Achieving the Certificate in Mortgage Advice and Practice (CeMap) or the Chartered Insurance Institute’s equivalent qualification is only the first step in becoming a mortgage and protection adviser.
The Right Mortgage & Protection Network recently launched a training academy to help newly qualified advisers reach competent adviser status (CAS) – the point when trainees are ‘signed off’ as being able to give advice without supervision.
Looking at the work of The Right Academy in greater detail gives an idea of what new entrants can expect in their first year.
The way in
The Right Academy was launched in April to enable The Right Mortgage’s appointed representative (AR) firms and their newly qualified advisers to benefit from specific training and support relating to CAS.
For Rebecca Egerton, who heads up The Right Academy, qualifying as a mortgage adviser before achieving CAS is like having passed the driving theory exams while still learning how to drive. People need both elements to be proficient at the wheel – and The Right Academy takes a similar approach in building well-rounded advisers.
The academy really starts with a three-day face-to-face induction, so the applicants get to know us and each other. It gives them a real sense of belonging
“We want to train people who are brand new to the industry to give really good advice, but we also want to build them up as people,” says Egerton.
Mortgage and protection advisers are usually self-employed but, because new entrants lack experience, they need to ‘sit under’ one of The Right Mortgage’s AR firms while they work towards CAS.
If newly qualified advisers are not already working for an AR firm – The Right Mortgage currently has over 400 of those – there are two options.
“You could either approach one of our firms and they might say they want to take this trainee on,” says Egerton.
I carry out a confidence-building session. You get people who say, ‘I’m anxious and nervous.’ Or, ‘I’ve got imposter syndrome.’ All normal feelings
“Or sometimes people contact us directly. We’ve got some nominated firms that say they will consider trainees, so we can put them in touch for consideration.”
Once trainees have this sorted, they can apply to The Right Academy.
Induction days
Applications come from all kinds of people, from graduates to career changers who bring across transferable skills.
“In our recent cohort we have a young gentleman who’s just left university, and a former head teacher,” says Egerton. “We’ve had quite an influx of ex-teachers and ex-police officers – and we’ve got an ex-nurse at the moment.”
Successful applicants undergo a mix of face-to-face and online training. They initially complete an online test, which covers things they would have learned for their CeMap or equivalent exam.
We’ve got masterclasses on sales skills, marketing, selling protection, selling mortgages, and topics like higher-risk mortgages or unusual types of mortgage
“Where the academy really starts is with a three-day face-to-face induction, so the applicants get to know us and each other,” says Egerton. “It gives them a real sense of belonging and they get to know their training team as people.”
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A range of topics is covered during the induction, from regulatory issues such as compliance and awareness of clients in vulnerable circumstances to sessions on giving advice and navigating the systems used by AR firms.
On the final day, Egerton runs sessions on how to bed in as a trainee and tips for passing the role-play assessments that are crucial for progressing to CAS.
We’ve had quite an influx of ex-teachers and ex-police officers – and we’ve got an ex-nurse at the moment
“I also carry out a confidence-building session,” she says. “You will get people who say, ‘I’m anxious and nervous.’ Or, ‘I’ve got imposter syndrome.’ All normal feelings.”
“But I like to remind them of the unique and wonderful things they are already bringing in – to look at who they are and how that’s going to help their customers.”
Supervision and beyond
There are lots of resources available on the network’s adviser website to help trainees prepare for their role-play assessments.
These include podcasts and webinars covering the basics of mortgages and protection, jargon busters and videos of Egerton demonstrating things such as how to hold a client meeting.
Trainees then enter the network’s supervision scheme.
We’ve got some nominated firms that say they will consider trainees, so we can put them in touch for consideration
“That will cover the set amount of business that you need to do; the key performance indicators that you need to meet; making sure you’re on a good pass rate with your file checks; that your advice is good quality; and that you’re keeping on top of your continuing professional development,” explains Egerton.
Meanwhile, the academy runs various online training sessions.
“We’ve got masterclasses on sales skills, marketing, selling protection, selling mortgages, and topics like higher-risk mortgages or unusual types of mortgage,” says Egerton.
Trainees have up to 12 months to meet CAS, which they will achieve if they pass all the milestones on the supervision scheme.
We want to train people to give really good advice, but we also want to build them up as people
“The quickest I’ve seen someone do it – who was brand new to industry and not knowing a single thing – is five months,” says Egerton. “I’ve got a guy at the moment who says he’s going to beat that – so we’ll see.
“This is a great profession and we urge firms and individuals who want to benefit from that to contact us to see how we can help.”
Amanda Newman Smith is features writer for Money Marketing
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