St. James’s Place is offloading its mortgage-only appointed representatives and has offered them to Home of Choice.
A total of 99 ARs have been told they will have to leave SJP, with HoC choice having first refusal, although they will be free to choose any network they want.
SJP chief executive Mark Lund confirms that it is not closing itself to mortgage business and will take on IFAs that offer mortgages as part of a wider package, but he admits that SJP is not the best home for pure mortgage brokers.
He adds: “St. James’s Place continues to be the natural home for advisers concentrating on providing face to face comprehensive wealth management advice. We are pleased that we have been able to offer the partners who specialise in the mortgage market an excellent home with HoC.”