Money Portal (MP) has partnered with Legal & General Mortgage Club to offer its members access to L&G's range of mortgage and general insurance products and services.
The adviser firm says it does not have the same weight in the mortgage business as it does in wealth management, and teaming up with L&G is an effective way to offer mortgage services to customers.
“Whilst we will retain our own mortgage service within MP, our core business continues to be wealth management and the provision of wider financial advice, and we are keen to deliver the strongest possible strategy in this regard,” says MP’s head of business development, Jason Chapman.
“With that said, we absolutely recognise that mortgages remain a central part of financial advice and it is vital that we offer our members the best possible choice at this time to ensure we maximise opportunities in this market.”
Legal & General says the deal forms part of its strategy to grow its mortgage club against a background of shrinking activity in the mortgage market, and the firm will make further announcements in the near future.
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An added tier of asset management can of course deliver additional benefits for certain investors, writes Graham Bentley - just be sure you can justify it to the regulator and, especially, the client