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Why become a mortgage broker
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I don't know - I do like the people aspect of the job and it can be rewarding (emotionally not just financially).
Yes it can take a lot of time to deal with one case, but again that adds to the sense of reward. Part of the job is the challenge, getting the right thing for each client.
I'm not sure I any of the Advisors I work with would ever consider Compliance sexy!!!!!!!!
Now that's in the eyes of the beholder.
Seriously though. It's a known fact that a good sales person is usually cr*p at admin and a good administrator is cr*p at selling. The job of a mortgage broker is heavily biased toward admin, when in reality a good mortgage broker sales person is worth £300 per hour.
Should we have three admin people supporting one mortgage broker?
JoeK
I'd rather just sourcing and recommend for a living and have the fact find etc done for me
You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
Compliance costs money and this is being passed on to the clients now through higher fees and interest rates.
It's good that you know your own strenghts and weaknesses. Maybe your next step is to recruit an administrator to take you to the next level.
JoeK
What made you become a mortgage broker then?
What was the attraction?
It certainly adds transparency Another adviser that places admin last
Who's fees?
JoeK
Probably for the same reason that so many fail at being a mortgage adviser within the first year or two....
They believe it is easy money and easy to do. An incorrect assumption which many find out after they realise they cannot make a living from it.
A lot of the reason that salesforces have failed is that there were on average 7 employees per adviser and that wasnt sustainable.
Good advice doesnt need selling. Quality sells itself.
I have an administrator - the hubby is learning - he just doesnt get paid for it ! (yet)
You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
The opposite for me - the pleasure of the job is all in the fact-finding, and I enjoy the mechanics of manipulating things to put a deal together. Actually researching rates and criteria bores the pants off me!
I was a paraplanner for a firm of IFA's for 5 years always been fascinated with the mechanics of products. I do like noseying into peoples lives and I do get satisfaction (especially FTBS)
I think I like the relationships with my clients the most, I just don;t like doing formal 20 page fact finds I'd rather scribble it all down on a4 lined paper!
You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.