is it bad time to be considering a career in mortgage or financial advice?

newrecruit

TEDDYRUKSPIN wrote: »

(4) Co-op - their salary is astonishingly low. The trainee FA enters at £16.500 basic salary (excluding London + £2,500). Expect to only hit maximum £6k bonus if you are lucky. Realistically - £3k. So an average salary of £19.500 (100% on target). The company is ok but once again, multi-tied.

Thanks for your advice TEDDYRUKSPIN.
Based on what others' advice here, it does seem getting a job with a bank is the best option to start with. What is your take on Co-op. You say their salary is low, but it seems OK for a newbie, I feel. Will they be paying for the training? On their website they mention training but they do not specify what it is. Is it CeFA or CFP or something unique to them?
Also how many hours per week are they expecting a newbie to work per week. They do mention evenings and weekends. is 40 hours per week a fair assumption?
You also say that it will take 2 years to get a CAS. If I quit after 6-8months, will a bank refuse to sign off my CAS even if I have completed the courses (say CeFA 1,2,3 and 4)?
Thanks

cheesedoffwithdebt

Aegis wrote: »

I believe they've just been bought by Towry Law. The feel seems to be that the salesforce will be significantly reduced, and that they will basically be recommending the Towry Law portfolios (apparently that's how they do business?) for a fee from now on.

All in all, not a good time to be an Edward Jones rep, in my view.

Yup they've just been bought out- truth is they have lost shedloads each year since they have been in the UK-and now cannot even tell the truth to their clients who are being told that they were sold because the company didn't sit happily with the new Retail Distribution Review that the FSA have bought in (that in itself is very worrying).

Given there are a number of struggling Edward Jones brokers out there the company is more likely to be downsizing in the near future- they have certainly put a stop to recruitment for now.

I would suggest that working for Maccy D's offers more career potential right now.

TEDDYRUKSPIN

newrecruit wrote: »

Thanks for your advice TEDDYRUKSPIN.
Based on what others' advice here, it does seem getting a job with a bank is the best option to start with. What is your take on Co-op. You say their salary is low, but it seems OK for a newbie, I feel. Will they be paying for the training? On their website they mention training but they do not specify what it is. Is it CeFA or CFP or something unique to them?
Also how many hours per week are they expecting a newbie to work per week. They do mention evenings and weekends. is 40 hours per week a fair assumption?
You also say that it will take 2 years to get a CAS. If I quit after 6-8months, will a bank refuse to sign off my CAS even if I have completed the courses (say CeFA 1,2,3 and 4)?
Thanks

(1) Co-op are decent company to be honest. Smallish in terms of the mortgage market but reasonable priced throughout. Not the cheapest but they were never going for that market.
(2) They pay up on all training as all banks do and will give you back the money for your examinations. You only have 3 tries though! 3 strikes and you are out. This applies to every high street bank.
(3) For every year in service for the high street bank, you will have to carry out an internal MOT compliance examination. Fail this and you are demoted or made redundant. You do have an extra go. So no worries.
(4) They will pay all our examinations - CeFA, AFPC etc etc. Repeating myself.
(5) Most companies require you to take IFS CeFA or CeMAP now. They have a link with them to obtain cheap examination papers and that rubbish CD.
(6) Hours are work are set on the contract. Usually standard 36.5 hours but expect to work more without pay.
(7) If you quit without CAS - YOU DON'T have CAS. Simple as that.
(8) If you quit with CAS, make sure the FSA registration is still intact! Banks and building societies are cunning in which they will strike you off, if you don't transfer to another institution. Smart a$$e$ they are. They just don't like you moving to another company for better money.
(9) Every high street bank are making excuses not to sign you off with CAS.
(10) In order to get signed off with CAS, you must have full CeFA / FPC (level 3) and fit the fit and proper tests, and compliance etc etc. (year 2012), all must have level 4 examination to be even consider a FA!

All examinations are claimed back on expenses! If you have passed them before being recruited, you should ask at the interview if they are willing to refund the money. They usually will.

Now, life in a bank? Expect a very low basic and rubbish bonuses! Ignore the torie that spoke up this morning, all over the news! You will be lucky to even earn £2k in bonus in one year!!!

If you are clever, you will negotiate a high basic salary!

Good luck. If you need further advice, just ask me.

Unfortunately, the job is pittance (don't know if spelled correctly), until you hit senior level.

koexelek

cheesedoffwithdebt wrote: »

I would suggest that working for Maccy D's offers more career potential right now.

Indeed.

I'd be hard pushed to think of a more difficult career to pursue than mortgage broking at the moment

Peelerfart

koexelek wrote: »

Indeed.

I'd be hard pushed to think of a more difficult career to pursue than mortgage broking at the moment

PR manager for the BNP ?