Mortgage adviser!

amnblog

ACG wrote: »

I can guarantee I could not write 20 mortgages a month.

Is that statement based on your wish to preserve your sanity and go home a couple of times a week ACG?

ACG

I did 9 mortgages plus a few protection policies between the 1st and 19th June. It then took me the next 2-3 weeks to catch up on admin. Not helped by the fact 2 of them were very complicated, but the thought of doing double that scares me. Life is too short and it would be even shorter if I was doing 10 every month.

Personally I do not want to 10 mortgages a month let alone 20. I do not mind a busy month once in a blue moon but definitel not every month.

amnblog

Important feedback for Vincent.

Senior_Paper_Monitor

The potential 'business models' are fairly endless - but I think Mr Beckett is a way off.


We are currently a single adviser office and our current target (which we have reached the last couple of months and may exceed this month) is 20 cases a month - but it takes a support team of 3 1/2 to do it + more IT (hard and soft) than I suspect the OP is considering (+ somewhere to put them).


It has taken us 7 years (over an admittedly tough period initially) to get to that position - and we were lucky that we had some sound technology and business experience (in other industries) together with an experienced adviser (with a reasonable client bank) in the original mix.


In my experience every estate agent/solicitor/accountant etc already has their own arrangements and it is only when you are well established in a specific market they will come looking you out.


We work our budgets on a basic calculation of '5 cases per month per skull' (we ignore the 1/2 who is an archives/compliance lady) as a necessary level of business - and we are fortunate to maintain our average earnings per mortgage a little above the level suggested above (but we are in a fairly high value area - although that is offset to some extent by our national RTB business - if you are looking to do local business in the northwest for instance, your 'per case earnings' will plummet).


I really suggest your best route is to join a small firm (there are many desperately for newly qualified staff) where you will get a reasonable - probably self employed - living for a couple of years along with the experience that it takes to become a successful broker/adviser (there is much more to it than CeMAP).

Vincent79

Can I ask your thoughts on joining a network? Are there any that could be recommended?

TBeckett100

Interesting view points. I do hope those who think brokers are useless and not worth the money when they clearly dedicate a lot of time, think again

Senior_Paper_Monitor

To be honest the only networks I am familiar with and can therefore comment on will not take a set-up, non-competent status, newly qualified adviser (its all about risk profile + time input necessary against projected income).


I know some will but not many.


I can only repeat my opinion that you would be better going RI with another firm for a couple of years - your network is then their choice (ie whoever they are with, assuming they are not DA)

amnblog

As MSE says Vincent, you need a lot of support initially.

Studying for CeMap prepares you for less than 10% of 'the job'.

You will be like a 'bunny in the headlights' when you have a case to place for the first six months - longer if you are not busy.

You will need help every 15 minutes - seriously.

The learning curve is massive, complex and can seriously kick back if you get it wrong in a regulated environment.

If your objective is not to work for someone else, why do it in a regulated industry?

ACG

Senior_Paper_Monitor wrote: »

if you are looking to do local business in the northwest for instance, your 'per case earnings' will plummet).

Im in Manchester, I average around £1k per case but I do have a niche and I charge a fee to help me get to that figure.

Fully agree with your post though.


OP you need to call around the networks and try to find one who will accept you if you really do want to go the route you are suggesting. But bare in mind as soon as you get anything that straigth forward you are going to have a lot of work on your hands. There is nothing wrong with being thrown in at the deep end, you learn that way. But you will be learning a lot and you are risking peoples futures whilst you learn.

Vincent79

Can you still make a decent living as an adviser after all the changes the industry has been through in the last 5 years?