Mortgage brokers a question

Dan_Collins_2

Well I am off, start my project managers job for a very good office relocation firm. Cant wait to say good bye to the FSA but hello to health and safety! That will be my job I think!

Conrad

Rcraigs wrote: »

If everyone is droping out what else are you guys going to do for work?

I would like to sell the premises and the business now, but it's fairly unlikely.
I plan to be out within 3 - 5 years. Looking into all sorts, suchas a Burger King franchise.

An EA I know sold about 5 years ago for a modest sum and invested in his own Macdonalds franchise. He now earns over 250k pa and could sell up for well over £1m, and is investing in all sorts of things and aims to have 20+ HMO each one producing a £10,000 pa rent profit after borrowing costs.

He is a facinating guy, who once read a book (the 'e' something or other) that set him on his course. It makes the case that the best way to a comfortable life is to find a model anyone can manage (such as a Macdonalds), that has 100% proven sucess, and then to establish the business and let others run it for you whilst you then enjoy the rewards and have the time and space to invest in yet more business's.

cooper2110

Hi all, I rarely post on here but sorry to hear some of you are having a hard time at present. I am an IFA but do mortgages as well and that area has definitely slowed down.

I'm not sure I'm at liberty to say this, but if any of you are looking for a network, then I'm sure my company can help. We are the largest National IFA in the country and also the most profitable. One thing that may be of interest is that we have also set up a "Learning Academy" which will train IFA's to gain their diploma status (free of charge - all material, exams etc), and will train mortgage brokers to become IFA's - thus helping you out of the current hole!

If interest, pm me for more details, but if not, hope things improve for you.

cooper2110

I'm also willing to speak to mortgage brokers who wish to refer to an IFA for a good commission split

dunstonh

We are the largest National IFA in the country and also the most profitable.

Sesame is the largest IFA in the country but I swear they are not the most profitable by a long shot. Although to be honest, I dont think networks should be included in the measure of size as networks range from having a collection of independent IFAs all running independently of each other but working to the same compliance standards to those networks that run almost as salesforces. The measurement in size should be based on the individual firms.

I am an IFA but do mortgages as well and that area has definitely slowed down.

You couldnt have really picked a worse time to start. How are things going for you?

cooper2110

There is a slight difference between "Network" and "National IFA", so yes, Sesame are the biggest and most of the networks have had their profit problems as we know. I (as you know) am not a member of Sesame though.

As for the other, I haven't just started?! Maybe it was a misconception from a previous post but I've been an IFA for 6 years now. I'm still young though Hope business is good for you also.

dunstonh

I think the networks are getting a bit fidgety. I had intrinsic call a few weeks back. Personal Touch called today (I told the girl on the phone what I thought of Personal Touch in no uncertain terms. I have two IFA introducers who have to put business through me as PT compliance wont allow it despite their reasoning being totally wrong. Plus their compliance is awful with out of date information or just plain stupid. I.e. client aged 20 wants to invest for a regular premium for 10 years. PT advisers have to put on the suitability report why they havent recommended pension!!!). There was another one a few weeks back as well and that was more national IFA than network and i didnt like that (although I can see why many IFAs would).

Hope business is good for you also.

I feel guilty saying it on this thread. Booming. Just completed the business year and its the highest figures yet. Its all investment business though personally. Perhaps its a bit of luck with location and clients (older population, generally middle to middle/high net worth. Lots of £100k-£500k investments for people that dont spend beyond their means and are not really impacted by short term issues).

sarkin

Thanks for your replys guys.

We had a meeting with MBLS today only 40 of the 100 brokers turned up, everyone is looking to quit, business levels are so low no one is making money.

minimike2

dunstonh wrote: »

I think the networks are getting a bit fidgety. I had intrinsic call a few weeks back. Personal Touch called today (I told the girl on the phone what I thought of Personal Touch in no uncertain terms. I have two IFA introducers who have to put business through me as PT compliance wont allow it despite their reasoning being totally wrong. Plus their compliance is awful with out of date information or just plain stupid. I.e. client aged 20 wants to invest for a regular premium for 10 years. PT advisers have to put on the suitability report why they havent recommended pension!!!). There was another one a few weeks back as well and that was more national IFA than network and i didnt like that (although I can see why many IFAs would).



I feel guilty saying it on this thread. Booming. Just completed the business year and its the highest figures yet. Its all investment business though personally. Perhaps its a bit of luck with location and clients (older population, generally middle to middle/high net worth. Lots of £100k-£500k investments for people that dont spend beyond their means and are not really impacted by short term issues).

Im with Intrinsic and I can assure you they arent getting fidgety....they are doing immensley well actually, but are doing a BIG recruitment drive (90 applicaitons last month I believe) as other networks start to run into problems - they want to win the casualties.

cooper2110

dunstonh wrote: »

I feel guilty saying it on this thread. Booming. Just completed the business year and its the highest figures yet. Its all investment business though personally. Perhaps its a bit of luck with location and clients (older population, generally middle to middle/high net worth. Lots of £100k-£500k investments for people that dont spend beyond their means and are not really impacted by short term issues).

Good for you. I must admit the thought of doing just mortgages would frighten me just now, and even though I used to do lots as it was simple business, I tend to concentrate more on pension/investment business, which is far more interesting anyway!