Stonebridge swells AR numbers
The network counted 67 firms among its ranks at the end of November 2011 but this number has today swelled to 83 firms representing a 24% increase.
Stonebridge said this is significant because other networks are shedding members and the network model itself has come under fire from some quarters.
Richard Adams, managing director of Stonebridge Group, said: “Our existing AR firms will always remain our number one priority but we have made a concerted effort to increase our size this year and this hard work is reflected in our numbers.
“We have long said that provided the right strategy is in place the network model is sustainable and our expansion is testament to this.”
Stonebridge has also increased staff numbers within its compliance department to ensure client file monitoring can be undertaken at an appropriate level with the extra firms now on board.
One of the new recruits, Paul Kilkelly director of Taylor Milburn, said Stonebridge represented the best fit for its needs.
He said: “Other networks continue to increase their fees and tweak their charging structures but Stonebridge has a transparent model that has remained unchanged for some time now.
“In the current climate and with the remuneration networks receive elsewhere there is no justifiable reason to charge a separate monthly fee.”
Adams added: “To some extent we have been able to capitalise on a growing number of advisory firms who were not satisfied with their previous network. However a lot of the increase is down to the attractiveness of our proposition.”