Mortgage Adviser Trainee

AndyWallace

The reason they want new recruits is that they come with no mis-conceptions.

A guy goes into a new job selling loaves of bread. He comes back at the end of the day and his colleagues say 'how did you get on'? He tells them that he sold 20 loaves.

Wow, they say, we only ever sell about 7 a day.

Next day the new recruit goes out and sells 7 loaves.

Stupid analogy I know, but that's how sales works.

Andy.

toonfish

or bloke has to sell loaves for £2, when he knows they should really only be 50p?

As you said Andy, probably a good way to get some training and experience but the clients won't be getting the best deal.

shameless-about-money

toonfish wrote:

not sure where you live but if you type "trainee mortgage adviser" into google there are loads of opportunites. I know London & Country are recruiting now as well, different type of business model I'm also not that keen on but they are more ethical and I expect you would have a much wider range of clients to deal with and hence get more experience.

Newcastle upon Tyne!

So the areas I am looking at are Newcastle and Teesside really.

The only people recruiting widely are Cartel - now don't get me started on what I think about Cartel!

It would seem that the companies up here are using the same model - both of the companies I have interviewed with are the same - one in Newcastle, the other in Middlesbrough. Since I would work from home it doesn't make any difference to me.

shameless-about-money

toonfish wrote:

seriously, why do you think that is?

I don't want to put a dampner on it, and your heart appears to be in it so I wish you all the best, wherever you end up.

They don't want any other Company to have had the influence on their model?

I just want the training! Then I will sort the rest out

shameless-about-money

AndyWallace wrote:

I think this is a good way to get started actually. He gets his training and his qualification. OK, he'll be targetted but at least he has something out of them if he is not performing.

Once he has that he can go and be an AR or at least move about in similar roles.

That is what I am looking for!!

It seemed the best way to get the training - paid for and paid salary at the same time. My car is already paid for so the basic would be just over £20K per year. For a training position I don't think that is too bad.

Get the training, be taught the selling techniques, get some experience, then move on.

shameless-about-money

toonfish wrote:

or bloke has to sell loaves for £2, when he knows they should really only be 50p?

As you said Andy, probably a good way to get some training and experience but the clients won't be getting the best deal.

The clients must have faith in them since the banks are sending them to these companies in the first place - that must be why it works?

toonfish

shameless-about-money wrote:

Newcastle upon Tyne!

So the areas I am looking at are Newcastle and Teesside really.

The only people recruiting widely are Cartel - now don't get me started on what I think about Cartel!

It would seem that the companies up here are using the same model - both of the companies I have interviewed with are the same - one in Newcastle, the other in Middlesbrough. Since I would work from home it doesn't make any difference to me.

Fair play - go for the Middlesbrough one - no shame in taking advantage of the smoggies!

Good luck mate, hope it works out for you.

toonfish

shameless-about-money wrote:

The clients must have faith in them since the banks are sending them to these companies in the first place - that must be why it works?

didn't think banks were allowed to refer, but I coul dbe wrong. I'm away home - good luck with the interview.

shameless-about-money

I have no idea about the bank issue - that is what I was told happens.

I am feeling in the dark right now. I just want a job!

dunstonh

They have both been extremely successful companies so far. Neither will employ anyone fully qualified, nor if they have worked as a MA before. They want brand new recruits.

Now I am confused!

Could also be that established mortgage advisers wouldnt go near them with a bargepole. They want salespeople not advisers.

I have no idea about the bank issue - that is what I was told happens.

Officially it doesnt happen and dont expect it to happen. There may be the odd bank mortgage clerk who is doing it on the quiet for a back hander. If their employer was to find out, it could be a sackable offence.

The clients must have faith in them since the banks are sending them to these companies in the first place - that must be why it works?

The companies have such a short history that you wouldnt know if it is working or not. For all you know, they have business plan that can fund x number of years at a loss with the aim to turn a profit within a defined timescale.

I would say they are probably loss making still at this time. It costs around £30k to set an adviser up in the first year with no previous experience. If all they are taking on are inexperience individuals then there is going to be a high staff turnover as well as most advisers starting out do not last 12 months. The stories of big incomes etc dont come true for most. You may be given examples of the best performers but the top 10-20% bring in 80-90% of the business. The ones in the middle a just surviving and the ones at the bottom are getting into debt and struggling. That is the typical salesforce model.

You have to start somewhere and wherever that is, it will not be ideal but you are jumping in at the deep end. The equivalent of double glazing salesmen but with mortgages.