Home of Choice says the alliance is part of its campaign for adviser firms tied to one network or manufacturer to set up parallel businesses.
This would see one part of a firm’s business to focus on mortgages and protection, and the other to specialise in investments and pensions.
The partnership between the two firms is aimed to take advantage of the proposed changes which will arise from the retail distribution review. Both businesses will continue to operate under their respective brand names. The introduction process will be centralised and both parties have agreed to no cross-selling.
Home of Choice executive deputy chairman Richard Coulson says: “New and existing member firms have long been asking when Home of Choice will offer the same innovation and broker focus for investment and pension products as we do for mortgage and associated products.”
He says Home of Choice’s prime concern was to find a partner that understands the needs of its members and could provide the right wealth management support to cater for the demands of the high net worth clients.
He says: “Without a doubt, IN Partnership provides that link, and its specialist wealth management expertise integrating seamlessly with our own services to enable brokers to truly specialist and offer the right advice to clients whether from a directly authorised mortgage arm or its appointed representative financial planning function.
“The combined force of our respective wealth management and mortgage specialisms offers intermediaries and their clients the best choice of mortgage, protection and investment services. This partnership creates a compelling proposition and will leave our competitors trembling. But this strategic alliance goes beyond compatible skills – it strengthens each other’s businesses and supports our respective ambitious growth plans. It’s a win win situation.”
IN Partnership chief executive Kevin McDonagh says: “Like IN Partnership, which offers “whole of market”, Home of Choice has established a powerful brand in the mortgage market by offering choice and competitive products. This alliance allows Home of Choice brokers to introduce clients to IN Partnership’s full financial planning advice and leading investment and pension products.
“Our two businesses are already working on opportunities for joint initiatives including joint recruitment campaigns. We are looking forward to a very close relationship to deliver a full range of services to our members. There is a cultural fit between HOC and IN Partnership which goes far beyond our shared professionalism, innovation and broker support.”