Thinking of joining a Mortgage Network

homer_j_3

thats no problem and I know that you need to research this for yourself. good luck

pipee

MortgageMamma wrote: »

Take Homers advice on board. the best place to learn to advise is in a bank where there is structured training and you are not personally liable for mistakes

Taking CeMAP is like passing your driving test, you have learnt the BASIC mechanics, learnt the BASIC theory, but you do not learn to drive properly until you are let loose by yourself on the road.

By very very careful coming into the industry on a self employed basis, as being a self employed person you have far less rights than an employed individual. I have just left a company that I was self employed with, I had a contract stating I had to give four months notice when I left - I gave my notice on 16th March and by 17th of March they had taken all my client files, removed my sourcing systems, and de-authorised me. This has left me with a 6 week gap where I have not been authorised to work and I've had to pass my clients to another broker who is a friend. They also owe me around £12k in commission - I'm not likely to see that - they tried to get away with paying me £713 in March and have broke contract terms like I break hearts

Be very very careful, I know I'm giving the industiry a bad name here, but there is a lot of protection from the FSA and other bodies for the consumer, but you have none whatsoever and there are some cowboys out there that will use your naivety to their advantage like they did me

I'm a bloody good adviser though by the way!

I will certainly be asking to see contract and notice periods etc, thanks for the tip. I am hoping as they are backed by Zurich there is some protection but what do I know I haven't worked in the industry yet, hence why I am trying to find out as much as possible.

maryjane01

I have passed CeMAP 1 and through an agency I got sent to Openwork. As I do not have all 3 CeMAP's they wanted me to work selling life assuarance on a commission only basis. They said they had a mortgage advisor that was so busy writing mortgage business he had no time to offer life assurance and they wanted somebody calling all his clients. They said the 'right person' would make £80-90,000. I ran a mile. Selling life assuance only with only one provider to choose from (Zurich). If it was that easy to make that sort of money why wasn't the guy doing it himself? I didn't trust them one bit.

Just remember, this guy trying to get you to join the network is a sales man.

homer_j_3

you have to be careful with OTE's in the industry where earnings are concerned. Very few pure mortgage advisers will earn 80-90k a year.

it takes a lot of hard work to make a decent living in this indusrty and promises of riches are often all that are required to fool people into signing contracts that really tie people up in a mess they would rather not be in

pipee

maryjane01 wrote: »

I have passed CeMAP 1 and through an agency I got sent to Openwork. As I do not have all 3 CeMAP's they wanted me to work selling life assuarance on a commission only basis. They said they had a mortgage advisor that was so busy writing mortgage business he had no time to offer life assurance and they wanted somebody calling all his clients. They said the 'right person' would make £80-90,000. I ran a mile. Selling life assuance only with only one provider to choose from (Zurich). If it was that easy to make that sort of money why wasn't the guy doing it himself? I didn't trust them one bit.

Just remember, this guy trying to get you to join the network is a sales man.

The guy I am speaking to says that protection policies are quite a lucrative area and should not be forgotten, but primarily I will be joining as a mortgage adviser.

I realise he is a salesman, I have also spoken to someone who has been working with the network for almost 20 years (in its various forms), so not everyone can be unhappy and trapped in a network, incidently this was the guy I spoke to first who then passed my name onto the network directly.

Cute_'n'_Quirky

Have you got any further with this yet?

pipee

Cute_n_Quirky wrote: »

Have you got any further with this yet?

Yes I am still going through with it. I have effectively joined them and am in the process of doing their exams etc. I have applied for my licences and submitted my Business Plan etc. From what I have seen so far they are a very professional outfit and I am excited by the challenges ahead

UK007BullDog

Sorry, but..... Another "Adviser" on the lose on their own without any "real" training based from experience.

I wish you luck and just make sure you read the contract very very carefully. In effect you will probably not earn any money for at least 3 to 6 months..... been there and wore the T-Shirt. It was a lesson well learned.

BTW Openwork/Zurich lost a lot of advisers who left and joined a new network called Home of Choice which they created themselves more or less, this was less than 2 years ago.

Going by my experience and those from others, it is always best to join a broker or a bank for at least two years to learn the ropes. CeMAP NOT = Adviser knowledge.

Good luck!

JoeK_3

pipee wrote: »

Yes I am still going through with it. I have effectively joined them and am in the process of doing their exams etc. I have applied for my licences and submitted my Business Plan etc. From what I have seen so far they are a very professional outfit and I am excited by the challenges ahead

Why is it that people come on here, ask for advice, receive advice from people who have first hand experience and then blatantly ingnore all the advice that they have asked for.

JoeK

homer_j_3

because we all like to think we know better...