Becoming a broker

Potentialbroket

Hi Folks!

Long timer lurker to these boards but first time poster!

I currently work for a main High Street bank as a mortgage adviser, and I'm looking at the possibility of jumping out of the "safe zone" and flying solo!

I was wondering if any of the regular brokers that post on here can provide some insight as to the initial process of doing so (appreciate it may've changed significantly) and answer I few questions that I have.

I appreciate mis-spelling my username isn't the best start to this, but needs must!

Please get in touch via PM if you can help

Many thanks in advance!

amnblog

We had a BDM for a major lender who asked us about this.


When we added up the value of all his benefits from his employer it came to over £85,000 p.a. and had no risk attached!


The silly boy still 'jumped'.

Potentialbroket

His salary package seems alright!

Having just Reached CAS status, my package will increase to roughly £29,000 P.A at the moment, with not much room for growth in the next few years.

ACG

Generally speaking you would join a network. They would get you up and running, showing you the processes/software etc etc.

As you have CAS (presumably) you would be able to set up on your own. Alternatively you may want to joint up with an existing company as it:
1) Gives you a support network. I have a lad joining me next month, one of the things he wanted was someone to help when he had difficult cases.
2) Can be lonely being a 1 man band.
3) Bigger companies, tend to know who to speak to. I know when I was part of a larger firm if we had problems we told the principle, he got on the phone to someone high up throwing his toys out and it usually got resolved quicker. Like anything, if you know who to speak to...
4) They may also provide you with leads.

It is a LOT different to working with a bank but in my opinion a million times better. But you need to way up the pros and cons. no set wage, no pension, no bonuses etc etc. But on the other hand when it was snowing last week I had a lie in and worked from home. Not needing to go out in the freezing cold. Last summer I worked in my back garden. No boss to sign in with and if im ill I can just stay in bed and shake it off rather than endure 8 hours stuck in an office for a few days.

Getting going is the hardest step though, it took me about 5-6 months before I was earning a real wage. It took me about 3 months before I was earning a penny.

Potentialbroket

ACG, thanks for the extremely detailed response. I've sent you a PM with a few more specific questions.

amnblog

What's wrong with joining a DA firm ACG?

amnblog

PB


You receive a lot more than £29,000.


Holiday pay adds £2,400 before you start


Sick Pay
Pension
Private Health Cover


Company Car?


Factor it all in.

Potentialbroket

Totally appreciate the additional benefits of being employed. We don't get cars or car allowance, only mileage but again only paid over and above normal business miles.

ACG

amnblog wrote: »

What's wrong with joining a DA firm ACG?

Nothing at all. Im just thinking if he is setting up on his own a network will be useful (they were for me).

If hes joining another firm then DA or under a network are both viable options. when I said joining another firm I was being general (ie a network of DA).

ACG

Potentialbroket wrote: »

ACG, thanks for the extremely detailed response. I've sent you a PM with a few more specific questions.

Not got anything.

Potentialbroket

Being a new member I can only send 1 PM an hour. The Joys!