Why become a mortgage broker

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Comments

  • LisaT186
    LisaT186 Posts: 225 Forumite
    First Anniversary Combo Breaker
    If I tell the truth I am also the Training and Competence Maanager so I work between our compliance officer and the advisers, retaining just a few clients of my own.

    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!!!!!!!!
  • JoeK_3
    JoeK_3 Posts: 1,374 Forumite
    LisaT186 wrote: »
    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 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.
  • MortgageMamma
    MortgageMamma Posts: 6,686 Forumite
    First Post First Anniversary Combo Breaker
    I agree JoeK I am not the best at admin I have to force myself to do it

    I'd rather just sourcing and recommend for a living and have the fact find etc done for me
    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.
  • UK007BullDog
    UK007BullDog Posts: 2,607 Forumite
    First Post First Anniversary Combo Breaker
    Well, I am studying for my CeFA. I love my job. I do not agree with all the compliance stuff as its just one big paper tiger and gives no value to the customer. I see myself as an adviser first and foremost, then as the salesperson and lastly as an administrator.

    Compliance costs money and this is being passed on to the clients now through higher fees and interest rates.
  • JoeK_3
    JoeK_3 Posts: 1,374 Forumite
    MortgageMamma wrote: »
    I agree JoeK I am not the best at admin I have to force myself to do it

    I'd rather just sourcing and recommend for a living and have the fact find etc done for me

    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
    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
    UK007BullDog wrote: »
    Well, I am studying for my CeFA.
    So you want to become an Independent Financial Adviser

    What made you become a mortgage broker then?

    What was the attraction?
    UK007BullDog wrote: »
    I love my job. I do not agree with all the compliance stuff as its just one big paper tiger and gives no value to the customer.

    It certainly adds transparency
    UK007BullDog wrote: »
    I see myself as an adviser first and foremost, then as the salesperson and lastly as an administrator.
    Another adviser that places admin last
    UK007BullDog wrote: »
    Compliance costs money and this is being passed on to the clients now through higher fees and interest rates.
    Who's fees?

    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.
  • dunstonh
    dunstonh Posts: 116,259 Forumite
    Name Dropper First Anniversary First Post Combo Breaker
    So if there are so many problems associated with becoming a mortgage adviser, why, oh why do so many people strive to become a mortgage broker.

    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.
    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.

    Good advice doesnt need selling. Quality sells itself.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • MortgageMamma
    MortgageMamma Posts: 6,686 Forumite
    First Post First Anniversary Combo Breaker
    JoeK wrote: »
    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

    I have an administrator - the hubby is learning - he just doesnt get paid for it ! (yet)
    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.
  • toonfish
    toonfish Posts: 1,260 Forumite
    MortgageMamma wrote: »
    I agree JoeK I am not the best at admin I have to force myself to do it

    I'd rather just sourcing and recommend for a living and have the fact find etc done for me

    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 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.



  • MortgageMamma
    MortgageMamma Posts: 6,686 Forumite
    First Post First Anniversary Combo Breaker
    toonfish wrote: »
    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!
    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.
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