Mortgage/Financial Advisor

chrisbagsy

Hi
At the risk of a massive rebuke from all the gifted professionals who partake in MSE's forums..
My questions consist of the following:
1. Is it worth my while aspiring to become a part time IFA/MA? I am employed FT as a Project Manager but have a keen interest in all things financial. I have helped quite a few of my closest friends sort out their finances and providing them with initial mortgage/financial advice prior to them speaking to professionals (fore warned is fore armed. Or should I say "A little bit of Knowedge etc):rolleyes:
2. What official qualifications should I aspire to obtain? Most of my study would have to be on a part time basis. But that doesn't phase me.
3. Do you think I am being a little bit niaive in trying to quantify something that I am interested in?

I am not wanting to do this for "The Money". Just the interst in figures factor.

Thanks for replies in anticipation
chrisbagsy

dunstonh

You couldnt afford to be a part time IFA. And thats ignoring the fact it is virtually impossible to go straight to IFA without having industry experience or an employer that is willing to take on your liability.

PI cover would be around £2500 a year.
FSA levies around £3000 a year.
Software (research and additional) around £1200 minimum to £10,000 a year
network costs £3500 a year on minimum retention.
DPA authorisation £75
Consumer credit licence around £100 a year

Regulation and compliance make this an expensive business. Unless you are going to do it full time, it isnt worth doing it I'm afraid.

MortgageMamma

Hi Chris

Its not possible from a client care point of view to do this job part time, I know, I have tried. You will however have flexible hours as if self employed you will have plenty of time between appointments

I think if you are geniunely interested in the job then get stuck in and good luck!

MM

JoeK_3

chrisbagsy wrote: »

Hi
At the risk of a massive rebuke from all the gifted professionals who partake in MSE's forums..
My questions consist of the following:

1. Is it worth my while aspiring to become a part time IFA/MA? I am employed FT as a Project Manager but have a keen interest in all things financial. I have helped quite a few of my closest friends sort out their finances and providing them with initial mortgage/financial advice prior to them speaking to professionals (fore warned is fore armed. Or should I say "A little bit of Knowedge etc):rolleyes:

Hi Chris, yes it is possible to become a part time mortgage adviser, it's just a matter of knowing how.

chrisbagsy wrote: »

2. What official qualifications should I aspire to obtain? Most of my study would have to be on a part time basis. But that doesn't phase me.

There are two mortgage adviser qualifications in the Uk, one being the Certificate in Mortgage Advice & Practice (CeMAP) and the other being the Mortgage Advice Qualification (MAQ).

In my opinion the easiest and best known is CeMAP. This is a three part exam CeMAP 1 (Shared with CeFA the Financial Advisers Certificate) CeMAP 2 and CeMAP 3.

These exams can be studded for from the Institute of Financial Services and each exam costs £130.

Further to this there are fast track training courses available that can help you to pass the exams

chrisbagsy wrote: »

3. Do you think I am being a little bit niaive in trying to quantify something that I am interested in?

Not at all. This is the time to make the enquiries.

chrisbagsy wrote: »

I am not wanting to do this for "The Money". Just the interst in figures factor.

Thanks for replies in anticipation
chrisbagsy

What a refreshing change!

JoeK

chrisbagsy

Thanks for your very useful information Joek. I have £2000 available to me for future training. Provided by my previous employer (HM FORCES) that I can use for further development. I feel more confident about how to approach the training now.:A

Thanks Mortgagemama and everyone else for your useful comments.

:T