Career as a Mortgage Advisor - please help

mikey123

Thank you again to all of you who answered my last post on the same topic.

I have another question please:

I've been looking at job specs for trainee advisers and, frankly, have been shocked by what's on offer as a basic salary; in quite a few instances as low as £15k pa in the south east where I live. While the prospect of huge commissions is very inviting, I would imagine that it would take a good few months before a trainee is earning any commission. During that time the costs of living won't change.

Is it normal for such small salaries to be offered to trainees? If so, this doesn't seem to make mortgage advice a very appealing career change for someone who has already worked for more than a decade.

I'd really appreciate any thoughts.

Cheers,
M

MortgageMamma

Hi Mike

I'm afraid its pretty normal. I do know one firm that will train you and pay you an allowance of £1500 per month gross but out of that you have to pay petrol and marketing costs and believe me, from what I have heard, they want their pound of flesh. I would be very surpised if you were offered anymore than £20k for a trainee position.

Lisa

dunstonh

Sounds about right for a trainee position. Even investment advisers start around that level with no experience.

Financial Services does tend to have a heavy turnover of people "trying it out". Whilst the rewards for those that are successful are very good, more will fail and move onto something else.

The traditional training grounds of the direct salesforce agents and home service advisers have all but gone now leaving mostly the banks and building societies able to afford to take the risk on trainees. Some salesforces will still give you a go but as mentioned above, they are not fun to work for.

MortgageMamma

Mikey,

where do you live? If you are local I don't mind you shadowing me on a couple of appointments later in the summer and also watching behind the scenes what goes on pre appointment. on phones. converting leads to appointments and appointments to sales blah blah blah. I learned from the best so am happy to share. failing that if you do get a trainee role somewhere I'm happy to offer you some guidance

homer_j_3

Mikey - it seems that we may share more than the name. I too worked back end in financial services and consider being able to analyse situations as one of my strengths. This skill does come in very handy in an advisor position and being able to prioritise and make sense of what can be complex situations will bode well.

The issues I have found for me is that it will take time for you to work out what works for you. I expected to be earning a shed load of money when I started my role earliuer this year and whilst I havent done bad, I know that I am missing a lot due to trying to find the approach that works for me.

You definitely have to be personable and be able to talk about general day to day stuff aswell as well as dealing with the mortgage stuff. People buy from people in my experience. People will only buy if they like you and trust you.

It can be a very rewarding job, especially helping people who really are stuck. You meet some fantastic people from all walks of life and it can be very good for broadening your horizons.

I am sure that you will know in your heart whether the role is right for you personally.

homer_j_3

MortgageMamma wrote:

Mikey,

where do you live? If you are local I don't mind you shadowing me on a couple of appointments later in the summer and also watching behind the scenes what goes on pre appointment. on phones. converting leads to appointments and appointments to sales blah blah blah. I learned from the best so am happy to share. failing that if you do get a trainee role somewhere I'm happy to offer you some guidance

and if you're not local, I can suggest a good Mancunian translation book....

MortgageMamma

homer_j wrote:

and if you're not local, I can suggest a good Mancunian translation book....

oi you cheeky b@gger!!!

MortgageMamma

Mikeh

You only have to ask meh. honestleh. homer can translate for yoh.

My real name is lisoh and you might have guessed im from Manchestoh, but i now live in lancashoh so me accent is well weird and now i've gone from sounding like a commonoh to soundin like a farmoh.

If you want an and get in touch wiv meh.

Sorted.

stanmoresaver

MortgageMamma wrote:

Mikeh

You only have to ask meh. honestleh. homer can translate for yoh.

My real name is lisoh and you might have guessed im from Manchestoh, but i now live in lancashoh so me accent is well weird and now i've gone from sounding like a commonoh to soundin like a farmoh.

If you want an and get in touch wiv meh.

Sorted.

Are you Ali G in disguise MM?

MortgageMamma

stanmoresaver wrote:

Are you Ali G in disguise MM?

I can beh if you'll be me juleh?


ayyyyyyyyyyyyyeee.