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  • FIRST POST
    • Hannie2805
    • By Hannie2805 20th Apr 17, 3:56 PM
    • 23Posts
    • 2Thanks
    Hannie2805
    How to become an Independant Mortgage Broker?
    • #1
    • 20th Apr 17, 3:56 PM
    How to become an Independant Mortgage Broker? 20th Apr 17 at 3:56 PM
    Hi

    I am currently an Executive Assistant (have been for 10years now) and fancy a career change – I am good with numbers, proactive and have an interest in property hence the reason for looking into becoming an independent mortgage adviser.

    I was wondering whether any can answer my questions:

    • Has anyone done this journey before of their own – if yes, what’s your story?
    • Once I have passed the 3 exams, can I work independently or will I have to gain experience via a bank / estate agents first?
    • What salary can I expect to make when in full swing?
    • How do I go about finding clients?

    All responses are welcome - good or bad

    Thanks
Page 1
    • ACG
    • By ACG 20th Apr 17, 6:07 PM
    • 15,217 Posts
    • 7,695 Thanks
    ACG
    • #2
    • 20th Apr 17, 6:07 PM
    • #2
    • 20th Apr 17, 6:07 PM
    - I passed my exams whilst working for an insurance company, but you can do them on your own. The exams are the easier bit.
    - You then have to obtain CAS and the only way to do that is to have someone monitor you for a while and sign you off as competant. That would mean working for another broker, an estate agents or a ban. Once you have CAS you can then potentially set up on your own, although you would have to satisfy the FCA or a network that you are capable of running a business on your own and writing enough business.
    - I know brokers who make around £15k a year and brokers who make around £60-70k a year. Most fall somewhere in the middle, but typically you start towards the lower end and it takes 2-5 years to start seeing it improve.
    - Thats the other difficult part if you are working on your own.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • MisterP123
    • By MisterP123 20th Apr 17, 6:29 PM
    • 156 Posts
    • 175 Thanks
    MisterP123
    • #3
    • 20th Apr 17, 6:29 PM
    • #3
    • 20th Apr 17, 6:29 PM
    Put this as your signature and job's a good'un


    I am a Mortgage Adviser

    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • dunstonh
    • By dunstonh 20th Apr 17, 6:31 PM
    • 88,740 Posts
    • 54,066 Thanks
    dunstonh
    • #4
    • 20th Apr 17, 6:31 PM
    • #4
    • 20th Apr 17, 6:31 PM
    Half of new advisers fail to make a career of it and leave within 2 years. By far the most common reason is lack of clients.

    So, whatever route you decide to look at, sourcing clients has to be high on your things to consider as without clients you will not last.

    Most advisers will start working for someone and build a career path from that starting point. Going right in at the deep end by yourself is high risk.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from a Financial Adviser local to you.
    • ACG
    • By ACG 20th Apr 17, 6:32 PM
    • 15,217 Posts
    • 7,695 Thanks
    ACG
    • #5
    • 20th Apr 17, 6:32 PM
    • #5
    • 20th Apr 17, 6:32 PM
    Put this as your signature and job's a good'un
    Originally posted by MisterP123
    Thats all I do. I have not got a clue really
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
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