Purely Mortgages has cut its salesforce by almost a half as part of its third financial restructuring in under a year.Purely, set up in 2004, last week cut 19 of its 45 sales staff in a bid to bring its costs down to a level that will see it make profit on a smaller turnover than originally projected. The axed staff were not employed by Purely but at an outsourced call centre in Hampshire. Money Marketing has learnt that another two direct employees of Purely have lost their jobs although their positions are not known. The restructuring reflects the fact that the firm is not taking enough applications to break even although it is believed claims that it needs to take in £80m of applications and is only taking in £40m are exaggerated. Sources close to Purely have rubbished suggestions by one broker that its conversion rate from application to completion is poor. Pink Home Loans managing director Tony Jones says: “Businesses have to remain flexible and have to adapt to change in certain circumstances. If you do not, then more serious damage is done. Hopefully, Purely can turn it around in the future.” Purely declined to comment.
At a dinner last week, a very successful adviser said to me “a good adviser never needs to compete on price”.
Personal finance portal Find.co.uk has recruited Kate Marsden as marketing director from BT.
Most investors appreciate the merits that a globally diversified portfolio can have. Similarly, many have benefited from the concept of investing for income and the power of reinvested dividends. Combine the two and you would have a very attractive investment proposition. Well, that is exactly what Neptune has done. The individual performance of its UK […]
FP Advance has set up a business consultancy practice which offers help to advisers looking to move towards a fee-based model. The firm says it will offer specialist advice and training to advisers, networks, nationals and wrap or product providers looking to support fee-only practices. FP Advance, formerly operating as FP Transition, says with the […]
Carmignac Portfolio Patrimoine is more than a fund, it’s a philosophy. Over the past 25 years, through a combination of journeys taken, lessons learned and the people we’ve met, our story continues to unfold. Whether old friends or new acquaintances, we look forward to enjoying the next chapter of the Patrimoine adventure with you. Click […]
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Standard Life Aberdeen has reported outflows of £31bn in its full year results, six months after the mega merger at the Scottish fund houses completed. In August 2017, Standard Life and Aberdeen Asset Management joined forces to become Standard Life Aberdeen, a giant global asset management powerhouse running £655bn assets. In its full year results, […]
Aviva has sold the rest of its Spanish businesses as it continues to pivot back towards the UK market. Aviva began disposing all of its Spanish life and pension businesses last September, following on from the sale of its Italian joint venture and offshore Friends Provident International businesses earlier in 2017. Since 2009, it has […]
Standard Life Aberdeen has sold its insurance arm to Phoenix in a £3bn deal. In the first results since the merger of Standard Life and Aberdeen Asset Management, the firm has said it has decided to exit the insurance market. Phoenix will pay a total of £2.3bn in cash for the business. Standard Life Aberdeen […]