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MS One to One with Mortgage Advice Bureau’s Peter Brodnicki

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  • 17/06/2011
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MS One to One with Mortgage Advice Bureau’s Peter Brodnicki
As Countrywide and Mortgage Advice Bureau get set to launch their joint venture, high-net-worth adviser Capital Private Finance, MAB chief executive Peter Brodnicki talks to Kay McLellan.

KM: Were you already considering this kind of venture or did Countrywide approach you?

PB: Countrywide approached us about it and we had the first conversation six weeks ago, so it’s moved quite quickly. We are a big player in the estate agency sector, so it’s a good opportunity for us.

Capital Private Finance is a completely separate company that will be managed and run by MAB.

It is business as usual for our AR partners and advisers.

KM: When is Capital Private Finance set to launch?

PB: Our launch date is in August, so we will be talking to advisers, getting the right sales director, and putting the systems and website in place.

It’s going to be a lot of hard work and we will have challenges. It’s not easy to generate the right level of leads from estate agents and we are going to have to work very closely with branches to support that.

KM: How many advisers are you recruiting for Capital Private Finance?

PB: It will take us a number of months to get up to capacity and we are aiming for 25 advisers for the 100 or so branches [of Countrywide’s premium brands Hamptons International, John D Wood & Co., Faron Sutaria and UK Sotheby’s International Realty].

We will start recruiting next week, looking for advisers with specific experience in the high-net-worth sector. We also need to make sure we have the right sales director in place.

However, we will not recruit advisers within MAB. We are going out into the general market.

KM: First Action Finance is currently Hamptons International’s preferred referral partner. Will you be working with them?

PB: First Action Finance’s deal with Hamptons runs out at the end of July and we will work closely with them during the transition period.

Countrywide were happy with what First Action Finance have done, but they wanted to grow and develop the advice side and take ownership of it, which lead to the joint venture.

By the end of the year, we want everything to be solidly in place. We’re not going to rush this; we’re going to get the specialist advisers we need.

We live and breathe the estate agency sector, so we know what we need to do.

KM: Will advisers work across all branches?

PB: Brokers will be assigned to and based across specific branches. We will look at the opportunities of each branch and match them with the right number of advisers. It will depend on geography and activity.

The advisers will be 100% dedicated to this venture and will get all their leads from the estate agency branches.

KM: Will brokers advise on the whole of the market?

PB: Yes, including specialist mortgage lenders and providing direct deal recommendations. In addition, Hamptons International has a general insurance business, which will be absorbed into Capital Private Finance.

KM: Will it be a fee-based service?

We expect brokers to charge a fee, as well as cross-sell products. We can’t disclose what the fee will be, as that is still to be finalised.

KM: Will you develop your partnership with Countrywide further?

PB: There is no discussion or any thought of doing anything else with Countrywide.

We are happy with what we are doing and have big expansion plans for the corporate part of MAB. We might also look at other joint ventures.

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