Mortgage Adviser Trainee - Magazines?

dunstonh

JPS27 wrote: »

Sorry if this has been asked before, but its a long thread that I haven't had the time to read just yet but I am keen to ask peoples opinions as to whether becoming a mortgage advisor is the way forward.

I'm keen to hear from people who've just qualified or who have been doing it for years.

I'm stating my CeMap training at the end of the month and have a position waiting for me. But I am sacrifycing another job to hopefully make some real money from the business. I understand that money making potential has alot to do with client base and other factors, but my question ralates to is the money available to be made if I have the commitment to be successful, and what potentially could a successful advisor earn?

JPS

If you read the early pages, it is worth it. Later pages is just bickering mostly.

Figures have been thrown at me before from self employed advisors (who do seem to be doing rather well for themselves) but alot of the figures seem far fetched. Figures such as £100000 per year, all the way upto £600000 per year have been thrown into the ring.

IFAs can easily earn hundreds of thousands of pounds but I cant see mortgage advisers earning that. It takes years to get to that sort of level of earnings consistently.

Most new mortgage advisers will not make two years before quitting. It is not an easy job. Very often, skills ability has little to do with it but being in the right place at the right time can be the difference.

Regions have a lot to do with it as well. If you are in an area where the average mortgage is £80,000 then at 0.3% commission, you are looking at £240 commission. If you are in an area where £300,000 is the average mortgage, then £900 is closer to the mark.

payless

the biggest network, ( S...) and last year said there total business turnover was £319,000,000 with a total sales size of 7500 ( that includes IFAs who normally earn more)

so average = £42.5K per head!
( source Fin Adviser trade journal 16/11/06)

and remember thats gross commission before overheads

and with a some maybe earning in the hundreds of thousands of pounds, to make that average a lot must be earning below £30K

For another example one of the main mortgage networks ( PT) ( with a few IFAs) the figures come in at £48K

another (ND) ( mortgage + insurance only) individual sales staff with ARs averaged £27K

Fees charged (if any) may be in addition to this ,

AndrewSmith

They will have a bit of a dent in that this year with their fine of £330,000 for complaints handling concerning SCARPs.

AndrewSmith

The interesting point to that is that I think it indicates the large number of new recruits joining up to networks as AR's, which is increasing all the time. That is why the average 'income' across the networks appears low, they are including brokerages in the infancy of their development who are still becoming established.


:hello: Hi Payless, hows it going?

MortgageMamma

I am in my first two years in mortgages despite having been in the financial advice industry since 1993. Its difficult, particularly if you are self employed and there have been times when I felt like walking away, but then I reminded myself I would be lucky to earn 25k in an employed role due to the region I live in. I hung in there, grafted, explored new avenues of lead generation, invested what I earnt and learnt a lot of hard lessons along the way. I'm still learning - we all are. Luckily, very early on I met someone who became a sort of mentor, more on marketing than anything and that really helped me. Advisers are a secretive bunch and when you ask how they generate their leads they seldom will tell, but this one giving individual did. I now, 19 months later have my own limited company which is doing exceptionally well to date and just about to start a radio adverting campaign. It CAN be done, but you have to be stubborn, willful and have the ability to persevere and bounce back when you end up on your @rse (which you will a few times before you get established)

Best of luck to you

MM

payless

AS - going fine, just come back from holiday , piles of work to get thro' , moving house , reviewing my business direction ... all the same old stuff!

Agree about the " new startups" but to be hitting those average figures, many must be way below ... also the likes of " S " include IFAs and I assume most of the "mortgage ARs" and old "S" IFAs converting, so not as many "new businesses"

Just though these figures give some perspective on the whole thing

toonfish

£40-50K is a realistic income after all fees, retentions etc if you put some effort in, I'd be surprised many folk earning the £100,000's unless they are in city centre brokerages

MortgageMamma

Oh and I just wanted to add

There are some very unscrupulous companies out there that take trainee advisers on knowing how green and vunerable they are. There is a lot of consumer protection but not protection for advisers. i.e. of you are self employed working for a company you are vunerable - I am currently taking my ex company to court for breach of contract, loss of earnings and a substantial amount of comission they owe me. Its thrown my finances into turmoil and almost stopped me from being able to start my own company, as I had to do it on a shoe string for a while. They did everything in their power to try and stop me from trading because they know how good i am and that I'm competition. That and they were just bitter because I was their sole adviser and they were no longer priviledged to the 30% of my income they were taking off me for jack all.

One piece of valuable advice is if you are going to leave somewhere, run your pipeline down as much as possible and in the meantime introduce to another adviser for a split of commission/fee's - it keeps your income in whilst reducing your liablity to your employer

I know not all companies are bad and I have just had some bad luck, but its taught me a lesson not to trust everyone just because they seem nice

shameless-about-money

kenshaz wrote: »

If a link is provided to a website,that is going to increase the numbers who visit and potential customers,how cannot that be viable.
I have given examples of key words being given which link via google to a website,it is subtle but effective.
One contact a week would be lucrative,and I could not put a figure on a précis number,why should some through sheer arrogance be allowed to get away with it ,when others as you say visit here to expand their expertise .
Some brokers are extremely arrogant ,bully other users ,criticize site ethics and flaunt rules,they are are certainly not here for social stimulation ,they have nothing to learn ,they know it all.

Absolute rubbish.

The only one causing trouble is YOU.

Also - it is perfectly allowable for a Mortgage Adviser to have the link to their own business website in their profile - according to mse site rules. Therefore, what is the point of continually going on about "hidden" links?

You need to get a life - and do something constructive rather than destructive with it.

shameless-about-money

JPS27 wrote: »

Sorry if this has been asked before, but its a long thread that I haven't had the time to read just yet but I am keen to ask peoples opinions as to whether becoming a mortgage advisor is the way forward.

I'm keen to hear from people who've just qualified or who have been doing it for years.

I'm stating my CeMap training at the end of the month and have a position waiting for me. But I am sacrifycing another job to hopefully make some real money from the business. I understand that money making potential has alot to do with client base and other factors, but my question ralates to is the money available to be made if I have the commitment to be successful, and what potentially could a successful advisor earn?

Figures have been thrown at me before from self employed advisors (who do seem to be doing rather well for themselves) but alot of the figures seem far fetched. Figures such as £100000 per year, all the way upto £600000 per year have been thrown into the ring.

Opinions would be very much appreciated.

JPS

I have my CeMap 2 and CeMap 3. Am doing my CeMap 1 shortly.
I have my placement as a Mortgage Adviser to start 30th April to attain CAS.

With any work that you do in this world, the more effort you put into it the more you will get out of it. The more dedicated and diligent you are, the better your reputation, the higher your earnings will be. Simple!

The Company I am going to work for has Mortgage Advisers whom are earning £150K per year, some who earn £100K per year. It is mostly down to effort.