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  • The Eternal Optimist
    • #2
    • 21st Apr 07, 8:20 PM
    • #2
    • 21st Apr 07, 8:20 PM
    Most people who come into the industry now do not know what it was like before regulation, thats why.

    I think some people see it as an easy job where you make easy money and lots of it at that. It couldnt be further from the truth my earnings are actually quite modest (probably because I don't charge fee's)
    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 should not be regarded as financial advice.
  • JoeK
    • #3
    • 21st Apr 07, 8:24 PM
    • #3
    • 21st Apr 07, 8:24 PM
    Most people who come into the industry now do not know what it was like before regulation, thats why.

    I think some people see it as an easy job where you make easy money and lots of it at that. It couldnt be further from the truth my earnings are actually quite modest (probably because I don't charge fee's)
    Originally posted by The Eternal Optimist
    Why a mortgage broker?

    1) Why not a secured loans broker?
    2) Why not an unsecured loans broker
    3) Why not a commercial mortgage broker?
    4) Why not an insurance broker?
    5) Why not a money broker?

    Why not a mortgage compliance officer?

    JoeK
  • The Eternal Optimist
    • #4
    • 21st Apr 07, 8:30 PM
    • #4
    • 21st Apr 07, 8:30 PM
    Well

    I am sure there are people entering those professions? But, for example, what qualification do you take to learn abotu secured loans? I reckon many of the occupations above a with the exception of insurance and unsecured loans are taken by qualified mortgage brokers...

    To make money from insurance only (GI) you would have to be self employed and if you do that without mortgages as a lead you would have to be well connected. Failing that you would probably end up working for someone like swinton insurance for 16-18k per year. you can get that working as a typist.

    Regarding compliance. Thats something I am actually superb at and thought about going into myself once, until I saw the salary. For example, GMAC are taking on compliance officers at the moment with a 500k mandate at just 28k

    I think the thing that attracts people to mortgage broking it the prospect of uncapped earnings and flexible hours. Perhaps they think it is a prestiguos position, or perhaps they do it because they want IFA earnings and respectability without having to sit all the FPCs/CFP exams...who knows!
    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 should not be regarded as financial advice.
  • JoeK
    • #5
    • 21st Apr 07, 8:59 PM
    • #5
    • 21st Apr 07, 8:59 PM
    Regarding compliance. Thats something I am actually superb at and thought about going into myself once, until I saw the salary. For example, GMAC are taking on compliance officers at the moment with a 500k mandate at just 28k
    Originally posted by The Eternal Optimist
    Take a look at this article found in the Sunday Financial Mail recently.

    Many individuals are not aware of the opportunities that are available in the UK financial sector. Demand for experts fuelled by the Financial Services Authority taking over regulation of the financial services sector has increased the need for compliance officers nationally. This wave of new rules and regulations has fuelled pay rises for regulatory experts both in London and other areas of the UK by as much as 25% due to a skills shortage.

    Recent surveys have highlighted that the biggest pay rises have been enjoyed by compliance officers the internal watchdogs employed by firms to ensure that advisers are abiding by the myriad rules covering financial services.

    Although regarded by many as the least sexy in the financial services industry, a mortgage compliance officer with five years experience earned close to 100,000 in 2006 in the City of London, this is up from an average of 87,000 in 2005.

    All this is good for the experienced individual but what about the junior or the non-experienced you might say. Well, the most acute skills shortages are at the junior end of the market, where there are not enough newly qualified finance and legal professional coming through to fill demand.

    JoeK
  • The Eternal Optimist
    • #6
    • 21st Apr 07, 9:27 PM
    • #6
    • 21st Apr 07, 9:27 PM
    Well perhaps there is a place for me somewhere yet!

    But I may consider it when I'm old and tired, I enjoy advising so much I doubt I'll give it up for at least 20 years
    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 should not be regarded as financial advice.
  • The Eternal Optimist
    • #7
    • 21st Apr 07, 9:28 PM
    • #7
    • 21st Apr 07, 9:28 PM
    I see you too are a business owner JoeK. Who does your compliance, do you have someone internal or do you outsource?
    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 should not be regarded as financial advice.
  • JoeK
    • #8
    • 21st Apr 07, 10:09 PM
    • #8
    • 21st Apr 07, 10:09 PM
    I see you too are a business owner JoeK. Who does your compliance, do you have someone internal or do you outsource?
    Originally posted by The Eternal Optimist

    We outsource it to a self employed compliance consultant lady, who owns her own farm as a sideline..

    JoeK
    • LisaT186
    • By LisaT186 21st Apr 07, 10:16 PM
    • 221 Posts
    • 83 Thanks
    LisaT186
    • #9
    • 21st Apr 07, 10:16 PM
    • #9
    • 21st Apr 07, 10:16 PM
    Don't forget that it can be enjoyable too! Helping someone buy their dream home, the biggest purchase of their life! Meeting lots of different and interesting people, 'selling' to someone who actually wants to buy!!

    I actually think it is a more attractive job now that it is regulated, passing exams and taking pride in your work really feels like an achievement.

    The more you put in, the more you tend to get out, you can work part time or all of the time, its a flexible job in the right firm / your own business.
  • JoeK
    But why a mortgage broker?
    What are the attractions?

    It's an extremely difficult job now?

    It can take an average of 10 - 14 hours of work from the initial enquiry though to completion to complete a mortgage case! But yet we stick to it and people aspire to become a mortgage broker. Why?

    Is it not sexy to become a mortgage compliance officer?

    JoeK
    • MortgageMamma
    • By MortgageMamma 21st Apr 07, 10:21 PM
    • 6,495 Posts
    • 3,231 Thanks
    MortgageMamma
    I think my mortgage compliance officer is very nice
    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.
    • LisaT186
    • By LisaT186 21st Apr 07, 10:23 PM
    • 221 Posts
    • 83 Thanks
    LisaT186
    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
    I'm not sure I any of the Advisors I work with would ever consider Compliance sexy!!!!!!!!
    Originally posted by LisaT186
    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
    Last edited by JoeK; 22-04-2007 at 9:01 AM.
    • MortgageMamma
    • By MortgageMamma 21st Apr 07, 10:40 PM
    • 6,495 Posts
    • 3,231 Thanks
    MortgageMamma
    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
    • By UK007BullDog 21st Apr 07, 10:43 PM
    • 2,547 Posts
    • 1,394 Thanks
    UK007BullDog
    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
    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
    Originally posted by MortgageMamma
    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
  • JoeK
    Well, I am studying for my CeFA.
    Originally posted by UK007BullDog
    So you want to become an Independent Financial Adviser

    What made you become a mortgage broker then?

    What was the attraction?
    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.
    Originally posted by UK007BullDog
    It certainly adds transparency
    I see myself as an adviser first and foremost, then as the salesperson and lastly as an administrator.
    Originally posted by UK007BullDog
    Another adviser that places admin last

    Compliance costs money and this is being passed on to the clients now through higher fees and interest rates.
    Originally posted by UK007BullDog
    Who's fees?

    JoeK
    Last edited by JoeK; 21-04-2007 at 10:55 PM.
    • dunstonh
    • By dunstonh 21st Apr 07, 10:54 PM
    • 98,579 Posts
    • 67,062 Thanks
    dunstonh
    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). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • MortgageMamma
    • By MortgageMamma 21st Apr 07, 11:02 PM
    • 6,495 Posts
    • 3,231 Thanks
    MortgageMamma
    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
    Originally posted by 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
    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
    Originally posted by MortgageMamma
    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.



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