The firm – which was set up in December 2008 – collates a list of individual preferences and requirements from brokers and conducts research and risk analysis on networks to find the best one for the client.
Gary Watts, managing director of Which Network, revealed the number of advisers using the service had “risen significantly” following Network Data’s fall into administration earlier this year.
He explained: “Brokers usually come to us if they are either confused about the benefits of one network over another or if they are too busy to perform due diligence. Recently, brokers have come to us because they are worried about the stability of particular networks.”
However, Alan Lakey, principal at Highclere Financial Services, said the current state of the sector meant it was “understandable” that more appointed representatives (ARs) were using the service.
He explained: “The problems and instabilities surrounding networks will drive more confused ARs to use the website.”
