The number of advisers has swelled further in the first quarter of 2015 reaching 661 by 20 March.
Peter Brodnicki (pictured), chief executive of MAB, said in his review of the year’s performance that the continued growth in adviser numbers since the end of the year was in part due to the group’s expansion into Northern Ireland.
Profit before tax increased by 31% to £6.88m up from £5.24m in 2013. Revenues were up 41% to £56.6m. Income received from mortgage procuration fees accounted for 42% of total revenue.
Brodnicki said the group’s growth strategy for this year involved increasing the number of advisers in Appointed Representative (AR) firms, recruiting new AR firms and the further development of its client servicing through AR regional telephone centres.
MAB expects to see an increase in sales of critical illness cover, income protection plans and life policies after ‘major enhancements’ to its technology system MIDAS which uses a visual and interactive approach to selling insurance.
In the wider market, Brodnicki said the biggest challenge facing brokers this year is an apathetic attitude among borrowers who may be sitting on a standard variable rate.
“I urge brokers to get in touch with their clients to discuss remortgaging. A lot of borrowers have moved on to standard variable rates and are not taking advantage of the historically low pay rates being offered by lenders. The Base Rate may have been doing nothing for the last six years but mortgage rates have continued to drop as lenders battle in a more competitive market.”
