Mortgage networks

dunstonh

I know two IFAs with PT and they find them a right pain. I have got involved at points and had to correct their compliance department for insisting on things which either no longer existed but were plain wrong. i.e. had to document why they hadnt recommended a stakeholder ISA on their suitability report (despite the fact that stakeholder ISAs havent existed for a few years) or document that the wife should have the unit trusts in her name as she can claim the tax back (not possible for a good many years). Plus these IFAs have to pass their pension transfer business through me because PT have daft rules that prevent them from doing it.

The thing I hear a lot about PT is that they are pretty good for mortgages and GB but a disaster for investment business. Plus they are intrusive into your business. They wont let you develop relationships with the providers. They wont even let you see a broker consultant. You have to upload your client files to them to hold and you have to use their software. They do no research bulletins and do nothing to help your business when you request it.

Plus, their commission rates are lower. They arent bad but on investments I can get upto 1% more than they can get with a number of providers.

Don't think Sesame are particularly cheap . PT are , although I have heard that some investment advisers find it hard work with them.... but would say they are more geared to Mtg anyway

Sesame are not cheap if you are earning less than £100k a year. They are looking for those that can earn 100k plus. That said, with Sesame generally getting the top commission rates, that does offset it to some degree. Plus I think that mortgage and GI only gets it much cheaper than investment business and doesnt work on the tiered charges based on turnover.

payless

With PT, its likely better to get under an umbrella , as fees are calculated based on the groups' turnover.. but firms are still effectively separate.

that said I still prefer DA !

MortgageMamma wrote: »

with the RMAR reporting would you not just get your compliance contractor to do that for you if DA?

Mine offer a helpline , I doubt any would actually do it for you ...the form is not that bad, but you do need to be totally upto date with management accounts to have the information at hand

MortgageMamma

I still miss being a DA to be honest but you can't keep jumping from one place to another just because something irks you. I'll stick it out another 12-18 months and see how I feel then.

That said, there are a lot of positives about Pink. Last night I drove to liverpool to do some paperwork with a client who was due to be repo'd on 11th september. As the packagers are a bit on the slow side I'd decided I would forego putting the app in the post and actually drive to lichfield with it. I rang my BDM, no answer (buy hey it was 7pm) so I rang my compliance officer to ensure the gates would be open and I wouldnt have to scale the railings to post it. Bless her she said she would take it in for me this morning if I drove it to her house in Ormskirk which I did. I didnt get there until 10pm but she still insisted on me going in for a coffee and she kept me there gassing until 11pm.

I came away extremely happy. sometimes it just takes one person to stick their neck out for you and it can change your perspective a little. Its the employees that make a company and Ive got to say there are some smashing bods at pink.

undecided_mortgagebroker

Hello to all,

I am a new member to this site and this is my first post so please bear with me (also my spelling isn’t the best). After reading through many forums this seems to be the most relevant to my dilemma. Especially with the vast amount of knowledge that you all have. Let me set the scene, I am an independent mortgage broker and have been for the last 2 years. I am purely mortgage and protection and estate agency based. I am now desperate to start on my own as I recently changed firms and seem to have set up the department within a new estate agent with very little help from the firm I am meant to be employed by. To cut a very long story short I am looking for a network/franchise that has either links to an estate agent or referral source. I know I may be dreaming but any advice would be very much appreciated.

MortgageMamma

I believe one of the larger mortgage networks gives its brokers the opportunity to franchise an estate agency - mortgage times group I think.

MM

running_man_3

I have just got back from my 2nd week of CeMAP trng and read over all the responses posted. Thanks to all.
From networking while trng, plus the advise from this thread, I am now looking to be employed by an estate agent for up to 12 months or so until I get my feet under the table and understand how the business works. Once complete, I will then look to go out on my own via a network or DA. I'm keen to understand how to best identify which network will be best for me and from what I have just read, this will clearly not be simple

homer_j_3

no it will not be simple - I have just joined Pink too purely because the 24hr payment that they do and the fact that they are part of the Skipton group. I have worked for the group a lot of my working life and get on with their ethos but thats me.

I have done the EA route, it will be a good learning curve and you will soon realise how much their is to learn above what has been taught in the exams you are doing.

So coming from an employed environment to a self employed environment as of Friday and going from 39 lenders to whole of market with over 65 lenders on panel and the ability to go off panel without permission is something I am looking forward to.

I wish you good luck with your new career. Listen, Learn and be persistant - I am sure you will do just fine.

running_man_3

Thanks for your help, advise and comments of support. I have over the last 2 weeks become well aware that I have alot to learn and hence have decided and been advised that an estate agent route is best for me. How long were you in an EA before your move on Friday.

homer_j_3

I have had over 11 years in the industry. I spent 12 months in the EA business.

Don't rush, you will know when you are ready - I spoke to an adviser at one of the other EA's in the town where I worked as she was new and trying to size up the competition as such. She was like a fish out of water and she had worked for a building society prior too.

Just focus on your knowledge of lenders, learn from the more experienced advisers on how they do things. Adapt to suit your style and remember that you will take a while to get comfortable with most aspects of your role.