Ian Lazenby, who previously ran HSBC’s London mortgage and protection team, has joined the advice business as head of sales. A further 25 advisers will be joining the firm in the coming weeks. In total, the firm plans to expand to 80 advisers and a total workforce of 120 by the start of 2014. By 2018, it could have as many as 300 advisers.
While most of the recruits so far have been experienced advisers, Which? Mortgage Advisers is also considering the introduction of a graduate scheme in a year’s time.
The growing workforce has led the firm to take over a whole floor in its Bristol office and it is in negotiations over a second floor. Over a longer timeframe, Which? Mortgage Advisers plans to open other offices around the country.
Managing director Mike Lawton said the expansion into multiple locations could lead to more advice options for those not in the Bristol locality: “We will be looking at face-to-face advice and any other mediums that suit customers. We are also looking at Skype.”
The decision of consumer group Which? to pilot a mortgage advice arm in 2010 sparked criticism from the broker industry. However, Lawton said the views of competitors did not matter.
He said: “Of course there is scepticism of our brand. It is a double-edged sword. We are here because of consumer demand and a lack of trust in the other propositions.” Which? Mortgage Advisers was treated as a completely separate business to the consumer group, he said.
The firm pays advisers a basic salary, plus a capped bonus based on lender and consumer feedback. It is whole of market and does not deal with panels.
Lawton said the firm, which announced it was launching an annuity proposition in September, would launch more products if there was demand: “We are looking at an end-to-end financial services business, not just a mortgage business.”
