As a mortgage advisor, you have two routes to market – you can either go it alone as a Directly Authorised (DA) advisor or join a mortgage broker network as an Appointed Representative (AR). When deciding which route to take, you will need to weigh up the pros and cons of each to decide which would be best for your career. The guide below will explore the benefits of becoming an Appointed Representative of a mortgage broker network.
The overwhelming benefit of joining a mortgage network is the compliance guidance and framework provided for the Financial Conduct Authority regulations on brokering mortgages. This gives members peace of mind and allows them to get on with what they do best – Advising clients and helping them make sound financial decisions.
Quite simply, you cannot give mortgage advice unless you are being regulated by the FCA and are listed on the register https://www.fca.org.uk/firms/mortgage-lenders-intermediaries – either directly or by way of being an AR Mortgage Broker.
Compliance is getting increasingly more complicated these days; even the most compliant of mortgage advisors now struggle to keep up to date with the ever-changing regulatory framework. Working independently as a DA, you can end up having to spend lots of your time working on compliance. This time might be better spent advising clients, and making more money!
A mortgage broker network can take some of this work off your hands, by interpreting guidance papers issued by the regulator and communicating this out to brokers in a way that is easy to follow. This way, advisers can get the necessary information without having to spend hours (or even days) wading through multiple pages of regulations.
Mortgage broker network members can also receive support in a number of other ways. These include:
For a good network experience, it is important to look for a network with similar values to you, who will provide you with excellent support and give you access to products that will benefit your clients and your business. Crucially, you need to find a network with an experienced and knowledgeable team behind it. You can get a good idea of a network from looking at testimonials from existing members.
Beneficial is a network created for you, the adviser. We have come from your side of the fence, and we have many years of experience between us. What separates us from the rest, is that with our network, you keep 100% of your commision. Every single penny.
As a member, you pay a fixed monthly fee, which is all inclusive regardless of your average case volume.
At Beneficial, we keep the adviser at the heart of everything we do. We offer over 90+ lenders for domestic and commercial mortgages as well as providers who offer protection, general insurance and equity release. We constantly add lenders and providers to our ever expanding panel.
To register your interest to join our network today, please click here. Or call us on 0203 476 7483.