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Who would be a mortgage broker?

by: Ross Bowen
  • 02/08/2011
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Who would be a mortgage broker?
Who today would recommend financial services as a good career option?

In recent weeks, we’ve learned of 15,000 jobs to go at Lloyds Banking Group and 700 at HSBC. Combine this with the credit crunch and the animosity towards the banking industry around working practices and bonuses, and you’d be forgiven for thinking that financial services was not a great career option.

Yet, the truth is very different.

Recent figures published by Pricewaterhouse Coopers and the Confederation of British Industry show that financial services jobs are growing at the fastest rate since 2007.

This was illustrated recently by Santander’s announcement that it will be returning call centre roles to the UK, having previously outsourced them overseas.

Accounting for 5% of the UK’s GDP, the UK financial services industry provides one million jobs.

It offers a wide range of career options in an industry that still has considerable scope to expand, both in providing services within the UK and by London’s role as an international financial centre.

Financial services has undergone a sea-change in recent years.

For example 25 years ago, anyone could set themselves up as a financial adviser, irrespective of qualifications or experience.

Today, there is a well-developed framework of training, qualifications and regulation that has generated a much greater professionalism within the industry.

At Connells Group, for example, where we recruited 100 mortgage consultants in 2010 and are recruiting a further 150 this year, all new consultants follow a structured development programme. This combines time in the classroom with supervised experience in the field and access to a team of specialist trainers.

Training opportunities extend beyond mortgage advice and industry qualifications exist for support staff in administration, marketing and many other behind-the-scenes disciplines as well, providing opportunities for structured career development at all levels.

Just as financial services have changed, so has the world they serve.

With restrictions on the scope of the welfare state and new structures for the distribution of financial services, there is scope for further development, as markets such as long-term care insurance and equity release expand.

Established products, such as mortgages and life cover, will also continue to evolve to meet market demands.

The Chartered Insurance Institute has estimated that, if the Retail Distribution Review is communicated effectively to customers, it could lead as many as 11 million new customers to seek financial advice. This will create demand not just for advisers but also for administrators, actuaries, surveyors, accountants and underwriters, among others.

Coming back down to Earth, what is proven time and again is that, whenever the market is faced with change, there are considerable new opportunities for those with talent and the right attitude.

Ross Bowen is mortgage services director at Connells

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