Recently qualifed cemap - any advice please

natchan_2

Hi
After being made redundant in jan I have studied hard and managed to complete cemap with merits in 7 wks! I now face the problem of trying to get someone to take me on without experience.. what a nightmare. Ive been offered a position with a friend of a friend that is office based but commission only basis, he likes my outgoing personality and feels I have potential. Ideally I was looking forward to being with a broker and doing home visits from company generated leads. I just dont know what would be best, I also like the idea of a basic. can anyone give me some idea of the commission rates I should be looking at either office based of self employed?

Some general information on what direction I could now go in would be a great help.

Thanks

shameless-about-money

Have you had a read of the other posts here regarding CeMap?

I took my CeMap 2 and 3 last week after five weeks' study and got Merits in both too !

I have my CeMap 1 exam on 2nd May.

Usually, the self-employed rates are 70%/30% split , the 70% to you.

I know what you mean about it being difficult to find a placement! They all want "proven track record" with the full CeMap!

Will pm you with some information I was given by a kind person.

AndyWallace

shameless-about-money wrote: »

Usually, the self-employed rates are 70%/30% split , the 70% to you.

These rates would likely be on business that is sourced and converted by the adviser alone. Unlikely to get 70% where the company provides seated appointments and/or leads.

Andy.

MortgageMamma

I think you might find it easier if you got a job in a bank, even just for 12 months of something, You will learn the basics without being personally liable for your mistakes and the banks will teach you how to sell. Well done on passing cemap so well, but remember its like your driving test you don't really learn how to sell until you are let out on your own

I will be taking trainee brokers on myself as I realise we need new blood in the industry and I really enjoy training, but it wont but until the back end of this year or early 2008 as I have to take advanced cemap and a supervisors course first

Rick62

The problem you have is although a good result on the exams you are not certified competant for FSA purposes until you have some practical experience, typically 12 months. You need to find someone who will be willing to supervise you during this period.

dunstonh

Usually, the self-employed rates are 70%/30% split , the 70% to you.

As MM says, that's if you do it yourself. It is more likely to be the other way round with 30% going to you on shop generated leads.

The problem for anyone taking you on is that there really isnt a shortage of people getting cemap and most new advisers give up within 12 months as they cant make a living out of it. There is a risk to the person taking you on as well as a cost. So, to getting a basic salary is unlikely without a track record in the whole of market side. Even if you did, I would expect a proviso would be added that you would need to generate 2 to 3 times more in earnings than the basic.

One of the bigger firms in our area use 70/30 30/70 as the split for advisers with no basic. Another firm that does pay a basic will only do so if you are able to write 3x more in commission/fees. Typically, that means they will pay £33k if you write £100k of business.

You are just starting out and you need to accept that your earnings potential is going to be limited for the time being.

shameless-about-money

AndyWallace wrote: »

These rates would likely be on business that is sourced and converted by the adviser alone. Unlikely to get 70% where the company provides seated appointments and/or leads.

Andy.

From my experience in recent months of applying for work as a Mortgage Adviser, the split is 70/30 where the Company DOES provide the leads!

I have 7 Contracts of employment sat here with me, all basically the same, all providing leads, all 70/30 split, the 70%to me. I have one other Contract which is 70/30 to the Company and I was advised by theTutor on my training course not to touch them at all.

Maybe it depends on the Company or the area, I don't know, all I know is that up in the North-East, the 70% is normal for the Adviser.

All of the companies I have been interviewed by, whom have offered contracts, all cover me for liability, etc.

Getting a job in a bank is impossible without experience of the job - they just don't want to know. Again, probably different if you are in London/Manchester/Birmingham.

They take one look at the cv and see that you will be newly-qualified so there is no way they are going to offer a salaried position.

Mr_helpful

you may have to watch the quality of the leads though some may be good others rubbish. You can buy them in but this can be expensive and you still end up with rubbish.

shameless-about-money

The Company I have decided that I want to work for have a good reputation and are well-established in my area.

The Company provide the leads but I can get my own too - which I intend to do.

It is in the Companies' own best interests for a Mortage Adviser to succeed, otherwise they won't make any money themselves!

I had all of the companies checked out - with the FSA and Companies House.

absolutebounder

Shameless
Just an off topic question but why do you want to be a broker with all that regulation when you have the skills as a hypnotist and can make just as much if not a hell of a lot more

shameless-about-money

Even though I have clients from all over the country, it is impossible to fill a working week.

Up here in the North East you still get a lot of folks who are very wary of hypnosis.

I went into Hypnotherapy as an interest and as an adjunct to my main medical practice. When I had to retire from my medical practice due to problems with my hands, I wanted something totally different.

Since I had been doing debt counselling and etc, it led me to mortgages. Hence the current position.