Help in becoming a mortgage advisor

felix299

I don't know about the mortgage side, but if you want to become an FA then Edward Jones will take you on and put you through all your exams. You will become qualified as an FA and Stockbroker.

Whilst you are studying they will pay you circa 19K. As well as the quals they also put you through an excellent sales training package.

It is extremely hard work for the first couple of years (60-70 hours per week) After that there is potential to earn over £100k per year after 5 years. Some people earn substantially more and obviously some earn less. But if you can stick it out for 5 years you will be earning £70k.

Its not for everyone, but worst case, you get qualified, sales training and gain some experience

dunstonh

IIRC, Edward Jones "advisers" are not Independent but whole of market (due to not offering a fee option). In which case under the latest revision of the RDR, they would have to drop the adviser tag from 2009 and be called salesmen. It will be interesting to see how the big salesforces and national firms will react to RDR. Will they go IFA and risk losing 30% of their "advisers" or will they stay as they are and drop the adviser tag, stop giving advice and call themselves salesmen.

May be a good option for a new person starting out but I personally dont see the appeal to an experienced IFA.

felix299

Your right they are whole of market. I think it will be very interesting to see what happens. I currently work for a whole of market company if this does happen I wiil certainly be moving

Aegis

felix299 wrote: »

Your right they are whole of market. I think it will be very interesting to see what happens. I currently work for a whole of market company if this does happen I wiil certainly be moving

I had an application in with them a while back, and decided to drop it after talking to a couple of people on here and doing a bit more digging. One of the reasons I dropped off was simply that I felt that the 12 or so week training course simply isn't enough for someone to give whole-of-market advice to anyone. You just can't learn the material well enough to fully appreciate the number of funds out there. An IFA with years of development behind them has a feel for what's good and what's not, and can expand their knowledge as they make the transition from tied/multi-tied to whole of market.

From what I've heard, the EJ salesforce basically end up advising clients based on what their central office decides they're selling at any given moment. My thoughts were that this is a very dangerous position for an adviser to be in: claiming to be whole-of-market without actually having the experience required to offer a whole-of-market solution.

Eventually I decided that the risk to myself wasn't worth it, and I discontinued my application.

After that I found their employee turnover rate...

owitemisermusa

dunstonh wrote: »

Wait until you are earning that £30k every 6 weeks and see what hours you do then!

:dance: £30K q 6/52?? I wanna be an IFA!!!!!


EDIT: Sorry for going off point!