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  • homer_j
    i do get that to be fair and have become strict with myself on the hours I work.

    There is a high burnout rate in the industry because people dont pace themselves.
    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
    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
    Originally posted by MortgageMamma
    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
    • HelpWhereIcan
    • By HelpWhereIcan 22nd Apr 07, 8:44 PM
    • 1,228 Posts
    • 1,282 Thanks
    HelpWhereIcan
    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
    • By MortgageMamma 22nd Apr 07, 8:47 PM
    • 6,495 Posts
    • 3,231 Thanks
    MortgageMamma
    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
    Originally posted by 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
    I want to be able to take an adviser on by the end of the year - ambitious I know!

    L x
    Originally posted by MortgageMamma
    I might be able to help you with that as well.

    JoeK
    • HelpWhereIcan
    • By HelpWhereIcan 22nd Apr 07, 8:58 PM
    • 1,228 Posts
    • 1,282 Thanks
    HelpWhereIcan
    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
    Originally posted by MortgageMamma
    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


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

    L x
    Originally posted by MortgageMamma
    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.
    Last edited by HelpWhereIcan; 22-04-2007 at 9:09 PM.
    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
    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
    Originally posted by HelpWhereIcan

    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
    • LisaT186
    • By LisaT186 22nd Apr 07, 9:21 PM
    • 221 Posts
    • 83 Thanks
    LisaT186
    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
    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
    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.
    Originally posted by LisaT186
    Wow! success on a plate!
    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.
    Originally posted by LisaT186
    Beware of commercial mortgage packagers, as they can be cherry pickers.

    Thanks for the feedback!

    JoeK
  • JoeK
    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..
    Originally posted by homer_j
    Although the one to one admin to adviser in my opinion is ott, it shows the value of having admin support.

    Take note!

    JoeK
  • leet_first
    As I work for a company that provides a full admin support service to mortgage brokers, I would obviously recommend that option to a lot of sole traders and small brokerages. I would agree wholeheartedly with the sentiment that you need admin support to chase all the niggling details from both client and lender, and this is much cheaper done by someone less qualified than a IFA or CeMap.
    • MortgageMamma
    • By MortgageMamma 22nd Apr 07, 9:47 PM
    • 6,495 Posts
    • 3,231 Thanks
    MortgageMamma
    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
    Originally posted by HelpWhereIcan

    I have been distracted beyond belief this past 18 months with various things, men problems, a dishonest employer, house moves, this forum, - its taken me a while to find the right direction to go in and build up the courage to do it. I still get a little distracted but since I've had my own business (my baby) I've been a lot better. It makes all the difference when you are doing it for yourself and not someone else. Just wish I had a bit more cash to inject at the moment!


    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 think you will be an excellent employer, your principles and ethics are impeccable and anyone who works for you will be very fortunate. I will have a think about interview questions this evening and if I come up with anything useful I will PM you with it. I would say the keys to finding the right candidate though come predominantly in non verbal form. Watch the body language and the eye contact. Remember some people (me included) can come across over confident and a bit bolshy if nervous. Some of the questions in this thread would be useful. What made you want to be an adviser/ where do you see yourself and the industry and three years time. What do you enjoy the most/what do you dislike the most. If your clients were going to describe you to me what would they tell me?

    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.
    Originally posted by HelpWhereIcan
    I'm hoping to take on one of two advisers that I already know. One needs a bit of taming but I'm good at that, and the other one, well I'm doubtful he'll join me as he's happy where he is but I live in hope. My network are talking to me about training etc now, so hopefully I will be ready by the end of the year. I want to be a good manager, but I have a great mentor whose AR's have been with him between 5-10 years so I think I will be.
    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.
    • HelpWhereIcan
    • By HelpWhereIcan 22nd Apr 07, 9:55 PM
    • 1,228 Posts
    • 1,282 Thanks
    HelpWhereIcan
    I left my last firm on very good terms and still ring the partner who used to manage me fairly regularly for a bit of advice. In fact i am sure that it won't be long before he starts asking for a share in my profits. lol.

    If I can model myslef on him i should do ok - problem is, he had his partner to play bad cop. If you walked into the office and one of the admin said

    "mike, X wants to see you"

    You knew you had done a good job. If it was

    "mike, Y wants to see you"

    You knew you had better be able to account for every lead they had provided you with.

    Both great guys (and extremely good advisers) but each had their own, special man management skills. I am just one man most of the time - had better start developing my split personality.
    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.
    • jamesd
    • By jamesd 22nd Apr 07, 9:59 PM
    • 23,591 Posts
    • 15,888 Thanks
    jamesd
    Northern Rock have approached clients introduced to them and re-written the mortgage case and life insurance that we arranged. Further to this Bristol & West have just done something similar. We have reported NR to the FSA for taking the client out of whole of market to tied.
    Originally posted by JoeK
    Assuming it's not renewal business, that's a nasty abuse of the relationship and the requirement on you to continue to use them if they are offering the best product. I don't see why the FSA would be interested provided the products are identical. If they aren't that's more interesting.

    Sounds more like a case for breach of contract on the introducer agreement.
    • MortgageMamma
    • By MortgageMamma 22nd Apr 07, 10:05 PM
    • 6,495 Posts
    • 3,231 Thanks
    MortgageMamma
    I left my last firm on very good terms and still ring the partner who used to manage me fairly regularly for a bit of advice. In fact i am sure that it won't be long before he starts asking for a share in my profits. lol.

    If I can model myslef on him i should do ok - problem is, he had his partner to play bad cop. If you walked into the office and one of the admin said

    "mike, X wants to see you"

    You knew you had done a good job. If it was

    "mike, Y wants to see you"

    You knew you had better be able to account for every lead they had provided you with.

    Both great guys (and extremely good advisers) but each had their own, special man management skills. I am just one man most of the time - had better start developing my split personality.
    Originally posted by HelpWhereIcan
    Oh can I be bad cop please?! LOL

    There is someone I can refer you to on this site if you need some assertiveness and people management development, but these are things that develop with experience.

    I expect my ARs will run rings around me just like my kids do, I'm far too nice for my own good sometimes which leaves me vunerable. Have you thought about reading some books on management skills? I expect they can only enhance what you already know - Dont know any good ones to suggest unfortunately but I can look into it!
    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.
    • HelpWhereIcan
    • By HelpWhereIcan 22nd Apr 07, 10:06 PM
    • 1,228 Posts
    • 1,282 Thanks
    HelpWhereIcan
    Sounds more like a case for breach of contract on the introducer agreement.
    Originally posted by jamesd

    That's the problem james, none of the introducer agreements actual address the question of 'client ownership' and concern themselves mainly with the initial introduction.

    Things may change as the market tightens up(lenders rely on us for 70% ish of their business) and there are already some lenders that are more 'broker friendly' in terms of the ongoing relationship than others, but as in every business, a broker will have to rely on good service to distinguish themselves from online portals, going direct etc etc.

    That is our main weapon for long term survival - personal service and long term relationships. Providing we can offer the customer the same options at the same cost (or less) for less hassle than doing it themselves, brokers have a long term future.
    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
    • By MortgageMamma 22nd Apr 07, 10:11 PM
    • 6,495 Posts
    • 3,231 Thanks
    MortgageMamma
    Added to which we ARE required more so for complex lending situations and this is where most of us derive most pleasure from the job. I have had a few clashes with BM solutions of late regarding them passing my clients details to legal and general for insurance - there is nowhere on the declaration for the clients to opt out of this, and in the case of online applications the info is passed to L&G WELL before they receive the decs. I was made aware of this by my sister when I did her mortgage and when I phoned a few other clients they confirmed thy were contacted also. I'd quite like to buoycot the lender but I can't do that as its not fair on my clients as they are competitive. Totally unfair talk about biting the hand that feeds you.
    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
    Assuming it's not renewal business, that's a nasty abuse of the relationship and the requirement on you to continue to use them if they are offering the best product. I don't see why the FSA would be interested provided the products are identical. If they aren't that's more interesting.

    Sounds more like a case for breach of contract on the introducer agreement.
    Originally posted by jamesd
    And that is the issue but not just for us but all of you too.

    JoeK
    • HelpWhereIcan
    • By HelpWhereIcan 22nd Apr 07, 10:13 PM
    • 1,228 Posts
    • 1,282 Thanks
    HelpWhereIcan
    Oh can I be bad cop please?! LOL
    Originally posted by MortgageMamma
    only of you dress appropriately.

    I expect my ARs will run rings around me just like my kids do, I'm far too nice for my own good sometimes which leaves me vunerable. Have you thought about reading some books on management skills? I expect they can only enhance what you already know - Dont know any good ones to suggest unfortunately but I can look into it!
    Originally posted by MortgageMamma
    I am not really a nice person to work for - I am a bit picky and like things to be just so. I would not like to work for me.

    But have not had someone complain when I was an FS manager and my PA seems to quite like me as she has already been offered more money and stayed (I nearly kissed her but have already been threatened by her army hubby) and 2 of her friends are interviewing for the admin post. (yay me)

    I am a big fan of Tony Robbins and try to apply what he says to my own life and use that as my model behaviour to try and get my staff to emulate. Problem is, I am too fat, too poor and too lethargic to be a true Tony Robbins man. But he has done wonders for me and I hate to imagine where I'd be without.
    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.
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