Financial Services career advice needed


F

financefan

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
 
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D

DP

I got into this business to make as much money as possible as easily and
quickly as possible.
Try robbing banks. It's almost as morally acceptable.
 
M

Mark Carter

Also any stories you might have of
bad/good experiences with previous/current employers.
I used to work as a trainee accountant for a pittance. Then they made
me redundant as soon as the convenience wore off, the cunts.

Is that any use to you?
 
R

Robin Graham

financefan said:
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 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
 
Z

zahire khan

Roughly how much do you ear?
im DOING fpc S AND WANT TO KNOW WHATS A GOOD SALARY?
 
J

JF

zahire khan said:
Roughly how much do you ear?
im DOING fpc S AND WANT TO KNOW WHATS A GOOD SALARY?
You might need to do a little work on your English first. Mastery of the
shift key is vital. Jf
 
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F

financefan

zahire khan said:
Roughly how much do you ear?
im DOING fpc S AND WANT TO KNOW WHATS A GOOD SALARY?
I am on £15k basic , car plus commission. Why are you doin FPC, is it home
study or through your current employer?
 
Z

zahire khan

Well im being offered a job as a Mortgage broker at salary: 35k once I
have passed all FPC exams and a bridge paper...
 
F

financefan

zahire khan said:
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?
 
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L

Laura

financefan said:
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?
<snip>

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.
 
Z

zahire khan

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?:
 
M

Mark Carter

The down side is that they want just under
£2k up front towards training costs.
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.
 
F

financefan

Mark Carter said:
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?
 
M

Mark Carter

I have checked out their website and they are a legit company.

Name names.
I agree that
these costs are high since I only have to pay for a bridge paper.
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.

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.
Perhaps you should be in sales after all!
 
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F

financefan

Mark Carter said:
Name names.
Cartel

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.
It is not a case of using this company to train with, they are the company
and this is in house training
Perhaps you should be in sales after all!
Thank you, I will take that as a compliment.
 
M

Mark Carter

Cartel

http://www.mortgagecostreduction.com/aboutcartel.htm
It is not a case of using this company to train with, they are the company
and this is in house training
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.
 
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P

Paul Baker

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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