part time mortgage adviser

joffy

Hi everyone
I work in a totally different industry to mortgages but have always been interested in all things money.Remortgaging every 2 years I find very enjoyable.
I was thinking about taking my cemap exam in my own time and hopefully passing and does this mean I could then give Mortgage advice.
I like the idea of being fee free and earning a % off the provider.Is that easy to set up.
I would just start up by being part time and hoping to slowly build by word of mouth.
Not looking to be super rich,just a bit extra to get the mortgage paid off a bit quicker.
What do all you experinced advisors think ?

dunstonh

I was thinking about taking my cemap exam in my own time and hopefully passing and does this mean I could then give Mortgage advice

No it doesn't. You would have to set up a company or join another one already in place and satisfy FSA requirements and get authorised. You cannot give advice without FSA authorisation.

In addition, mortgages are only just one part of the package. Cemap doesnt allow you to do household, ASU, life protection etc. You would need to sit further qualifications for that.

You would also be responsible for the FSA levies and require PI cover. If you join a network to bypass a number of the compliance requirements, you would normally pay them a weekly/monthly membership fee.

I can't really give you figures as all mine are based on investment class. I do know that mortgage/protection/GI is cheaper than investment class but there are still costs.

stanmoresaver

joffy wrote:

Hi everyone
I work in a totally different industry to mortgages but have always been interested in all things money.Remortgaging every 2 years I find very enjoyable.
I was thinking about taking my cemap exam in my own time and hopefully passing and does this mean I could then give Mortgage advice.
I like the idea of being fee free and earning a % off the provider.Is that easy to set up.
I would just start up by being part time and hoping to slowly build by word of mouth.
Not looking to be super rich,just a bit extra to get the mortgage paid off a bit quicker.
What do all you experinced advisors think ?

Unfortunately the day's of part time financial advisers/ mortgage brokers are long gone. The regulatory requirements, and frankly the skill set that will set you apart from the crowd demand full time attention.

Also, any business you work with, as a lead supplier, or network that is responsible for your compliance, would want you full time (or at least your main attention as a career) to make their involvement worthwhile, either that or your cut would be drastically reduced.

SS

AndrewSmith

Also,

You will find that if you do the job well, you will not have enough hours in the day to deal with the workload.

When you do this job working for yourself it becomes who you are as opposed to simply just a job.

The hours are long with many late evenings and early morning starts. You have to operate this way to allow you to take care of the administration side of the business when the mortgage centres / solicitors / estate agents are open during office hours, then work late evenings to see and speak to clients. I prefer to see clients in their homes in the evening as they then have no time constraint and will be more relaxed and willing to listen properly to your presentation.

If you are serious about a career in Mortgages I would take the CeMAP and get a job with a large firm to gain some experience and market knowledge. Ideally you want at least 1-2 years experience before even considering working for yourself.

Hope this helps.

Andy

garryo

how can you do the cemap exam?

is the course expensive?

................just thought i'd butt in...ha

payless

garryo wrote:

how can you do the cemap exam?

is the course expensive?

................just thought i'd butt in...ha

http://www.ifslearning.com/qualifications/courses/cemap.cfm

is the offical site, for cemap you get "home" study material & 1 exam sitting included in the cost of the course - 3 parts each costing £120 ( plus resit fees if you fail)

A number of other firms provide extra study/ training at a extra cost.

There is a different exam route as well
the CII Certificate in Mortgage Advice (Cert CII (MP) http://www.cii.co.uk/cii.aspx?p=629
If in financial services employment , your employer might pay ( all or some ) ??


In a recent thread, I think we all said , exams are one thing... but the real training is on the job.

----
Earning from being an adviser -
Mortgages are a regulated product, so you must either be regulated ( or exempt by working under someone's FSA regulation)

As mentioned thats only the start ... you then need to be working for someone ( can't see many firms willing to let you write business under their name unless you are full time, but suppose its possible )
or

Join a networkas an appointed rep ( the firm are authorised by the FSA , rather than you, an appointed rep is actaully classed as exempt .. although stranglely I think you get own FSA number ?? ) - this may on face of it appear a bit like an employer / employee situation as they take ultimate responsbility for compliance issues , however in most cases it more like an adviser "buying in" compliance services - this may cost either a flat fee or a % of turnover (or both) , plus youi still have other overheads as below
I assume networks will not accept you without past experince, and may also impose minimum fees ( ie no good if just doing a bit)


OR register with FSA directly

Then you pay FSA regsiteration fee ( payable even if they decline you)
Annual fees to FSA, FSCS, FoS
PI Insurance
plus other overheads like
Software, computers , external compliance support,
Office space, stationery.....

I have chosen the latter route , assume fixed costs are higher , but variables likely less, and I prefer more freedom on how I run my business ( plus been ripped off / let down in past when working in a "network" style arrangement)

dunstonh

although stranglely I think you get own FSA number ??

Yes you do.

this may on face of it appear a bit like an employer / employee situation as they take ultimate responsbility for compliance issues , however in most cases it more like an adviser "buying in" compliance services - this may cost either a flat fee or a % of turnover (or both) , plus youi still have other overheads as below

Yes, it seems some networks have you really tied in with them whilst others have you in effect buying services from them. This is why a decision on what network to join should be about more than just costs.

I assume networks will not accept you without past experince, and may also impose minimum fees ( ie no good if just doing a bit)

My network require the firm owner(s) to have industry experience. Employees of the firm don't need it. Can't speak for others but I wouldn't expect too much difference on that front. The owner of the firm will also have to satisfy capital requirements for trading.

pippa123

Hi i know this thread is old.But id just like to ask would it be worth doing the cemap qualificaations now? Im looking at doing it while i work so that i can become a fulltime mortgage advisor when ive finished. Is it still worth doing with the credit crunch? Will it not be fine in like 2 years when peoples money isnt so tight?

feisty1

joffy wrote: »

Hi everyone
I work in a totally different industry to mortgages but have always been interested in all things money.Remortgaging every 2 years I find very enjoyable.
I was thinking about taking my cemap exam in my own time and hopefully passing and does this mean I could then give Mortgage advice.
I like the idea of being fee free and earning a % off the provider.Is that easy to set up.
I would just start up by being part time and hoping to slowly build by word of mouth.
Not looking to be super rich,just a bit extra to get the mortgage paid off a bit quicker.
What do all you experinced advisors think ?

THINK! I think it is outrageous, we have too many within or industry who are commission driven and not customer driven. A mortgage is most probably the largest financial commitment a client will ever make & to have such an approach as yours (driven by financial gain) is worrying.
I am a Mortgage Adviser (MAQ qualified) which means I am also qualified to give Financial Advice. I do not believe in CeMap (only) for the exact reasons in this posting. Pls don't join our industry.

Edinburghlass_2

The thread is 2.5 years old so I guess they have made their decision by now

koexelek

stanmoresaver wrote: »

Unfortunately the day's of part time financial advisers/ mortgage brokers are long gone.

I don't know. Over the last few months, I've sometimes felt like I've been working part time.....:o :eek: