and support an employer provides.
Just Mortgages is headed up by Carl Parker, who previously worked at Countrywide for 23 years. Having recruited 13 brokers already this year (and three new sales managers), Parker believes the self-employed division grew quickly because of its user-friendly model.
“It is all about diversification,” he said. “Brokers – including those currently employed at Just Mortgages – are increasingly looking to go self-employed but are reluctant to give up the support they’re getting from their employers, so we looked at how we could offer a solution.”
“Since launching, we have significantly reduced staff turnover because we are proving an outlet for people who want to make that move.”
Those who are part of the self-employed division have a dedicated sales manager to help and support them, from making a business plan and ensuring they are FCA compliant, to encouraging them to become a part of their local communities and helping them find introducers.
With the whole model working in commission, there are no monthly fees. If the brokers don’t earn, Just Mortgages don’t either.
“It’s in everyone’s best interest for the brokers to be successful,” Parker continued. “That is why our sales managers provide so much support in helping our self-employed brokers find clients and get referrals.”
“We also ensure each has no more than 40 brokers to look after – this means they can spend quality time with each one, helping them and supporting them in finding leads and generating business.”
While employed brokers typically get between 40-50% commission, Just Mortgages’ self-employed brokers can earn up to 85% commission with no monthly fees – making it an attractive deal.
Parker has plans to increase broker numbers to 150 by the end of 2018, and to 250 by 2023.
“Although we want to grow, we don’t want to grow too fast. The key to our success is the experience and support we offer our brokers, so we need to make sure the ratio is right. We will, therefore, be taking on another sales manager in April to ensure we maintain that level of support.”
He added: “The key to our success is great support from highly experienced managers have all been brokers themselves and whose own livelihood depends on the success of the brokers and paying great commission.”