Toni Smith won’t play favourites when it comes to lenders, even though LSL’s estate agency branches trialled Bank of Ireland’s launch back into the adviser market in December last year.
Smith says when TSB launched with a commitment to gold standard service, other lenders rapidly rose up to meet that too, adding: “So I wouldn’t single any out as the majority of lenders have superb products and have really improved their service.
“Our brokers are always going to offer the best product for their client’s situation and this may not always be from the lender with the best service or the cheapest rate, as they will compare a wide range of products from many lenders before making recommendations,” she says.
First Complete membership exceeded 1,000 Registered Individuals (RIs) in May this year and although high calibre new recruits are always welcome, Smith says the network’s culture of individual business development runs in tandem with network development.
Smith says: “To do this we provide members with regular one-to-one meetings to review their business models and plans, a comprehensive set of local meetings and extensive communications; all of this creates a culture that others want to be a part of. We are often told by newly appointed ARs how refreshing it is to have so much contact and people who actually care about how they are doing so we believe this is quite unique.”
Record numbers
All First Complete’s new recruits are seasoned advisers from other networks, or former Directly Authorised brokers and ex-bank branch advisers. But Smith says the network’s ARs are its biggest recruitment tool.
Recruitment is playing a big part in the strong figures the distributor is reporting. The network itself, reflecting the trend in the overall adviser community, bucked the mortgage lending trend in Q1. It reported completions up 22% year-on-year, where overall lending figures saw the market down 3% over the same period.
In a network record for a single day, in April the network completed 214 mortgage cases and 290 life cases, which is 25% up on an average day. The network also recorded a 68% surge in its protection applications over Q1, against a 59% uplift in mortgage applications.
All in all, in 2014, First Complete increased its mortgage completions by 69%, compared to 17% across the market as reported by the CML.
Smith says the increased headcount and recruitment of some ‘significant businesses’ is just part of the story, as all of its ARs are also outstripping their previous year’s results.
“This will boost our network results but also encourages existing top brokers to up their game still further. Uniquely perhaps, our top firms welcome others joining because they relish the competition but also see it as an opportunity to learn from other firms,” she adds.
To the question, what makes a great broker, she says advisers become great by fundamentally wanting to do the right thing by their clients and providing great customer service. Also, many have a flexible business model, a willingness to learn and adapt and take help when it’s available.
“Great brokers also share best practice. It can be a lonely job being a broker but if you know there are others alongside you who you can learn from, then both your business and your client engagement improves as a result,” Smith says.
Great advisers also respect regulation and what it’s there to do, she adds.
Biggest concerns
So to that point, we asked Smith what her biggest concerns are about the Mortgage Credit Directive, due to hit the statute books on 21 March next year.
First Complete brokers will be taken step-by-step through the regulation by the network, but the workload for lenders in particular will be heavy, says Smith.
“Brokers have to deal with a wide variety of lenders, however, and every provider is likely to have slightly differing approaches as they did with the Mortgage Market Review. It could also confuse both brokers and clients having KFI, KFI plus and the ESIS. For such a huge amount of work I’m struggling to see the benefit to the consumer,” she adds.
First Complete has established a project group to work out its strategy ahead of the European regulation.
Smith says: “We are already communicating with our brokers and will continue to hold educational roadshows and send frequent and detailed updates as information becomes available from the FCA and each lender.”
Toni Smith – a brief biography and quick-fire question round
Toni joined the industry in 1987 at Allied Dunbar where she spent 10 years in various sales support roles, then 10 years responsible for developing and managing Allied Dunbar’s key account proposition.
In 2008 she joined Home of Choice to head up communications and marketing. Following its acquisition by LSL she was appointed to her current role of sales operations director encompassing responsibility for proposition, communications and marketing as well as all other sales operational functions. In January, Toni’s responsibility expanded to encompass all LSL’s financial services businesses.
- Proudest career moment? When First Complete won a best mortgage network award two years ago because we’d worked so hard to get to that point.
- Biggest challenge ahead? I have a real fear that if the fees keep escalating it will jeopardise the current network model and the feasibility of that. We want to continue to add real value and support to the broker at reasonable cost. The challenge will be how we manage that.
- If you were Prime Minister for the day, what would be your first policy change? I would review the judicial system and criminal sentencing as I get frustrated when I hear about rapists and child abusers being let out early and creating further risk to innocent people. Likewise, I believe there are prisoners who are sentenced unreasonably for less serious crimes in comparison and this takes precious resources and costs. It costs a hospital patient £5 a day to have access to a television – a prisoner can buy the same service for £1.20!
- What’s the best present you’ve ever given? ‘Life’ to my two beautiful children, although, I actually feel that they are the greatest gifts I have been given.
