I am fully FPC qualified with less than a year's experience as a tied financial adviser. My question is this, is it better to have a job with a basic salary plus commission, get into the mortgage sector or sell unregulated insurance products.
I got into this business to make as much money as possible as easily and quickly as possible.
Any advice would be greatly appreciated. Also any stories you might have of bad/good experiences with previous/current employers.
Thanks
Finance fan
Try robbing banks. It's almost as morally acceptable.
I suspect if you have a salary plus commission you will lose your job if you don't bring in enough to support your salary, so you might as well work on a totally commission basis. Salary is a red herring.
All products will be regulated soon (November, in the case of mortgages) so this aspect of your question is irrelevant, or soon will be.
Rob Graham
Roughly how much do you ear? im DOING fpc S AND WANT TO KNOW WHATS A GOOD SALARY?
In message , zahire khan writes
You might need to do a little work on your English first. Mastery of the shift key is vital. Jf
I am on 15k basic , car plus commission. Why are you doin FPC, is it home study or through your current employer?
I have two, but only one nose.
In message , DP writes
And know one nose were that came from.
Well im being offered a job as a Mortgage broker at salary: 35k once I have passed all FPC exams and a bridge paper...
I am going to a seminar next week where they are looking to recruit "Trainee Mortgage Brokers". The starting salary is 12k with no company car and they reckon that once I have passed my bridge paper (I have FPC) and reached my targets my basic pay will go up to 36k with a bonus of 10k paid every quarter if minimum business targets are met. They say that it will take about 3 months to acheive this. The down side is that they want just under
2k up front towards training costs. I am a bit dubious because of this, it makes me think that they are just trying to make money out of people like me. What do you think?
Sounds *highly* dubious to me - especially as the CeMap bridge paper costs of the order of 100 if you take it direct through the IFS. What's to stop them keeping you for 3-6 months, artificially raising your targets so that you never meet them, and paying you 12k (less your 2k "training") for the privilege, and then firing you because you haven't met your targets?
Laura.
If I fail my FPC or FPC1 then when can I re-take the exams? do they hold exams every month or after longer periods?:
The red flag is certainly flying! I don't know if it's standard industry practise to make trainees pay for the cost - maybe others here can help you on that.
Also : "seminar" - that's a peculiar word to use. Companies looking to recruit employees don't have "seminars".
I suggest you look at the website of the company concerned. If it is not an actual mortgage broking company, then you would probably be better advised to give it a miss.
My recommendation is, if you really want to work in the mortgage broking industry (and personally, isn't it just a case of duping the innocents out of money - hardly a worthy profession), then get a job in a mortgage broking company. *Then* do whatever qualifications are deemed necessary. Don't go shelling out money on the prospect that it will land you a job.
Just my two cents.
I have checked out their website and they are a legit company. I agree that these costs are high since I only have to pay for a bridge paper. I don't see mortgage broking as "duping the inocents out of money" because the idea of broking mortgages is to save people money on their mortgage. As far as Zahire's question, FPC exams are only available to sit every three months. I suggest going to the BPP website and ordering some learning material from there, it is a lot easier to understand than the CII manual. Good luck.
Does anyone else have any mortage experience, what do you think?
Name names.
It's not that I'm against having to pay a company to receive training per se. Many of them are legitimate. I myself have used such companies when I was training as an accountant. Those companies never advertised, nor did they state how much one could expect to earn as a result of obtaining relevant professional qualifications.
This whole business of advertising and painting pictures of how much you can earn, though, starts to make the company look fishy.
That's why I say to get a job first, then worry about training when you've got your feet under the table. Find out what company your fellow employees used, and then use them.
Perhaps you should be in sales after all!
Cartel
It is not a case of using this company to train with, they are the company and this is in house training
Thank you, I will take that as a compliment.
Personally, I wouldn't be happy about paying an employer to receive training. Mind you, I would be unhappy with the prospect of flogging mortgages in any event. It's horses for courses, I suppose. Their section on Culture shock "Get ready for a culture shock, because we think differently, we act differently and we get different results. " would really put me off. Sounds like a high pressure job for sharks only. Is that what you really want out of life?
Stil, that's just me. I'm not what you call a people person, anyways.
SNIP -
"I got into this business to make as much money as possible as easily and quickly as possible."
This sends shivers down my spine - I really thought we were on our way to getting rid of this hideous attitude in our industry, maybe I'm too naive. No wonder the public have such a poor opinion of us.
Paul.
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