The Money Group (TMG) has obtained the necessary regulatory approval to operate its own network in a move that could see it doubling its headcount over the next 12 months.
TMG is currently a network of independently owned, directly authorised (DA) firms but now has the additional capacity to be able to accommodate 25 hand-picked appointed representative (AR) businesses.
Scott Thorpe, managing director of The Money Group, said: “A network model was always the plan and sits nicely alongside our DA proposition.
“Over the past 12 months our compliance and operations teams have been working tirelessly building a robust process to make sure that when we rolled out TMG Network we could do so with confidence.
I would like to thank the first three firms within the network, Create Finance, Legacy Financial and Cheshire Money who have given us great feedback which helped us streamline the process and has now enabled us to open this out to more firms.”
Dave Corbett, recruitment and brand development director at The Money Group, added: “The addition of TMG Network is crucial to our continued growth while we continue to expand our DA proposition.
“However this network enables us to deliver tailor made offerings for firms who prefer being part of a network and it helps us facilitate that transfer without disrupting their income or the serviceability of their clients.
“This however will be an exclusive network with minimum entry-level and specifically for firms that we believe we can help deliver significant growth.”
Martin Stewart, CEO of The Money Group, concluded: “We spend a lot of time speaking with brokers from many different backgrounds and those conversations only confirmed what we already knew – many are unhappy and frustrated with the current narrow range of industry offerings.
“Having network permissions broadens our offering while making sure that our own growth trajectory remains unchanged. We continue to build our distribution panels and we look forward to working with our lending partners who remain an important part of our journey.”