Broker Network revamps start-up offering

Broker Network has overhauled its offering for start-up brokers and hopes to launch more than 10 new brokers this year.

The network wants to assist a new wave of high street brokers by offering business and insurer support, after it saw increased demand for brokers looking to start up. It currently has five start-up members and expects to add two more in the coming months.

The newly enhanced package calls on its existing services, including marketing, IT, compliance and financial expertise. It also deals with regulatory and logistical issues. The network will also access the wider resources within the group and has agreed a deal for start-ups with Open GI that gives brokers and their client’s access to e-trading.

Broker Network said it would use its leverage to give brokers access to agencies and terms of business agreements, and to 200 Towergate products on PowerPlace.

New brokers will also be offered the same level of insurer services and enhanced commissions as the network’s longer-established members, once they begin trading.

Broker Network’s managing director, Nick Houghton, said the network is receiving a number of calls every week from account executives. “They want us to show them how to build a business,” he said. He added that the network had also developed a step-by-step start-up pathway, which could get most brokers ready to trade within 12 weeks.