This week’s award goes to:

The mortgage brokers handling PPI claims

Like every other mortgage broker my income has fallen and I have to admit to looking at other income streams including PPI claims and getting credit card debts written off etc etc.

What stopped me however is that I would feel like a jack of all trades walking into a house offering this that and everything. It would feel like opening my suit jacket in front of the client to reveal a row of fake watches and asking if they would like to buy one.

I am a mortgage broker of nearly 20 years standing and this is what I know best. My clients know this and trust me to do a good job. I think this confidence in the job I do would be dented significantly if I deviated from anything that directly relates to mortgages and mortgage protection.

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When I first started in financial services, I was advising on everything including pensions and investments etc. I quickly realised with the help of the changing sales environment that I could not be a master of all going forwards, so I decided to become the mortgage specialist in the life office I worked in. No disrespect to IFAs, but I often see clients who have been given great advice by IFAs on pensions etc but poor advice on mortgages.

This is a classic example of trying to be a master of all, usually because they want to ringfence their clients, and serves to show that you should stick to what you know.

I think that if you are still in this game for the short term then go ahead and be a jack of all trades, but if like me you are in it for the long haul, you should think twice about it.

Mark Sutton

21 Feb 2013 | 12:59