Edge Mortgages leaves Newpark for another group
In another sign that the battlelines are being drawn in the mortgage broker dealer group space one player has switched camps.
Monday, February 18th 2013, 6:00AM
Edge Mortgages, which was a joint owner of and ran the Newpark Broker Group, has decided to leave and join the TNP group run by Darren Pratley.
Edge Mortgages and Insurance principal Glen McLeod says he has resigned from Newpark and is the process of selling his 49% stake in the group back to Newpark.
The move comes after Newpark recruited Josh Bronkhorst from Sovereign Home Loans.
McLeod says the parting is amicable and has come about as he and his business partner Jon Purdey ahd different aspirations to those of the Newpark Group.
One of McLeod’s key goals is to build a nationwide business of mortgage and insurance advisers.
Currently Edge has six mortgage brokers in Auckland and two insurance advisers.
“We are looking to continue to grow and evolve our business by using the unique service proposition we have developed to support TNP members,” McLeod says. “We see that working with a full service dealer group will make a big difference to our business."
“TNP has continued to build its home loan and insurance offer for members with a real focus on developing support and systems to enable advisers to build a stronger businesses. With a strong focus on increasing value of the business and building a closer relationship with their clients.”
As a full member of TNP Edge is looing to provide TNP members with a referral option that helps risk advisers protect and ring fence clients using their home loan.
Edge’s shift comes as Loan Market completes its acquisition of Allied Kiwi and the on-going battle for ownership of Mike Pero Mortgages is played out in court.
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