Mortgage advisers could be left behind

BOB HUNT, CHIEF EXECUTIVE, PARADIGM MORTGAGE SERVICES
BOB HUNT, CHIEF EXECUTIVE, PARADIGM MORTGAGE SERVICES

As we brace ourselves for an outpouring of election statistics, one fact that has emerged from the recession drew my attention recently.

While unemployment has perhaps not reached the figures predicted in the darkest days, youth unemployment is close to one million out of a headline total of 2.45 million.

This is a considerable figure and it occurs to me that while job opportunities have not been plentiful in the mortgage advice market this is still a career that young individuals should be considering. But they are not.

Thumbing through the back of Mortgage Strategy it’s clear there has been an increase in the number of practices looking for advisers and I wonder if the industry is doing all it can to bring in new entrants.

The financial advice profession is an aging one which means we need new blood but could the mortgage advice arena lose out, given what is happening with the Retail Distribution Review and Mortgage Market Review?

While the RDR looks to promote the professionalism of IFAs the MMR does not. It has missed a trick. Individual registration of mortgage advisers is positive but we need to establish it as an attractive profession.

At the moment it looks like the poor relation in advisory circles. After 2012 the IFA profession will have taken a leap ahead and there’s a danger that the mortgage market will be left behind.