Become a mortgage adviser

[JoeP 11]

Originally posted by moneymatters

Joe, I'm glad that we can hold a sensible and balanced discusion about the Financial Services industry as there are good and bad in all sectors and occupations.

 

I think that we have all got horror stories to tell about other sectors such as the building, IT, as well as the financial sector.

 

The most disturbing thing that I find in the Uk is that people can start up in industries without having the relevant experience nor the required qualifications and that is what we are helping to put right by starting people off with having the necessary qualifications.

 

Helping people to pass the Certificate in Mortgage Advice & Practice (CeMAP) is only the start to becoming a mortgage adviser and further training is necessary before they are allowed to advise the public.

 

Andy mentioned that the Financial Services Authority (FSA) now regulates the mortgage adviser and they come down heavily on anyone that steps out of line.

 

As I know little of the IT industry, who regulates the IT people and the peole that build websites for the wrong reasons?

 

Regards

moneymatters

 

In IT in general you usually find that professional bodies like the IAP and BCS will act if a member steps out of line.

 

If a business asks for an IT system to be built that doesn't meet it's needs, then the business will keep an eye on the people who are building it's systems.

 

If I build a Web site that's inaccessible to disabled people, I can now be taken to court. If I construct and use systems that are not taking good care of personal data I can be prosectured under the Data Protection Act. If I inadvertantly alter something on a computer system that I'm not supposed to, in principle I can be prosectuted under the criminal law using the Computer Misues Act.

 

Tell me, what is the 'wrong reason' for building a web site?

 

I've developed systems in Financial Services for an organisation that is, I believe, the largest Bancassurer in the UK, and when working in that realm of IT my actions were controlled by the business. I carry a couple of million pounds in professional indemnity cover; if I ever claim against that then it's unlikely that I'd ever be able to work in some sectors of business again.

 

IT is probably less regulated than it could be, but amazingly enough we catually manage quite well because of checks and balances that exist between IT professionals, the businesses that employ them, the legislation that exists and the fact that very few IT people who screw up get repeat business.

 

Many people would like to see 'training' and regulation as a necessity for doing anything. It's not whether people are trained or not that matters; it's whether they can do the job. Very few members of the public have direct involvement with buying IT services. Building IT systems shouldn't be that difficult - most high profile ****-ups are rarely due to technology, but usually due to the business process and management side of things.

 

Like I said, I KNOW I'm jaundiced against Financial Services because I've experienced some crap there myself - what I most dislike is the hypocrisy that operates in a profession that seems to spend a lot of time getting mortgages for people who may not be able to afford them in the long term because the financial institutions have carrie don lending against grossly over-priced properties.

 

 

But that's just me.

 

Joe

[moneymatters 10]

Joe,

Tell me, what is the 'wrong reason' for building a web site?

 

I mean people who build websites that attract people for scams such as network marketing, selling products that don't work and praying on the sick and less fortunate.

 

Regards

moneymatters

[*Turbo* 10]

I have spent the last 4 years in mortgages and around half of that advising.

 

My advice to anyone wo wants to be a mortgage advisor is you are best joining a company who will expose you to the financial services industry so that when you do start your training you have a bit of history and its not totally alien.

 

If you just stumble across this thread and think "ooh that looks interesting, i'm going to do that" then you will regret it.

 

There is a lot more to this job than reading CeMap. Same as IT above. Loads of training available that means nothing without experience either in life or the industry.

 

Is mortgage advising for you? Well i got into financial services by accident:confused: as i needed a job. Mortgages appealed for to me as i liked the ability to help people in making their biggest choice in their life.

 

My opinion? Disilluisoned! Sat behind a desk on SF a lot of the day!!

 

Thats my opinion.

[moneymatters 10]

Hi Rob, many thanks for your input.

 

If you are disillusioned with your present position, change it. It sounds to me like you need a change and an opportunity to get out into visiting people in their homes may be the remedy.

 

A lot of people get stale in their jobs and it may be that working in the commercial sector visiting company directors and financial directors could bring new challanges for you.

 

The mortgage industry can be highly interesting and demanding but you sound as though you are in a rut.

 

Have a good look around and see the opportunities outside of your world.

 

Regards

moneymatters

[jchik 10]

Hi Im intersted how can I contact you? I have always wanted to ventue into this field.

[moneymatters 10]

jchik, you can view our CeMAP training courses on our website at http://www.cemap-training.org.uk

 

Place your enquiry and we will send you a brochure with dates and venues for the next available courses.

 

Many thanks for showing interest and if you do take things further I hope that you enjoy the experience.

 

Let me know if you have any difficulty.

Regards

moneymatters

[jchik 10]

thanks for that info...im just reading what comments other people are writing... in my view this field is really good and I have always wanted to venture into financial services..slight problem might be getting the experience as I would want to go independent FA as thats where theres more money.. i guess, but i will certainly be contacting you.

[moneymatters 10]

jchik, you're welcome.

 

I am personally an IFA and a mortgage broker and I'm not convinced that moving into becoming an Independent Financial Adviser (IFA) is more lucrative as most of the areas for earning extra has gone.

 

With the stock market still below the 1999 crash level, cat marked products, stakeholder pensions all these areas have become difficult for the IFA to earn money on, so most IFA's have had to specialise to survive.

 

I saw the writing on the wall in 1999 and decided to move into mortgages and I have certainly not regretted that decision. My advice is to take it in stages and see if the mortgage market can give you what you are looking for in terms of earnings and technical ability.

 

Hope this helps.

Regards

moneymatters