Whether you have recently passed your CeMAP exam or you are an experienced mortgage adviser, IFA, or looking to become self-employed for the first time, this article is for you.
You may have decided by this point that you want to be an appointed representative but under which network?
A mortgage network is like your second home. It is where you will spend most of your time forming partnerships, building your business, making friends, learning and EARNING!
That is why you need to make the right decision for YOU.
In this article, you will learn all the top tips and hints to help you discover which network is best for you.
Let's dive in...
Make sure the network you join is whole of market and has unrestricted access to all products.
Some networks have restricted protection panels and clients are charged loaded premiums as a result.
Choosing a network isn't just about making the right choice for you by way of earning potential, but always what is right for the client.
If the network has restricted panels and isn't whole of market, then your customer will suffer the consequences.
You want total freedom of choice for you and the client.
Is the network privately owned or do they have 3rd party ownership?
Make sure you know WHO is running the network and whether you have direct access to the decision makers.
A network is not to be viewed as a short term plan or as a commodity. It's hard to tell, but some networks have an aggressive growth strategy for a reason - TO SELL!
If they are looking to recruit mortgage advisers and IFAs on a mass scale, it's potentially because they have a 'get out' plan.
Becoming self employed means being autonomous and self sufficient for sure, but it doesn't mean you have to be lonely or go at it ALONE.
You need a network that has a strong supportive culture. One that provides training and development.
Check out some accredited training programmes here:
https://www.newleafdistribution.co.uk/the-change-event-tm.asp
https://www.newleafdistribution.co.uk/free-cemap-training.asp
https://www.newleafdistribution.co.uk/blueprint-event.asp
Make sure the training isn't just the bare minimum to meet compliance requirements, but interwoven into the very fabric of the business.
Check the network has access to every product range.
Do they have investment permissions? Commercial Finance? Equity Release?
You may not offer ALL of the services at any one time or when you set out, but you want to think about your business in 5, 10 years time. Have a vision for where you want to be and what you might need.
It's not ideal to have to leave a network you are settled in because they don't provide a service you want to offer.
There are only a handful of networks that have a proven track record. Sorry to talk about the scary stuff but these questions are ones to consider ...
Has your network survived the financial market crash of 2008?
Have they had any major issues with the regulator or PII?
A well established network with zero claims against it and no enforcement from the regulator over the long term is a key consideration when partnering with a network.
Are they financially robust?
Do they have lots of debts? What is the cash in the bank like?
You can find the information for free from Companies House.
Why is this important? Firstly it ensures the business is built to last. Secondly, it gives you the reassurance that you can get paid promptly and healthily!
You don't want to be waiting and chasing for your commissions or proc fees to pay out.
The number one question that will be on your mind when you have signed up a new client and processed a new transaction will be: "When do I get paid?"
At New Leaf, we're a well established network with a proven record of training and developing advisers. We have all the permissions available and we are completely independent and whole of market. With daily pay runs to advisers to ensure you get paid quickly and on time.