Personal Touch Financial Services will relaunch its mortgage club next month in a bid to entice over 1,000 new brokers on board.
The network admits its current club proposition has failed to achieve any significant market penetration, with only 120 directly authorised firms as members, and it is rebranding the arm as Mortgage Box from February.
It will have a panel of 46 lenders and will offer exclusives and semi exclusives with “market-leading fees”. There is also the promise of enhanced technology using the PTFS Toolbox system that it has for the appointed representatives in its network.
PTFS is also creating Life Box for life insurance products. Money Marketing understands that further clubs for MPPI, medical insurance and buildings and contents insurance are likely to be launched in the coming months.
Brokers will need to become members of each unit individually to have access to the respective products.
PTFS has around 1,750 ARs, which represents 98 per cent of its membership. That figure could dramatically change if it meets its targets on Mortgage Box, although it stresses the network will remain the core part of its business. Director of mortgage distribution Dev Malle says: “We did not have a system or process in place to make a meaningful proposition for the directly authorised market. This will be a slicker system and easier to use and it is fully integrated with the sourcing systems. It is a new strand to the business.”