Career Help!!

homer_j_3

There is often a common "brotherhood" between mortgage/financial advisers in terms of they all respect each other for the job they do however there is, in my opinion, an underlying opinion of banks are bottom of the pile whilst your independent whole of markets are the top and everything else fits in between.

I personally feel that a bank can offer you as an employee a lot of support and better working environment than anywhere else so if you are not money driven to the point you are happy with a good average wage then no better place.

Its like comparing the vodafone shop to the carphone warehouse or dial a phone company.

dunstonh

mgulzar wrote: »

I am reading mixed messages but one thing you all agree on is getting the exp!!

I initially thought of doing the CeFa aswell in order to give myself the edge and diversity but now i am thinking twice.

Which firms do you work for guys?
&
Any stories to tell?

We now know that to continue at professional advice level (assuming the FSA proposals come in) that you will have to be qualified to at least diploma level. For those starting out now, that means a further 4 exams than CeFa.

So, if you do plan to go full investment advice then CeFa will not be enough. If you want the basic advice level, then it will be. Although as that is a general downgrade from the current level, earnings at that stage are likely to be no better than a typical front line bank staff member.

I personally feel that a bank can offer you as an employee a lot of support and better working environment than anywhere else so if you are not money driven to the point you are happy with a good average wage then no better place.

When you are starting out, I dont think there is a better place to be than in a bank. The training is structured and you get customers. Sure, you will be fustrated with the working environment at times (although that will vary between branches as well) and you will find you cannot compete with IFAs (although your target market dont see IFAs as they dont understand the difference) and you will find the bank imposes restrictions on what you can and cannot advise on. However, I would still suggest that its the best place to start out. The risk is staying there too long and getting brainwashed. I know that sounds funny but I have a trainee IFA who was a tied agent for over 18 years and he is having problems adjusting to the higher quality of advice, compliance and documentation that exists on the IFA side.

Coops10

I started as a Tied Financial Adviser at age 21 and worked for a bank at age 23 (a few years ago now!!). One of the key components of giving financial advice is confidence, and if you know what you are talking about and the client feels secure in your knowledge, age shouldn't be an issue (although it can be with a few people).

mgulzar

Well thats the problem i am money driven!! (the more the better)

Banks, i go into mine and i cant wait to get out!!

I know i have what it takes to start inbetween but it all about whether an employer can see that.

Zoetoes

I started in July 06 in a tied environment with just CeMAP and no financial services experience whatsoever. The first year with my building society has been a major eye opener and I have learnt so much and the training has been excellent from day one. The company gave me a chance and no doubt took a risk recruiting me rather than promoting a 12.5k Sales Adviser up to Mortgage Adviser but I've given them plenty back in return which resulted in a 7% pay rise today!! :j

I thought their 2007 targets were unachievable and as a branch target they probably are but I've hit my personal targets with the minimum of fuss and have decided that for as long as I'm there I'll set my own targets of being the adviser who completes on most cases in the Northern Region out off 119 of us. As soon as I feel I'm ready, I'll move into whole of market - I feel that day will probably come within the next 3 months and then its time to find someone prepared to give someone with no WOM experience a chance!!

Ian

homer_j_3

Ian,

well done on your successful start.

mgulzar

Learn to walk before you start to run. You are 20 - even if you spent 2 years in a bank, you would be earning a decent wage in comparison to most 20 year olds in the country. By the time you hit 30, you should be at a point where you have your own client bank and earning plenty of money. You need to learn the job and understand what it fully entails.

Both

When you go from a sole provider knowing products and lending criteria inside out to "why don't they do it this way" with other lenders and trying to learn who does and does not do what!

Good luck to you both, I hope you do very well in whatever direction your career takes.

mgulzar

Hey Ian you have done well buddy!!

Its good to hear from someone who is actually working within a banking environment and from your comments its displayed positive progress and satisfaction for you which is the most important thing.


Did you find it difficult to find a job initially?

Zoetoes

mgulzar wrote: »

Hey Ian you have done well buddy!!

Its good to hear from someone who is actually working within a banking environment and from your comments its displayed positive progress and satisfaction for you which is the most important thing.


Did you find it difficult to find a job initially?

Very. Passed CeMAP 3 on 26/5/06 and expected to walk into a job. I couldnt even get an interview and ended up temping tiling a few bathrooms with a mate, gardening and doing some customer services work until eventually I got 2 interviews - one was as broker and one at my current employer which I got through. Started as a trainee and spent 5 weeks in the branch completing their internal training before going up to Head Office for 3 weeks at their "Mortgage Academy" which tought us the structure of putting a mortgage meeting together. Then spent 1 month being shadowed by my coach before I was signed off and havent looked back since.

Would definitely advise on spending at least a year at a bank/building society as the best route into the industry.

mgulzar

So you had it rough too!!

When you dont hear from employers and agencies can be damaging to moral.

*EssEncE*

I can relate to your predicament 'mgulzar'.

For what it’s worth, here's my story so far, I hope it gives you an alternative insight.

Okay, let's reminisce...

Back in 2004, not so long after turning ‘twenteen’, I finally decided on my career, and that was to work towards being an IFA.
I personally thought the best way to achieve my long term career goal was to start out in mortgages (whether that was a good idea or not, time will tell )
Anyway, I was then working at a residential conveyancing firm, hence experienced the legal side of the mortgage process, which if anything is a bonus (and believe me, not many brokers understand or grasp conveyancing).
But without sales experience I knew I had to start at the bottom. So I got my CV together and signed up to all the big recruitment websites and a few local recruitment agencies. At the same time I took the initiative and started studying for CeMAP, knowing I’d need it at some point.
Over an approx 4 month period I attended 10 interviews (basically all the interviews I was offered) and all 'mortgage admin' roles, and all unsuccessful, lol. I was getting the usual feedback 'looking for more experience', and believe it or not 'too career minded, too confident'. I had to laugh at some of the interviewers comments relayed back to my agents, but I took it as experience and persisted. Then finally I landed myself a position in 2006 at a Mortgage & Insurance Network. At first I was a bit apprehensive, as I didn’t fully understand the concept of a network, but hey beggars can't be choosers. But within weeks I realised how fortunate I was. In the space of 2 months I was offered the position of General Insurance Advisor, advising on mortgage related insurance contracts. Better than admin :T . I was also working on the company’s helpdesk, dealing with all kinds of mortgage enquires from brokers, therefore building up my knowledge of mortgages, best of both worlds. Plus the added benefit of working for a network who dealt whole of market, meant we received (and still do) weekly training from the majority of mortgage lenders/insurance providers in the market place today. In 6 months I couldn’t believe how much I'd learnt, and I was eager to learn more. Low and behold after completing CeMAP and attaining competency status in GI, I was offered a Trainee Mortgage Advisor position. I’m a few months in to my programme and all is going well (touch wood).

I must admit though, it’s easy to get carried away with yourself when you start out in this industry, but I fully appreciate there’s a hell of a lot more to learn and discover, and probably always will be. So take each step by step and don’t go all guns blazing in the hunt for the £££’s, that will only come in time.

My current position is ideal for now and probably the next year or so, but I need to move on and start building my own client bank. So many challenges lay ahead.

Where appropriate and when the opportunity arises, always try to discover ‘established’ broker’s experiences and ask their advice. I still do this and it’s given me a true insight in what the future may hold for me and what I need to do to give me the best chances of succeeding.

So keep persisting and committed and eventually you’ll find a position that suits you.

Good luck. :beer: