In modern economies, choice is taken for granted. But it can elicit all types of emotions depending on how well informed we feel, how interested we are and how badly we need to make a decision.
When it comes to choosing the right lender and network partners, you need to keep in mind some basic tenets.
Once you have established what you need from the relationship, research and don’t rush. Decisions made in haste are often repented at leisure.
We have all heard about small directly authorised firms being given 30 days to find a network home, hire a compliance director or cease trading by the Financial Services Authority.
If you want to remain master of your destiny give yourself a fair chance to do your homework.
Get recommendations from other brokers in your area, go online and read blogs, forums and press about the candidate networks.
Consider what you get for your money. If it looks too good to be true, it probably is.
Use comparison websites but remember they offer snapshots and require advertising to survive so independence cannot be guaranteed.
Ultimately, nothing can replace your own phone calls and questions.
Mortgage commissions are important but so is access to the plethora of other product lines, advice and support that can help keep broker businesses in the black.
When it comes to business partnerships, you get what you pay for in terms of both time and money.