For many brokers, switching to a new network or leaving a business can often be driven by financial promises – especially in the current climate. However, it's crucial to look beyond the allure of a big basic salary or high commissions and consider the bigger picture, particularly the level of support offered. This goes beyond day-to-day activities and should encompass both personal and professional development.

 

The importance of day-to-day support

One of the biggest challenges self-employed brokers face is isolation, particularly regarding compliance, 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. Chiefly, 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.

It is also important to look out for signs that the network is committed to providing this support. For example, limiting sales manager caseloads to guarantee dedicated time for each broker, ensuring they receive the support they need, and encouraging them to integrate into the local community.

Brokers shouldn’t underestimate the power of community engagement. By actively integrating themselves into their local areas, brokers can build trust and generate a steady stream of referrals. People tend to trust local professionals, and mortgage brokers are no exception. Many of our brokers have reported a significant increase in referrals as a result. It just goes to show that this support in turn builds brokers earning potential.

 

Expanding skills

Brokers should investigate whether the new opportunity provides the necessary platform to grow and develop their skills. In today's market, going beyond traditional mortgages and protection is a must for brokers. Exploring areas like later life lending, commercial mortgages, and business protection offers not only new revenue streams, but also a clear competitive edge for brokers in their region – especially as many are underserved currently.

For any ambitious advisor, expanding licenses is a no-brainer for maximising their earning potential. The right network gets this – they will actively champion brokers by providing clear training paths and support to make this a reality.

 

Recruitment

Growing the team is equally important, but it can feel daunting for brokers juggling their own workload. Being a broker is demanding, which is why it's so important to feel supported by area directors who are actively helping them find new recruits that fit their criteria.

Not only should networks be encouraging brokers to expand, but they should be actively involved 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 become a business principal, providing the training to develop the mentoring, management and leadership skills needed to support junior staff and new recruits.

 

The bottom line

The self-employed model has proven incredibly popular for good reason – it enables ambitious brokers to put their name above the door. But while the model may be popular, not all networks are created equal. For brokers to succeed, this platform must come with access to a full suite of training and support and expert advice and guidance from those who have walked the walk.

Of course, 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 must 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.

 

 

By: John Phillips, CEO of Just Mortgages and Spicerhaart