advice please

Miss_Penny_Pincher_2

dunstonh wrote:

Financial advice is highly regulated. There are a number of hoops you have to jump through to get to the level of owning your own financial services company and giving whole of market advice. To jump to the end hoop without going through all the others is very difficult and not practical.

I'm guessing that it is practical advice around jumping through these hoops that lawford is looking for! Ask yourself did he receive any on this thread?

dunstonh wrote:

Whilst it is not impossible, the financial implications of what would be needed to do it are significant. The model being suggested by lawford would require industry experienced advisers. They are going to cost you money. A business unit is going to be required, otherwise how do you get your business? That is going to cost you money.

Dunsonh, you appear to be going off on a tangent. I did not see lawford make any mention of requiring industry experienced advisors, merely to initially be self-employed himself. Regarding your suggestion that he will need a much larger amount of capital than £50,000, I am aware of several mortgage advisors who work from home and also several independent mortgage advisors who work in back offices of estate agents, getting some referrals through the estate agent themselves. Surely these are options open to him that require lower initial outlay? I think it would be more beneficial for advisors to begin providing such support and advice in posts that they make on this forum.

AndrewSmith

I actually agree with Dunstonh.

I doubt very much whether you would get authorisation by the FSA, either directly or via a network as an appointed rep, without at least 1 years experience in financial services preferably post qualification, and directly related to mortgages.

The best route into the industry is to become an employee of a complany who will be willing to support you through the necessary qualifications, and offer a post for you to gain the experience you need to learn the job (that said we are all still learning something every day in this job).

A couple of possibilities would be large corperates such as the Connells Group who own Connell, Fox & Son's, Allen & Harris, Roger Platt, infact all of the old Sequence Home chains of estate agencies. Whilst they have a limited panel of lenders they do offer a captive market, along with the stability of a salary. Also you will receive full Indemnity cover and be under their own compliance umbrella, DPA registration, CCL registration and Training & Competance scheme. Once you achieve Full CeMAP (Certificate of Mortgage Advice & Practice) and reach Competent Adviser Status you will be in a far better position to be accepted by the FSA or a Network to work for yourself.

Some people may advise against woorking in an agency as a broker however I feel that it is an excellent in-route to the mortgage industry as it allows you to see and learn the whole buying and selling process from all perspectives.

I could give you contact details within this route if you wish.

Andy

dunstonh

Dunsonh, you appear to be going off on a tangent. I did not see lawford make any mention of requiring industry experienced advisors, merely to initially be self-employed himself.

You cannot jump to owning your own financial services company and advising with no experience. That means you need industry experienced people for the business model lawford has suggested.

Regarding your suggestion that he will need a much larger amount of capital than £50,000, I am aware of several mortgage advisors who work from home and also several independent mortgage advisors who work in back offices of estate agents, getting some referrals through the estate agent themselves. Surely these are options open to him that require lower initial outlay?

Many work that way but they have links with firms already regulated and in place. Many have been round a long time and have the contacts. IFAs tend to be the majority in that position and not so much mortgage advisers.

I think it would be more beneficial for advisors to begin providing such support and advice in posts that they make on this forum.

You have offered nothing to this conversation. You don't know anything about FSA authorisation and requirements or the practical aspects of running a financial services company.

There is little point us making posts that you think lawford wants to hear when what he is suggesting is unlikely to be allowed.

MortgageMamma

Hi Lawford

It is difficult to get into giving mortgage advice and set up your own business within a year. Do take on board what Andy and DunstonH are saying, it is a vert complex industry and regulation is so tight there is no room to breath sometimes let alone for beginners mistakes. Don't let that put you off though. Keep you £50k next egg somewhere safe and strive for a self employed business between 18-24 months in. The exams themselves are pretty easy but the real learning comes through experience. I went straight into being a self employed advisor under an umbrella of another firm and it was very difficult at first. But I learned fast, and made some fantastic advisor friends who taught me a lot back then when I needed it most.

Good luck with your chosen path, but don;t think it will make you a mint overnight as it won't. You have to do this job because you love it. If you want to talk further and get an insight into the induustry PM me and I will send you my email address.

MM