New blood is vital for any industry and the survey shows becoming a mortgage broker is far from the top of young people’s list of ideal professions.
But the survey showed that though it is not seen as an exciting career by younger people, interest in becoming a broker increases with age.
Keith Astill, managing director at UCB Home Loans, says: “We suspect young people are more interested in spending money than making it. Also, it has to be admitted that mortgage broking, perhaps unfairly, doesn’t have a very cool image.”
Astill suggests a Jamie Oliver-style role model is needed to raise the profile of the profession. He adds: “It might also be an idea if some brokers abandoned their cars and came into the office on skateboards, listening to their ipods en route.”
London brokerage Cluttons Private Finance is in the middle of a major recruitment drive.
James Rodea, commercial director at Cluttons, says while there’s mass of qualified candidates for administrative posts, good quality advisers are in short supply. He is dismayed at the findings of the survey.
Rodea says: “I can’t understand why more young people want to be estate agents. I keep reading it’s one of the most hated professions around.
“When you look at the earning profile of the average estate agent compared with a good broker, you’ll always earn more as a broker. You don’t need qualifications to be an estate agent, which is perhaps why people say it. But anyone who has a reasonable education and common sense should be able to pass CeMAP.
“This is worrying for the industry as a whole. Maybe Ray Boulger is on TV too much!”