Is a Mortgage Advisor/IFA a good career path?

compound

I am thinking about going down the Mortgage Advisor/Financial Advisor route but wanted to know whether it was a good career path.

I am currently about to start in an entry level banking role soon. I would aim to complete the CEMAP exams within 6 months. I would then try and apply through the bank to become a Mortgage Advisor and spend a year or two learning the ropes (attain Competent Advisor Status).

It’s at this point I’m not sure where to go. I could continue working in the banking industry and move up further if possible i.e.Mortgage and Protection Advisor, Senior Mortgage Advisor, etc. The other option would be to work for an independent brokerage however I am aware that earning potentials might not be great.

I was thinking while working as a Mortgage Advisor in thebanking sector I could train to become an Independent Financial Advisor (CFP tolevel 4). I know it takes quite a while but on completion I could work for a brokerage and earnings would be better.

So my questions are:

· Is a Mortgage Advisor a good career?

· What skills or qualities do I need to be successful?

· Is it feasible to train as an IFA while working as a Mortgage Advisor or would it be too difficult in terms of workload?

· Is an IFA a good career with great earning potential?

· If you work as an IFA do you need to have your own client bank already made up or do you still get leads? I am confused over the “employed” and “self employed” differences?

· Is it feasible to earn £50k per annum in 5 years going down the Mortgage/ IFA route?

shonzyd

you are asking whether it is a good career on a mortgage forum? There a brokers on here so what sort of answer do you think you are going to get??

Have you tried speaking to a career advisor? As you about to start a new job, see how it goes and take it from there.

ACG

Being a mortgage advisor (on a self employed basis) is great.

If i have things to do or i want to go to the gym, i book my appointments around them. I hate mornings or rush hour, so i dont book appointments before 10am. I dont mind working evenings as i would only watch rubbish on TV anyway.

Working in a bank would take all of the benefits of this job away from me so i would hate to be working for a bank or an estate agents with all of the targets and knowing that what your getting isnt anywhere near what the bank is getting financially speaking.

The downside to being self employed is that its very difficult to find clients if your starting out. You have the banks and estate agents to compete with.

Being a bank advisor isnt the same, your selling about 5 different products and an insurance policy you know is a lot more expensive than the customer can get elsewhere - i know for a fact i wouldnt feel the same sort of satisfaction knowing im selling something that is expensive.

As for the IFA side, i know IFAs who are struggling to earn £20k a year but i also know some who are earning in excess of £100k a year.

Thrugelmir

compound wrote: »

[/FONT] Is it feasible to earn £50k per annum in 5 years going down the Mortgage/ IFA route?

How hard are you prepared to work? Put in long hours while your mates go down the pub. Salary is a reward for effort.

Dave_Ham

I would be surprised if you would get advanced that quickly within the banks these days.

Given many of the banks have let go of their Financial Advisors and the broader changes in regulation; the market is saturated.

That said, good brokers are always in demand and ACG rightly says it is much harder in the early years and starting out.

In terms of career, I have always believed that if you are dedicated and bright you will succeed and the money will come.

The same as Electricians, Plumber's, Market Traders, House Developers, Stockbrokers the ones that are the best will earn more money. The ones who are not or do not put in the effort will not.

As a self employed broker/IFA you have to be able to work non-office hours and crucially you need to be able to get on with people on their level.