By: Ben Allkins, head of mortgages and protection at Just Mortgages 
For many brokers, leaving a business or changing networks can often be a financial decision – especially in the current climate. While recruiters may try to lure brokers away with big promises or the prospect of a big basic salary, it’s essential that brokers also look at the bigger picture.
Rather than solely being a financial decision, brokers must weigh this up against the wider proposition and support structure that is being offered, not just to help with their day-to-day activities, but to support their personal and professional development.
Just recently, we welcomed back a successful self-employed broker that left Just Mortgages last year for a large national mortgage network. While this too was a financial decision, it quickly became clear for the broker that the promises made did not materialise.
The broker said: “I left Just Mortgages in the August and was promised the world by another network. However, by that December it became clear that nothing was ringing true. When I raised this, I was basically told ‘this is how it is, suck it up or don’t – it’s not up for discussion’. It just felt like they weren’t interested in me.”
Day-to-day support
One of the biggest barriers experienced by the broker was a lack of day-to-day support, particularly around compliance.
The broker said: “Previously, I’d felt very looked after and always had someone at the end of the phone. When I moved, it felt like there was no relationship and I didn’t know who to call. If I did have an issue, it felt like I was pestering someone. When it came to compliance for example, the support wasn’t there. I’d send cases for checking and would get mixed messages and no continuity. When I questioned it, I was just sent to a manual.”
There’s no doubt being self-employed can be a lonely existence, but going it alone doesn’t have to mean being on your own. A key consideration for all brokers should be the infrastructure in place to support their daily activity, whether it’s an area director or sales manager a phone call away or more structured training, mentoring and support around sales, marketing and compliance. Most importantly, this should be tailored to the needs of the individual broker, whether they prefer that added layer in the background or more side-by-side support.
Expanding skills
Similarly, brokers should investigate whether the new opportunity provides the necessary platform to grow and develop their skills. Times such as these require brokers to explore opportunities beyond traditional mortgages and protection; such as later life lending, commercial mortgages and business protection. Not only do they provide additional revenue streams, but a clear competitive advantage for brokers in their region – especially as many are underserved currently.
Expanding licence options is really a no brainer for any ambitious adviser to increase their value and maximise their earning potential. The right network will clearly understand the value of this too and will actively encourage brokers by providing the necessary training routes and support to help make this a reality.
Recruitment
Just as important is the ability to expand the business and take on new recruits. There’s no question this is a monumental task, especially as brokers balance this with their own duties and workloads.
The broker said: “I didn’t feel confident enough to expand my team at the other network – it just felt like it was all on me. It wasn’t a case of ‘we’re going to help’, but rather ‘get on with it’. Now, I’m getting set to expand and the area directors are working with me to find the right candidate. They know me and know what I’m looking for. Being a broker is busy enough so knowing that any new recruit doesn’t have to rely on me for full training is a huge advantage.”
Not only should networks be encouraging brokers to expand, but they should be playing an active role throughout the process. It’s not just about finding the right talent and providing the necessary training either. It’s also about helping senior brokers in that transition to becoming a business principal, providing the necessary training to develop the mentoring, management and leadership skills to support junior staff.
Wider proposition
The self-employed model has proven incredibly popular for good reason – it enables ambitious brokers to put their own name above the door. But while the model may be popular, it doesn’t mean all network offerings are the same. For brokers to succeed, this platform has to come with access to a full suite of training and support, as well as expert advice and guidance from those that have walked the walk.
Of course, the financials are an important component. However, as self-employed brokers look to take their business to the next level in a challenging market, that wider proposition has to be the primary consideration. As we rapidly approach 500 self-employed advisers, delivering that platform and support structure to our brokers remains our top priority.
