Both businesses will operate under their brand names, sharing a centralised technology platform and with an agreement of no cross-selling.
In Partnership has around 450 members while Home of Choice has around 400.
Home of Choice executive deputy chairman Richard Coulson says: “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. This strategic alliance goes beyond compatible skills as it strengthens each other’s businesses and supports our respective ambitious growth plans.”
IN Partnership chief executive Kevin McDonagh says: “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.”
The move comes after The Mortgage Times’ Vision Network got FSA permission last month to operate an investment and pension multi-tie.
Pink Home Loans managing director David Copland also says expanding into the investment market is on the agenda.
He says: “The credit crunch has prompted networks to look at other income.”