The size and shape of the UK mortgage and protection market has changed significantly over the last 10 years.
Regulatory changes, market/economy shifts, political upheavals, global crises and technological leaps have all had a seismic effect on the industry, reshaping how advisers, networks like ourselves – we are celebrating our 10th anniversary this month – lenders and protection providers navigate the ever-evolving business landscape.
Historical events such as the Brexit referendum, coupled with ongoing and subsequent leadership challenges within the Conservative party and erratic fiscal policies, brought about political chaos and economic volatility during an already challenging time.
Similarly, the Covid pandemic in 2020 brought further disruption to the housing and mortgage markets, with property transactions reaching a standstill as the Government tried to safeguard citizens and navigate the uncertainty of such an unprecedented global event.
Since then, the emergence of remote working and the use of digital tools in the workplace have become increasingly commonplace, with face-to-face meetings become far less prevalent for many parts of the advisory sector.
CHANGING NEEDS
In the midst of this upheaval, the needs of consumers have also continued to shift, with rising property prices – although they have moved very little in recent years, stricter affordability checks and the vastly increased inflation all serving to heighten the demand for specialist lending services.
Combined, and particularly as a result of regulatory changes like the Mortgage Market Review and Consumer Duty, these changes have helped to reshape the advisory sector, driving more homebuyers to seek expert guidance to help them navigate the ever-evolving mortgage market and achieve their homeownership goals.
For advisers working in the mortgage and protection sectors, this has brought both challenges and opportunities to address the way they work.
Regulatory change such as Consumer Duty has placed greater onus on the outcome of the advice process, leading to a sharper focus not just on mortgage advice delivery but also on the protection and general insurance needs of clients. It has also presented the opportunity for advisers to tap into other sectors and potentially explore other revenue streams.
Against this backdrop of ongoing change, The Right Mortgage & Protection Network has continued to experience significant growth since first coming to the market in February 2015.
10 YEARS OF GROWTH
Close to 900 advisers across a total of 402 firms have joined the business during this time, with 125 of those advisers and 31 firms joining in the last 12 months alone. The number of serving staff has also more than tripled to 74 staff members at the end of 2024, compared to the 21 working at the firm at the end of 2015.
The growth of the business has coincided with the introduction of a number of new propositions including The Right Referral Service; The Right PMI & Healthcare proposition; The Right Conveyancing; The Later Life Lending; The Right Loan; and The Right Retirement Plan.
Last year, the network also introduced its own Later Life Lending Advice accreditation for both established later life advisers and those seeking to make their mark in the sector, following the growth and increased demand for these products over the last decade. Plans to extend the service by launching a similar proposition for those active in the buy-to-let space later this year are currently underway, as the blurring of advisory services within the sector continues at pace.
One of the issues frequently raised by our advisers is the ongoing evolution of technological advances within the advisory space. Over the last decade, these have been substantial, and recently resulted in the network announcing a new relationship with intermediary platform, Acre.
TECH TOOLS
As technology continues to evolve at a rapid rate, providing a new range of support and tools for advisers is crucial, particularly when it comes to enabling advisers to monitor and enhance client interactions, identify cross-selling opportunities and meet regulatory requirements.
With AI poised to take the industry into the next phase of its evolution, staying ahead of the curve will be critical for all advisers over the forthcoming decade. While many remain torn on the so-called benefits of AI, used correctly, this technology can free up advisers’ time and help them work smarter and focus on generating more business and offering bespoke advice to clients.
While no one knows what the next 10 years have in store, on reflection, I expect it to be just as dynamic and innovative as the decade just passed.
Remaining resilient, adaptable and planning ahead will serve us all in good stead, as will partnering with strong networks/distributors who can open doors to so many further economies of scale and opportunities. while retaining an open-mind to the way in which we work and the services we offer will help to reap significant dividends and bring greater rewards.
