Mortgage Broker Broadcast
Developing your knowledge to help you build a successful Mortgage Broker business. Craig Skelton shares his thoughts and experiences on all aspects of mortgage advice covering everything from operating in the banking world, estate agency based advisers all the way up to working as a self employed broker. He will be joined by experts from within the industry and other business sectors which all play a key part in becoming a successful mortgage broker in the modern world.
Mortgage Broker Broadcast
Beyond Commission Splits: Finding Your Ideal Mortgage Firm
Finding the perfect home for your mortgage broker career isn't just about chasing the highest commission split—it's about creating an environment where you can truly thrive. In this candid conversation, I dive deep into what mortgage professionals should consider when choosing a firm or network, revealing why this decision impacts everything from your daily satisfaction to your long-term success.
Most brokers focus solely on the financial aspects when evaluating potential firms, but as I explain, the cultural alignment and value match are equally crucial. Working in an environment that contradicts your professional philosophy creates constant friction that eventually leads to burnout. I share real-world examples of brokers who've stayed in misaligned positions far too long, simply because changing seemed too difficult.
Before committing to any firm, proper due diligence is essential. Be aware of recruitment tactics where you're being "sold" rather than guided. Ask critical questions about management style, compliance procedures, and contractual obligations. What happens if you want to leave? Are there penalties or restrictions? These factors often get overlooked in excitement about headline commission rates.
The psychological cost of working in the wrong environment can be devastating to your confidence and motivation. If you're feeling that disconnect already, don't fall into the trap of waiting until year-end to make changes. Every month in the wrong firm is a month of lost opportunity and unnecessary stress. Your business deserves to be built on solid foundations that support your vision, not just your current income needs.
Ready to evaluate your current situation or explore new opportunities? Visit craigskeltoncouk to book a discovery call where we can discuss how to find or create the ideal environment for your mortgage broker business. Your career is too important to compromise—take control and build the business you deserve.
Looking for one to one mentoring, visit my website to see how it works craigskelton.co.uk
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Hi and welcome to this week's the Mortgage Broker broadcast. Today, I'm going to be talking about something that I believe is absolutely crucial for every single mortgage broker out there. I'm talking about choosing the right firm to work with. It doesn't matter whether you're new into the industry, you've just seen up qualified or you've been a broker for quite some time. The decision you make about which firm you align yourself with can have a long-lasting impact on both your career and personal satisfaction, too. So I'm your host, craig Skelton. I'm a mortgage business owner mentor and coach, and I help self-employed mortgage brokers and business owners build the business that they want.
Speaker 1:This is the podcast that's made for mortgage brokers at every single level. Whether you're just getting started or running your own mortgage broker firm, or focused on growing and scaling your existing business. This podcast is about helping you grow your business, sharpen your mindset and navigate the day-to-day challenges of being self-employed. So, before we get into this week's Mortgage Broker Broadcast, if you enjoy this podcast, please subscribe, please leave a review, please share it with other mortgage brokers and business owners. That helps us reach and support more mortgage brokers, just like you. So in this episode, I'm going to be talking about why your choice of firm is about much more than just commission splits and headline fees the long-term implications of being in the wrong firm, the steps you can take before you commit to a firm, the importance of aligned values and support, and why now might be the right time to rethink where you are. Not wait until the end of the year, so let's just get into the podcast. The end of the year, so let's just get into the podcast.
Speaker 1:So choosing the right firm is one of those decisions that can seem like purely financial on the surface, like all about commission splits, fees, tech, platforms, but when you like, scratch beneath the surface. It's much deeper than that. This is about your environment, your growth, your long-term career, and that's a good point. This is your long-term career, not just a short-term job. Becoming a mortgage broker isn't something most people just fall into. It's a long-term career plan. You're building relationships, building a client base, and you're likely looking to grow a business that supports your lifestyle and your goals. And, because of that, where you choose to build that business really does matter. The firm that you join or the network that you join should be one that helps you grow, not just one that pays you a little bit more upfront, because switching firms is much more harder than it looks.
Speaker 1:Moving firms is not a decision that you want to take lightly. It's disruptive. You've got client data to consider, lender relationships, systems to learn, pipelines to protect. It can take a toll both emotionally and financially, and that's why getting it right the first time is so, so important, but equally staying in the wrong place just because moving is difficult, that can be even more damaging in the long term. You need to align yourself with a firm that shares your values, and this is a big one for me, because I've seen so many brokers that have just stayed put and just taken what they've been hit with but and it's not been truly aligned with them and who they are.
Speaker 1:So when you're self-employed broker or running your own mortgage broker, culture really, really matters if you value transparency, growth, flexibility or like even ethical standards where, whatever your non-negotiables are, you want to make sure that the firm or the network supports that. So, for example, if your firm or network encourages volume over quality and that clashes with how you like to work, you're going to feel that tension every single day. That misalignment becomes so exhausting. You've also got to be aware of being sold the role to. Depending on who you're dealing with at the firm or that network, you need to understand what is their role. If they're a recruiter, you need to remember that they're getting paid to get you on board. So remember that in your discussions, be aware of being sold the role or told what to do, or over opinionated when you're dealing with the firm or the new network, do they give you room to breathe, room to make a decision? Help me make an informed choice or are they putting pressure on for you to accept that as soon as possible?
Speaker 1:Also, think about what are the targets. Is there a management structure there which will lead to micromanagement? What about the contract? Are you tied in for a period of time If you look to leave, or the training costs, things like that, all these things I've seen firsthand which brokers have been hit with when they're looking to leave. So that's why it's so important to get it right from the start and be true to yourself.
Speaker 1:And, yes, you might have to compromise on certain things. If there is no perfect firm or perfect network, however, you should still have those non-negotiables. And remember it's not just about the money. Yes, commission splits matter, fees matter, absolutely, but if that's the only thing that you're looking at. If that's the only thing that matters to you, you're missing out on the bigger picture. You need to be asking yourself does this firm give me real support when I need it? Do I get access to mentoring or training? Is the tech going to help me or is it going to actually slow me down? Can I see myself being still happy here in five years time, 10 years time?
Speaker 1:The firm or the network you choose should be helping you to work smarter, live better and build a sustainable business, not just pushing volume or quoting the highest splits with hidden costs. This is about your life, so you need to remember that your life, your business, is your life. You need to be in the right place and also one thing you can do is take action. Before you sign up, do your due diligence, speak to other brokers that are in that network or in that firm, ask the difficult questions and don't just put some random posts on a facebook group about I'm thinking about joining this network or getting feedback on networks or firms, because it's just going to make your head spin even more, because you're just going to have difference of opinions.
Speaker 1:You've got to think about what's right for you and make sure that firm or network is right for you. Not because it was right for a broker two years ago, five years ago, and there was a bad relationship, doesn't mean that that network or firm is not right for you. So you've got to ask those difficult questions. Look at their marketing, look at their brand, their support structure. What does the compliance look like? What about their onboarding? Are they panel or whole of market? What about the protection providers? Can you refer to external brokers who specialize in areas that you don't advise on, or is that limited as well?
Speaker 1:Take your time. This is your business. As I said, this is your future, so do not rush into it. So I want to move on to the consequences of getting it wrong. The cost of making the wrong choice isn't just financial. It's lost time, it's more stress, it's reputational and brand hit. If you're having to move again within 12 months, it can also help your motivation, it can hurt your confidence and your overall well-being, and that, to me, is the worst part of it. You start to question yourself, rather than the environment or the culture, which is actually the problem.
Speaker 1:One thing to remember is that you don't have to wait until the end of the year to make a change. I've seen it so many times. Where brokers go, I'll move at the end of the year to make a change. I've seen it so many times. Where brokers go, I'll move at the end of the year. I'll deal with that further down the line. And all you're doing is putting off that inevitable because if you're already feeling that you might not be in the right place but that's okay, you don't have to tough it out until December. The right time to take control of your business is now and, yes, you're going to have to deal with certain things, but actually, the quicker you get into the right culture, the quicker you get in the right environment, working in the right network or the firm, the quicker you can then build a sustainable business on solid foundations. Make those changes now and give yourself a chance in the second half a year to really build momentum.
Speaker 1:So just to summarize the points from the podcast get clear on what matters to you. Commission is important, but don't make it the only thing that matters to you. Define your non-negotiables what kind of environment do you thrive in? What kind of culture? What support do you need to grow? What kind of brand do you want to be associated with? And do your work before you commit research, ask around, talk to other brokers. Don't be afraid to walk away from that offer that just doesn't feel right, even if it looked good on paper. Trust your gut. This is your business and your future.
Speaker 1:So today we've covered the importance of choosing the right firm, why it's much more so much more than commission splits, and how aligned values and long-term visions matter, and why now is a great time to take action, not just wait until the end of the year. So if this episode has resonated with you, please subscribe, please leave a review, please share it with fellow brokers who might need to hear it next week's podcast. I'm talking about recruitment, so thanks for listening to this week's podcast. I'm talking about recruitment, so thanks for listening to this week's the Mortgage Broker broadcast. Keep moving forward, keep positive, keep taking action in your business and having an impact on your business. Remember you deserve to be in the firm or the network that brings the best out in you.
Speaker 1:And if you are thinking about becoming a self-employed mortgage broker or launching your own brand and business, are you about becoming a self-employed mortgage broker or launching your own brand and business? Are you ready to take your existing business to the next level? Go to my website, craigskeltoncouk. Book a discovery call. Simply just get in touch. Send me a whatsapp, however you want to do, let's just have a chat about how I can help you reach your goals. And remember, as always, please do not forget to run your own race.