being a mortgage advisor after discharged from bankruptcy

caso

Hi all

I am after some valuable advice. I have been discharged from bankruptcy now for 1 year . Having had a long desire to work as a mortgage advisor I am now looking to pursue it. I can not get a definite yes or no from my research so far as to whether my BR will effect it and I am not looking for one as I understand that all cases are different.

What I am looking to achieve from this thread is advice off someone who has been through this same scenario or know of anyone.

Thanks in advance

dunstonh

If you are looking to be self employed under your own FCA regulated company name then the answer is no if directly authorised. Under a network it would be up to the network but most would not like the fact it was just 1 year ago and you still have a control function with the FCA and would have to satisfy them.

However, as an employee, then that is at the discretion of the employer as you would not personally hold any FCA control functions.

As an employer of mortgage advisers, I would not consider an adviser who was recently bankrupt. However, like most, I would also not consider taking on an unqualified and inexperienced adviser in a market that still has too many mortgage brokers.

My compliance company require all adviser/brokers to fill in an annual assets and liabilities statement, a credit reference check is carried out and proof of savings/investments needed. There needs to be at least a £10k surplus.

Do you have at least £10k in the bank? (there is talk of this rising to £40k)
Do you have the qualifications needed?
How do you intend to obtain clients (you are not allowed to cold call)?

Over half of new advisers fail to make a go of it and leave the industry within 2 years. Usually in debt as they have not earned enough. And that was pre-credit crunch. God knows what it is now. Most of them due to not having enough clients. Not that many are taking inexperienced people on. Having just exited bankruptcy, do you really want to take this on?

You wont be spoon fed clients, so how would you get them?

caso

Thank you for your reply .

I would be looking to go down the employed route first as a trainee . I have already researched training providers to complete my Cemap.

I don't currently hold 10k in my account and not likely to for another 2 years. Is this is going to be a major stopping gap ? If so then there is not much I can do .

In regards to generating business and not able to cold call I see this as a challenge so will come to that at the time if I decide to go ahead .

circumstances surrounding BR was after leaving the forces and struggling to adapt to civilian life which now I have. I am looking for a long lasting career and this is something that I have wanted to do for years.

This is most definitely not going to be an easy going process to become an advisor I know however where I see a possibility of fulfilling my goal then I will do everything I can to achieve it.

Once again thank for your reply , you can be sure I will take everything on board

dunstonh

I would be looking to go down the employed route first as a trainee . I have already researched training providers to complete my Cemap.

Who would employ you?

In regards to generating business and not able to cold call I see this as a challenge so will come to that at the time if I decide to go ahead .

It is the single biggest challenge and the one that most fail at.

Any employer is going to want to see what you can bring to the party. You have no clients, no experience and a poor financial background. I am not trying to have a go at your ambition but just making you aware of the issues.

longtermplanner

Just because you are keen to do something and not daunted by the idea of a challenge, doesn't mean that it's a good idea.

I would strongly suggest that you look for an alternative route to channel your enthusiasm and selling ability.

caso

Thank you both for your feedback

I am very keen on this idea however , I am also wise to the fact that not every thing is possible.

I have made some wrong choices in the past and have to live with them . This is what I needed some straight answers from people like yourself's in the industry. I will definitely need to re think my career choice and maybe just maybe this may fall into place in years to come after I have proven my finance is under control

Again thank you for your responses