Advice Needed For New Adviser

smortgageboard

I'm currently in the process of setting up as a self-emp mortgage adviser in Lincolnshire. I have a couple of whole of market providers willing to take me on, but they charge fees (some compulsory). Does anyone know of a good adviser support network in the region who are WoM and also fees free, as I would prefer to take this route?

Any other advice for someone setting up would also be appreciated

Thanks

HelpWhereIcan

If you really want my advice ... don't - unless you have a client bank or introducers that will keep you supplied with plenty of business.

The market is very tough at the mo and going it alone at the mo would be very risky.

Best to work in a bank or larger broker on an employed basis to ride the storm out if poss.

What level of experience do you have? That will help decide what options you have.

None of the networks force you to charge a fee (that I know of) and that will be coming down from the principal of the firm you are looking at joining.

Make contact with a decent agency, they will be able to find a self employed role within a fee free firm if that's what you want.

Conrad

Good luck, unless you have a ready supply of new business I would'nt get into this business now.
Debt counselling could be more profitable.

smortgageboard

Thanks for the reply appreciate it HWIC, I know market's tough, but feedback I'm getting is that independent's are v busy as people are looking for advice now more than ever? interested to know what you think. I've been in FS for 13 years (though only some of it in mortgages) and have a reasonable number of contacts plus have sussed a few sources of leads for my postcode if necessary, can't face the prospect of working 4 employers any longer, want to run my own business and long term, the mortgage business to me is the best stream in FS? Any more thoughts?

smortgageboard

Thanks Conrad, Debt counselling, is that serious? how? who? where?

Conrad

Yes, plenty of enquiries, but placing them is the problem

Dan_Collins_2

It has sprung to life, well not if you look at last year, but this month is better than Jan, Feb and March.

However unless you have a client bank or high street shop you may struggle.
That said we are with PTFS and they have moments like any network but other than the normal faces we have no restrictions regarding lenders and we are not tied for insurances.

Good luck what ever you chose!

dunstonh

independents (assuming you mean IFAs) are busy because they also have investment business and that side is booming.

That said we are with PTFS and they have moments like any network but other than the normal faces we have no restrictions regarding lenders and we are not tied for insurances.

PTFS are good for mortgages but rubbish for investments advisers.

The problem any new adviser has and has always had is getting clients in front of them. Then converting those appointments to business. With mortgages you are then waiting 3 to 6 months a lot of the time then to be paid for that.

You need to look at your business model and work out where the clients are coming from, what your conversion ratio is likely to be and how long the income will take to start coming in.

homer_j_3

I started last year on my own. Pm me if you want and I will hapily try and give you the benefit of what I have experienced and found. You need to have your eyes open and ensure you are realistic

smortgageboard

Thanks homer, sorry Pm you? 1st day on theses boards and not sure what you mean. I've tried to adopt a realistic approach to this, after a decent sales career in FS (which I've now been in for close on 15 years), I've got myself sucked into a crappy management admin type job with little prospects earning £35k pa PAYE, I think that realistically even if I only earn this sort of money (or even a bit less with self/emp perks), at least I'll be working for myself and working hours to suit me, with the potential for much more if I work as hard as I do at the moment. Wherever I've worked before I always picked up clients, I have lots of contacts from where I work now and can always buy in as a last resort, having sourced 3 generators falling over themselves to sell them (I know theses aren't perfect, but as I said last resort). How does this sound and compare with your first year?

_Andy_

PM - private message, click on homer's name then you'll see the option for it.