Mortgage Adviser Careers

Mool

Hi AllJust a quick question for anyone who can help. I am CeMap qualified with 2 years experience (field based) and working for a small broker who's director is completely insane and who supply dreadful quality leads. Have been offered a self employed position in an estate agent which already has a main adviser (I would be a second writer). Sounds like a recipe for conflict to me. Is this a common practice in an estate agent? Another possibility is a large mortgage network who will consider CeMap qualified advisers but specialize in training their own advisers up to CeMap level. This is also SE and they fund your first 3 months until your pipeline of pay starts coming through.Which way to go? I have to move very quickly as my current position is about as bad as it gets!Thanks for any help

UK007BullDog

Well there is lots of activity in the employment market. Have you tried the job websites?

As for conflict of interest. If they pull in so much business that they need a second person that is a good thing? Of course if business slows down? Could be bad. Or the other adviser works off their database/past clients.

NeilQuinn

In a quiet market like today's I'd be a bit wary of a self-employed position in an Estate Agency, unless you've a decent client bank of your own to write remortgage business from. (Been there, done that)

The mortgage network sounds a better proposition if they supply you with leads as well. Check out whether the 3 months funding is repayable or not.

MortgageMamma

I am a broker within an estate agents, and there are two of us. I dont find the other broker competition, more of a good friend and we support eachother a lot and swap knowledge. we work as a team and there is never a fight over business as we work it on a one for you one for me basis. Its great for holiday cover. However one thing I would say is the mortgage market is going through a transition at the moment and there are estate agencies closing down every day. I'd be vary about venturing into a self employed position if I was you. A mad director and poor quality leads are much better than no leads at all and financial ruin.

Think carefully, and read the mortgage press.

MM

Mool

Thanks for the advice everyone. Going to check the Estate Agent out for myself today. I have been warned about the mortgage network position I was also considering, they are high fee chargers (£995 for a one off or £1995 for a lifetime service). Leads are bought in bulk and given to the advisers who then make their own appointments. A friend of a friend is doing very well with them. I'll pop along to the interview anyway. Cheers.

Dan_Collins_2

I would ride ride the storm a little before going in to any self employed position. Most web based leads are poor at the mo unless you pay £100 plus for a lead. Best way is to have a base of existing clients, taking me a while but I would of hated to be in that position at the mo.

If m ost brokers are honest there is a drop in business, mainly purchase. As the other posters say think before you jump!

Conrad

Dan, I'm writing less than 50% of the figures I delivered from about 2002 - 2006.
I can't pin down exactly what the reason is.

My hunch is the reduction is due to the fact more IFA's got interested in mortgages following the Dotcom crash and the vast reduction in income from endowments and pensions, and secondly that lenders became more adept at client retention.

That or I lost my touch!

As for buying leads, I've never tried it but if it really worker surely the really big networks such as Premier Mortgage Service would have cottoned on?

dunstonh

I know IFAs that are virtually mortgage advisers now (and really ought to drop IFA status) who used to be mainly investment advisers. So, that could be part of it.

You also have IFAs who are looking to wind down (remember the average age of an IFA is 53). A good way to do that is take your trail/renewals and become a mortgage adviser as the compliance and costs are less. The RDR is likely to see that increase as many of these over 50s IFAs arent going to want to increase their qualifications to keep IFA status. I know 1 that has already dropped it and another is doing so towards the end of this year as he is already commited this years levies.

On the other hand, more IFAs have dropped mortgage authorisation as well and are focusing more on investments. I dont know if they would cancel out the ones that have gone mortgage only.

Of course, IFA numbers are up in the last 5 years (although down over 10) because of the closure of many of the old salesforces (Pru, Pearl, Dunbar etc)

You also have far more mortgage advisers around now. Too many really and of course the market for mortgages is shrinking.

HelpWhereIcan

I am not a doom and gloom merchant (too many of those around at the mo), but I would really think twice before going self employed unless you know the leads are going to be there and/or have a client base to work from. There is business to be had (and always will be), but brokers will have to work smarter to maintain income levels by looking to service their clients properly and add value by offering other services that compliment mortgages etc or may be more suited to the client in the current climate.

Is it a strong agency recruiting because they have more business than one adviser can handle or are they hoping that if they have two people chasing the business they will act as competition for eachother?

I would not want to be starting from scratch now and even though this year looks like being my best yet so far (one advantage of being in year 3 and seeing renewals coming through after having spent the last few years chasing new business), I have thought about jacking it in and joining one of the banks as a sales manager.

Mainly for my own sanity, but partly cos I looked at the basic salary and thought - they cannot seriously be offering that as a basic!!! (in a good way)

Also because there is a chance that if the RDR crosses over to mortgage advice the banks will be a very (the most?) profitable place to be for mortgages in the coming years (and that's without the effect of the credit crunch).

I also relish the chance to tell a bunch of branch based advisers how lazy they are and how good they have it...

"It's all about activity you know. Start asking for the business. How many appointments have you got for tommorow? Why is your conversion rate as low as it is? Who's not giving you the support/leads you need? I'm not happy with your life penetration. How many people have you asked about talking to the FA?"

Ooooh, I'd love it.:rotfl: I put up with it it the past, love to shovel it down now.

dunstonh

I have thought about jacking it in and joining one of the banks as a sales manager.

Mainly for my own sanity, but partly cos I looked at the basic salary and thought - they cannot seriously be offering that as a basic!!! (in a good way)

I left the bank as I feared for my sanity. The basic may appeal but once you have been "independent" it will be very very hard to go back to being tied and work in a bank. Although as a manager role that is slightly different. However, banks do have a history of a cycle of creating management roles, then finding they have too many managers and want to scale back and merge the roles before starting the cycle again. The management role isnt that secure either as your income will depend on your team and even your job may (I know two sales managers with banks that failed. One was dismissed and one was transferred to manage a call centre)

Also because there is a chance that if the RDR crosses over to mortgage advice the banks will be a very (the most?) profitable place to be for mortgages in the coming years (and that's without the effect of the credit crunch).

The RDR suits two groups more than any other. Banks and servicing IFAs. I think it is inevitable that the RDR will be extended to mortgages. Maybe not right away but at some point. The FSA keeps saying how unhappy it is with mortgage regulation currently and its got to be only a matter of time before the light touch regulation is replaced.