Often, they will take on identical or similar responsibilities, giving their new firm the chance to benefit from the successes they have gained elsewhere.
So this week, Mortgage Solutions is asking: In what ways do people moves enrich the mortgage industry? Also, are there any disadvantages to the rotation of people?
A fluid jobs market where experienced and successful individuals touch businesses in different ways, can only be a good thing for the industry.
Rather than a common standard, it helps disrupt the status quo and creates the conditions for innovation and growth – we’ve seen this with the likes of Jamie [Pritchard] at Glenhawk, Louisa [Sedgwick] at Hampshire Trust, or Grant [Hendry] at Foundation – talented people many know and trust, now creating advocacy where it may not have been without them.
Sadly, the industry as a whole has a shortage of talent, and the recruitment war has raged on for years, making it an incredible market for employees.
With eye watering salaries and benefits, firms have been balancing growth and profitability and many – us included – have looked outside the industry to find the right people. We’d much prefer someone with the right attitude and transferable skill set, rather than the wrong candidate with the right experience.
There’s a danger here for individuals as well as firms. We’ve lost relatively inexperienced candidates worthy of £30-35,000 tops, taking opportunities for £50,000 and more. We don’t blame them, but in the medium term those jumping ship in an over-inflated market may find themselves stranded or priced-out of new roles as and when a correction comes.
The real challenge to employers now is to keep things moving, to test, push, develop, inspire, and reward teams in the right way so the grass never looks greener and individuals don’t have to leave to find what they’re looking for in their careers.
The mortgage industry is ever-changing and evolving, partly due to the continuous movement of people.
Joiners and resignations aside, it is not uncommon for industry professionals to move around. It might be for financial reasons, to progress one’s career, a necessary lateral move or because the culture has changed within the current firm or organisation.
Whatever the reason, a new employer can benefit from the knowledge, experience, and enthusiasm a person brings with them.
I spoke to Jamie Pritchard, director of sales at Glenhawk who joined from Precise Mortgages earlier this year.
He told me: “A move can actually be an all-round benefit. My experience building teams, introducing strategies, influencing products, and promoting who we are and what we do is already having an impact which is benefitting the industry as a whole.”
Jamie said he felt “re-energised” when he took on the role as he thrives on growth and making a difference.
Mortgage brokers move for a variety of reasons including becoming principals of their own firm. Others are looking for a forever home. Many progress by moving to a firm that can provide more comprehensive training and support, supply leads, or even administration assistance.
When speaking to potential employees, I look to see if we can add value for the adviser whether it be the financial setup, training, support, or something else.
New employers will also be interested in what can be brought to the table. Likewise, any offering must be good on both sides and advisers need recognition for their hard work as much as anything else.
The overall impact of industry moves have a positive effect on the industry.
People who are recruited from other firms will usually be highly successful in their chosen field, and the new employer will seek to emulate and build on their success.
Often, a bigger budget will be available. In a business that is perhaps underperforming, this can motivate and encourage the teams within it to learn from their new colleague and grow in their own skills and knowledge.
I think we can all learn something from successful people. Why are they so good? If we can emulate their best features, skills and abilities, we can develop ourselves, which can only benefit the businesses we work in.
I have only recruited two advisers in the last three years, but in each case I knew I wanted experienced advisers, who had a wide range of experience, and who had learned the benefits of working ethically, responsibly. And honestly, I wanted reassurance that they would honour in my business.
I also preferred those who had started off their financial service advice careers in a banking world, including later management, where their skill set would be more diverse. New entrants were not for me, given the higher level of supervision and learning needed, which in a small firm impacts heavily on production and costs.
New appointments, particularly senior ones, can shake up a business but also cause resentment and resistance to change, even when it is for the better.
Unfortunately, this revolution, rather than a degree of evolution, can produce anxiety and fear amongst the teams and some will not want to progress their careers and work under dislikeable new managers.