Training as a CEMAP. Advice needed please.

Mattb07

Hi,

Im new to this forum but read regularly and would love the advice of people who are in the mortgage trade.

A little background: Im 20 years old and I am on the verge of ordering my CEMAP resources etc to gain the qualification. I have family responsibilities and ideally in 10 years or so I want to be reeping the benefits of the job by providing a quality service to clients. Ive worked in a bank for 2 years, dealing with brokers as an "Intermediary Development Manager", sounds better than it is. It's basically mithering poor IFA's to do more insurance and mortgages through us. My plan is to get fully CEMAP qualified so I can get a job with an IFA as a Trainee to gain expereince and then after 2-3 years look to set up on my own. As that is my goal. To be self employed and make a success of myself, whilst providing the best service I can to customers.

Now for the questions I would appreciate advice on.

Would a CEMAP allow me to sell and earn commission on all insurance products. (Life, Building, Contents) aswell as mortgages themselves?

What should I look out for when looking for a job as a trainee?

Also, Could someone please explain the difference between being authorised directly or through a body such as "Legal and General" or "Pink" etc. And the pro's and con's of both.

I would appreciate some advice please it would be fantastic. Please be kind, I do understand the work that is involved for example paperwork maybe up to 80% of the job and that whilst starting up money is far from regular.

Thank you in advance.

:j

Dan_1976

If the bank will pay for it, do it.

You can earn money from everything sold, but you cannot think of it as a sales job anymore. Those days are gone.

Big changes are coming up in 2012, rdr etc. Go the fsa site, I am sure its on there.

Giving good advice is not hard, in most cases its logic. But you need experience. I am not saying your age will go against you, but you will have to either work for a lender or IFA. gain as much experience as you can.

I would also say you need at least a years money behind you if your going commission only.

I only worked as an AR, via a network. This was good other than they can be abit dictative, if thats a word. We had a few spats with them. I am not sure what DA is like.

Good luck, I think your mad! lol

Mattb07

So basically, I wouldn't have much of a career as an IFA?

_Andy_

Matt - there's a glut of qualified and experienced mortgage advisers on the market at the moment.

Mattb07

Which is why i thought it would be a good career move. Young, like to think im bright, and willing to work extremely hard. So why was i called mad for wanting to do it?

And can a CEMAP be commissioned on insurance products? No one seemed to answer that.

I understand financial advisors will always be needed so why would i be mad to want to pursue it?

Senior_Paper_Monitor

Yes they can Matt (and its probably a better source of income for most mortgage brokers than the mortgages themselves) :j:j

Dan_1976

I said you can earn money on all products. What I am trying to say is that you cannot go in to it thinking you will make a buck on insurances.

Clawback, regulation and best advice are a few issue's to think of. Age is not important, but if you were 35-50 and your broker turned up at 20 years old you may think about experience.

It means you will have to be that much better than the next guy. Competition is less now, but, its getting harder.

Just think before you jump.

Good luck if you go for it, and always come on here toask for help.

Mattb07

thanks a lot everyone and Dan appreciate that, I think I am going to get my CEMAP and just work for an IFA whilst gaining experience. I understand how bad clawbacks can be with IFA's and probably one of the most irritating parts of the jobs.

I was just thinking however what anyones opinions are on the lead generation websites for brokers, are they worth it? Anyone used them at all? Im ont thinking about doing this at all just want to know how effective they are to business generation.

Thanks a lot again guys.

magpiecottage

As Dan says, if the bank will pay for it then it is worth doing - but CeMAP does not make you an IFA.

It will allow you to advise on basic mortgages and protection products but you will need DipFA to become an IFA. The road is long and expensive nowadays.

But it is certainly worth asking the bank - you have nothing to lose apart from having to pay it back if you do not stay very long afterwards.

Dan_1976

There are better certificates to get now. Also add an open uni degree in fs would look good on your cv!

Mattb07

Thanks again Dan. I'm going to study off my own back as I've asked the bank to fund it but they're giving me no option. Politics and all that, i'm sure you have all experienced it before! haha :mad:

Anyway guys really appreciate all the advice......

Anyone tried buying leads? Ill start a new thread I think as a bit off topic.

Thanks:T