The agreement means that Oakwood, the directly authorised Midlands-based IFA business, will concentrate on recruiting IFAs and expanding its core business. Pink will provide direct and packaged lender panel management, exclusive products and support in the mortgage market.
Dev Malle associate director at Pink, explained that following regulation firms needed to ensure their lender panel was representative of whole of market as part of the requirements to be independent.
Where a firm has expertise in the mortgage arena, panel management could take away the burden of research and analysis, which results in cost and resource saving for the directly authorised firm.
Malle said: “Last but by no means least, the advisers of the firm have a simple process to follow as they use products from one route, saving them time in submitting business with the comfort that the bargaining power the distributor has will ensure they get market-leading products and fees.”
Jas Jaspal, senior partner at Oakwood, said: “Oakwood has aggressive expansion plans beyond its traditional Midlands base.
“It makes eminent sense to team up with Pink who have expertise in the mortgage market, provide excellent products, a strong lender panel and a first-class packaging service to give Oakwood a great mortgage offering. We see this as a win-win solution”
Malle added: “Pink is delighted to be asked to panel manage for a professional, growing business such as Oakwood.
“This fits well with our distribution strategy and we look forward to helping Oakwood provide its clients with a great range of mortgage products and services.”
