Mortgages to Financial Advisor?
I started 100% commission is mortgage business 15 years ago. Now with all the changes in the industry and compensation plans, considering something new with residual income. I've been approached by a place and have to admit the whole thing sounds exciting, new & challenging.
Right now I work for a mortgage banker and have a high income. I'm just worried that the income will start to fall with all the changes & housing market plus the compensation plan will continue to change for the worse and I would have wished I had made a move now than later.
I'm either getting burned out with mortgages or just need to suck it up and start working harder.
I'm just not convinced I'll be better off in the 1-5 year range than if I just stick out in the mortgage business.
Anyone done the same thing or know anyone in a similar situation?
I made the switch a year or so ago. the one thing I'll tell you is that whatever timeframe you think it'll take to get cash flow up, anywhere close to where you may be... double or triple it. I was looking at old tax stuff and seeing old hud-1's with my broker checks per deal, $5k, $8k, etc.... not happening in the investment managment biz for me, yet. - But I figure I'm building an annuity as an RIA, one that I can run out through & into retirement.
Besides, the mtg biz was just a mess. If you were originating clean biz and not making up numbers, you got screwed by everyone else that was, incldg the banks. - I won't miss the one-sided contracts I had to sign with lenders making me responsible for everything, like the actions of 3rd parties that I did not control.
One other aside, I specialized in higher-end loans and "unfortunately" got as lot of referrals from CFP's and others in the financial biz, so I can't solicit those past clients. Others, I got a few, but they weren't waiting for me to be an RIA to do investment biz, so it's like starting over in many respects.
Mortgage Man - did you make the switch? I am in the same boat. Was a former top producer and now it's hard to make a living. Considering the financial advisor route as well.