Why become a mortgage broker

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  • JoeK_3
    JoeK_3 Posts: 1,374 Forumite
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    MortgageMamma wrote: »
    I've got to be honest I've NEVER EVER done a commercial mortgage - I've had a handful of enquiries in the past but I've always handed them over to other brokers - indeed I pm'd JoeK with one the other day. The reason I do this is because I work alone and I have nobody to train me on them and I feel I would not be giving me clients the service they deserve due to my lack of training in that area

    MM

    Yes you did and I have responded without any response as yet.

    I would be happy to train you on commercial mortgages for a fee.

    JoeK
    I am an Independent Financial Adviser.
    Anything posted on this forum is for discussion purposes only. It should not be considered financial advice. Different people have different needs and what is right for one person may be different for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser who can advise you after finding out more about your situation.
  • HelpWhereIcan
    HelpWhereIcan Posts: 1,343 Forumite
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    I am not hugely convinced that the much feted proc fee squeeze wil come. To take jamesd's example of Travel Agents; one of my longest held and most loyal clients is a Travel Agent. He has seen his business grow massively thanks to the internet so while he may earn a little less in commission per client, he now arranges (cruises mainly) for people around the country. Technology has also seen his costs come down meaning that he is doing much better than he was 5 years ago.

    I think jamesd is right to draw the comparison only so far but there are some differences in the models; however, the end of the financial adviser is as likely as the end of the Travel Agent - both will still be here in 25 years although the way they work will be different.

    I actually think that the FSA's Retail Distribution Review could be the biggest threat - but to the small fees free broker rather than the mortgage broker per se
    I am an IFA (and boss o' t'swings idst)
    You should note that this site doesn't check my status as an IFA, 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.
  • MortgageMamma
    MortgageMamma Posts: 6,686 Forumite
    First Post First Anniversary Combo Breaker
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    JoeK wrote: »
    Yes you did and I have responded without any response as yet.

    I would be happy to train you on commercial mortgages for a fee.

    JoeK

    Left a message with client , will forward you her contact details tommorow Joe

    I might take you up on that in a couple of months, but right now I'm putting everything I earn back into my company and living on as little as possible - I want to be able to take an adviser on by the end of the year - ambitious I know!

    L x
    I am a Mortgage Adviser

    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.
  • JoeK_3
    JoeK_3 Posts: 1,374 Forumite
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    MortgageMamma wrote: »
    I want to be able to take an adviser on by the end of the year - ambitious I know!

    L x

    I might be able to help you with that as well.

    JoeK
    I am an Independent Financial Adviser.
    Anything posted on this forum is for discussion purposes only. It should not be considered financial advice. Different people have different needs and what is right for one person may be different for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser who can advise you after finding out more about your situation.
  • HelpWhereIcan
    HelpWhereIcan Posts: 1,343 Forumite
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    MortgageMamma wrote: »
    I might take you up on that in a couple of months, but right now I'm putting everything I earn back into my company and living on as little as possible

    You do right to focus on the fundamentals Lisa. I have made some serious errors by trying to do more in the past (and my PA would say I am still easily distracted) - would be much healthier financially now if I had ignored some distractions in the past

    MortgageMamma wrote: »
    - I want to be able to take an adviser on by the end of the year - ambitious I know!

    L x

    I am interviewing on Tues - first time as the employer rather than the manager - always had someone to do a second interview with me which sometimes stopped me making silly errors with certain people.

    Hope I manage to avoid employing a muppet - i can be too nice and employ someone cos I like them rather than they can do the job. Having said that, I once showed someone the door very quickly only to find that a competitor took them on for them to become a top producer

    PS I would say that is the biggest problem with your plan to take on new entrants - it is very hard for even the most experienced Financial Services managers to spot those who would be good, productive advisers. That is why the majority of small firms do not take new entrants. Like it or not, first year failure rates are high and most of us can't afford the money let alone the time that it may take to turn one in three new entrants into productive advisers.
    I am an IFA (and boss o' t'swings idst)
    You should note that this site doesn't check my status as an IFA, 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.
  • JoeK_3
    JoeK_3 Posts: 1,374 Forumite
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    HelpWhereIcan wrote: »
    I am interviewing on Tues - first time as the employer rather than the manager - always had someone to do a second interview with me which sometimes stopped me making silly errors with certain people.

    Hope I manage to avoid employing a muppet - i can be too nice and employ someone cos I like them rather than they can do the job. Having said that, I once showed someone the door very quickly only to find that a competitor took them on for them to become a top producer


    I find that women have a great sense of intuition and I use them on the first interview with me.

    If they pass that one, then they can progress to the next one.

    Works for me

    JoeK
    I am an Independent Financial Adviser.
    Anything posted on this forum is for discussion purposes only. It should not be considered financial advice. Different people have different needs and what is right for one person may be different for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser who can advise you after finding out more about your situation.
  • LisaT186
    LisaT186 Posts: 225 Forumite
    First Anniversary Combo Breaker
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    Regarding Admin all of our advisors have a PA so 1 admin to 1 advisor except for the new trainees who do their own paperwork so they fully understand the process, until volumes dictate otherwise. I have two advisors who do 40 - 50 cases a month each, 2 who do about 20, 1 who does 4-5 (borrows a PA for these) and a trainee who will produce around 15 - 20 when live. We also have an insurance administrator who chases all life and GI pipeline. One receptionist to greet all the clients, make coffee and who is also first call on the phones.

    Commercial mortgages : at the moment have an introducer agreement to a bank and have just looked at a new packager as well. Attending some training soon to potentially start doing this ourselves.
  • homer_j_3
    homer_j_3 Posts: 3,266 Forumite
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    40-50 cases per month.. What do they do - just say sign here lol... That is 3 months worth of cases for me... I feel so slow now..
    I am a Mortgage Adviser
    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.
  • JoeK_3
    JoeK_3 Posts: 1,374 Forumite
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    LisaT186 wrote: »
    Regarding Admin all of our advisors have a PA so 1 admin to 1 advisor except for the new trainees who do their own paperwork so they fully understand the process, until volumes dictate otherwise. I have two advisors who do 40 - 50 cases a month each, 2 who do about 20, 1 who does 4-5 (borrows a PA for these) and a trainee who will produce around 15 - 20 when live. We also have an insurance administrator who chases all life and GI pipeline. One receptionist to greet all the clients, make coffee and who is also first call on the phones.

    Wow! success on a plate!
    LisaT186 wrote: »
    Commercial mortgages : at the moment have an introducer agreement to a bank and have just looked at a new packager as well. Attending some training soon to potentially start doing this ourselves.

    Beware of commercial mortgage packagers, as they can be cherry pickers.

    Thanks for the feedback!

    JoeK
    I am an Independent Financial Adviser.
    Anything posted on this forum is for discussion purposes only. It should not be considered financial advice. Different people have different needs and what is right for one person may be different for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser who can advise you after finding out more about your situation.
  • JoeK_3
    JoeK_3 Posts: 1,374 Forumite
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    homer_j wrote: »
    40-50 cases per month.. What do they do - just say sign here lol... That is 3 months worth of cases for me... I feel so slow now..

    Although the one to one admin to adviser in my opinion is ott, it shows the value of having admin support.

    Take note!

    JoeK
    I am an Independent Financial Adviser.
    Anything posted on this forum is for discussion purposes only. It should not be considered financial advice. Different people have different needs and what is right for one person may be different for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser who can advise you after finding out more about your situation.
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