Stonebridge, the national mortgage and insurance network, has announced strong growth in its mortgage application and completion numbers throughout 2022, as well as a record level of adviser growth, during its recent National Conference held at the Hilton Birmingham Metropole on February 27th.
According to Stonebridge’s business partnership director, Jo Carrasco, the network’s mortgage application numbers in 2022 saw a 9% increase compared to 2021, with the volume of lending up by 10%. Stonebridge’s mortgage completions also saw a 19% increase compared to 2021, with total lending hitting a record £12.6bn.
Stonebridge’s protection and general insurance (GI) businesses also showed strong growth, with commission value up in the protection sector and a 15% increase in GI growth on the previous year.
The conference aimed to support Stonebridge Appointed Representative (AR) firms and saw over 500 attendees – many of whom were attending their first conference. Sessions showcased the support available to advisers within the network, particularly in terms of business opportunities, business standards, regulatory adherence, and technology.
Stonebridge has also continued to grow its adviser numbers, with over 1,000 advisers now across the network. The network’s continued growth has allowed for increased staffing levels, particularly in its operational teams and its Business Development team.
Stonebridge chief executive, Rob Clifford, commented that despite the challenges faced in 2022, Stonebridge has maintained strong growth ambitions and will continue to follow a strategy focused on recruitment and support structures to help existing firms add to their headcount.
The network intends to continue this strategy throughout 2023, investing in Revolution, its wholly-owned trading platform, and delivering an environment that is safe and secure for AR firms to thrive within.
Clifford said: “2022 was undoubtedly a roller-coaster of a year, and the housing and mortgage markets were particularly impacted by the ‘Mini-Budget’ and its subsequent fallout towards the end of an otherwise record-breaking year for us.
“That said, we were able to deliver continued growth across our three core areas of business – mortgages, protection, and GI – in 2022, and this is down to the excellent work of our AR firms and their advisers, who came into their own particularly post-‘Mini-Budget’ when there was a considerable amount of uncertainty and some degree of panic amongst borrowers.
“Looking ahead, 2023 is also likely to be a slightly more challenging year with some headwinds to overcome, but there is also a range of opportunities to take advantage of, particularly in both the remortgage and product transfer space, and specifically in terms of ensuring clients have the protection cover they need in what remains a difficult economy.
“We maintain extremely strong growth ambitions for Stonebridge, and while some firms might well shrink their adviser numbers, we continue to follow a strategy that is focused on both recruitment and helping our existing firms add to their headcount with our high-quality support structures.
“This is because we know successful networks need both scale and capital, and by growing the number of AR firms and advisers within Stonebridge, it means we can continue to bring on board the support and resource that can allow firms to not just make the most of those opportunities, but to do so with clarity and certainty in terms of both business standards and regulatory compliance.
“Our growth also allows us to keep investing in Revolution, a huge part of the network’s success and whose development is delivering real and tangible benefits for firms, their processes, and customer outcomes.
“The National Conference focused on how we can continue to help our AR firms prosper, how we can empower their success through the Stonebridge proposition, and how we deliver an environment that is safe and secure for them to thrive within.
“Despite all its challenges, 2022 was still a major growth year for Stonebridge and with our deep-seated commitment to this sector and to all our AR firms, we intend to continue this strategy throughout 2023.”
