Stonebridge says its adviser recruitment service saved member firms an estimated £498,000 in agency fees during the year to the end of July.
The mortgage and protection network placed 83 advisers through the service, an increase of 22% compared with the previous year.
Launched two years ago, the service is available to Stonebridge’s appointed representative firms at no additional cost. The estimated saving is based on a typical agency fee of £5,000 per placement plus 20% VAT that cannot be recovered.
The number of member firms using the service to recruit advisers rose by a third in the latest 12-month period.
Stonebridge is handling 130 vacancies, including employed positions requiring at least two years’ experience and self-employed roles involving lead-generation responsibilities.
Some vacancies are for estate agency-based advisers, although most are with traditional appointed representative firms. Stonebridge said annual remuneration could reach £200,000 for some positions, while typical packages for experienced advisers were about £85,000.
The recruitment team consults each firm’s principal about its requirements and advises on matters including business models, remuneration and benefits.
Lesley Sharkey (pictured), recruitment director at Stonebridge, said: “This is a dedicated and ringfenced resource exclusively for our members, allowing us to focus on identifying the most suitable registered individual for each opportunity.
“Because our priority is finding the right fit, we are not constrained by the need to make a placement quickly in order to generate revenue.
“This shines through in our success rate, which is why more members are using the service than ever before.”
Sharkey added: “Individual adviser recruitment can be a real and constant headache for AR firms. It is sometimes very costly, usually risky and always extremely time-consuming.
“We solve all that with zero charge to our members. At just a couple of years old, the service is proving to be hugely valuable and mutually beneficial.
“We’re expanding the network rapidly by bringing new ARs in, but we also want to support our existing members who have their own growth ambitions. Many of them now rely on our team’s expertise in this and other areas to rid themselves of growing pains so they can concentrate on what they do best.”
Stonebridge said it added more appointed representative firms than any comparable mortgage and protection network last year, the fourth consecutive year in which it had done so.
