Career change at 49 years old to mortgage adviser

Cupranod

I'm looking for some advice and opinions regarding the above.I am studying my CeMap qualifications with the intention of becoming a mortgage adviser,and will be taking CeMap 1 very soon,which I am confident of passing.

In the past 15 years,I have run my own contract cleaning business for much of that time,employing staff and doing all the sales,contract management and business operations as necessary.Due to my divorce and relocation,I sold the business a few years ago and have been working in the transport industry in my 'fall back' occupation-it's very much a stop gap whilst I get on my feet.I'm doing it so I can have a salaried position to get a mortgage; once that is secured I want to change my career.

At my age,is it feasible to go into the financial services industry? I have excellent life,work and business experience,along with good communication skills and a genuine desire to succeed.I love selling,and did well negotiating contracts for my business.My intention is to move into the equity release market and take my CaRer exams having gained 12 months experience selling mortgages and protection.

Any advice/opinions would be appreciated,although I am mindful that ageism does exist in the employment market so I want to be realistic and well informed.I realise that having no real background in financial services will put me at a disadvantage,however hopefully I'll get a break somewhere,maybe with an estate agency or bank.

amnblog

If you are targeting the ER market, I would think that would make your maturity an advantage.

ACG

There are 2 parts to becoming an advisor:
The exams,
Competant Advisor Status (CAS).

The first in my opinion is the easiest to get as its solely reliant on you. CAS however is where you need a manager/owner of a business to effectively sign you off. It took me around 6 months to get CAS and that was after around 9 months of tryiing to find a company who would take me on and train me. Admittedly I was doing it at the height of the recession but it was still the hardest part.

A bank of corporate estate agents could be ideal. I do not hink your age will be a barrier, I nearly took someone on last year who was 45 and had no qualms about his age.

dunstonh

although I am mindful that ageism does exist in the employment market so I want to be realistic and well informed.

it doesnt in advice. The average age of an IFA is around 59. Age would not be my concern but I would have concerns about you.

1 - no history. So, where are your clients coming from?
2 - targeting a small niche market. are you going to generate enough business for you to cover costs, let along make a profit?

Cupranod

Thanks for the replies.I believe my age could be an advantage in some roles,however I know that I need to get CAS after the exams,and that it won't be easy to find a place to do that. As far as finding clients goes,then I need to be with an organisation that can feed me leads,and build from there by referrals.I'm initially only looking as far ahead as passing my exams and getting CAS-obviously I will need to be good at what I do,and the attrition rate is quite high.Once I've proved myself,then I'll look to become more specialised;the CaRer qualification is something I am considering once I am established.I know it's not an easy road,but I have the energy and motivation to pursue a career in an industry which I have a great interest in.

David_White

Just out of curiosity, what is attracting you to equity release?

Cupranod

Dealing with people above and around my age group,which I think will make me more employable as a more mature worker.I'm happy to relate to all age groups,however as I'm a bit older myself it's an area I'd feel comfortable working in.

magpiecottage

I have the Advanced CeMAP and CeRER was one of the elements I chose for the upgrade.

Equity Release is an area that is likely to attract a good deal of demand - particularly if people blow their pension pots under the new rules about them.

However, it has dangers for an adviser.

Firstly, you need to always be aware that if you recommend they release and spend equity that your clients' offspring thought was their inheritance they are likely to take you to FOS. So you must ensure you make sure you can defend them - and make provision to have to pay FOS a fee (currently £550 a go) in order to do so.

Second, if somebody goes for Equity Release and then has to go into care, this can adversely affect their right to State Benefits - particularly in respect of care arranged by the local authority.

So I would advocate taking the Certificate in Long Term Care Insurance (CeLTCI) as well.

You will not be able to advise on this as an Equity Release adviser but FOS recently upheld a complaint against a mortgage broker for supposedly misselling a mortgage to an accountant who then blew it on a foolish investment which the mortgage adviser did not recommend (and was not allowed to recommend).

Also, if you are running your own business, do so as a Limited Company. If a member of a network find out if they want personal guarantees - if so, they can hound you for life over complaints.

I am not saying do not do it - but make sure you know what you are letting yourself in for.