Mortgage advisers - safe as houses
You'd think that mortgage advisers might be casualties of the credit crunch. But it seems Ireland's contingent are both resilient and adaptable.
Karen Dempsey of recruitment firm Robert Half International says she saw a sudden fall in placements after Christmas and has heard of mortgage brokers closing their doors. But while mortgage administration positions seem to have been frozen, mortgage advisers are still in demand.
Indeed, figures from the Irish Mortgage Council bear this out: from 1,440 authorised mortgage intermediaries in 2005, the numbers grew to 1,893 at the end of 2007 and were up to 1,997 by 31 March 2008.
Sharon McDonnell, consumer communications manager at Bank of Ireland, says that not only has there been no change to staffing or the activity of their mortgage advisers, the bank has not withdrawn mortgages as they have done in the UK.
Ian Cummins at Sigmar Recruitment Consultants says that even if new business dries up, introductory mortgages agreed a couple of years ago are coming up for refinancing, which is keeping advisers busy.
He also says changes to the Qualified Financial Adviser (QFA) exams mean mortgage advisers are equipped to slip seamlessly into selling other financial products, including life insurance, pensions, savings and investments.
A QFA with two or three years' experience can expect a basic salary of €35k to €40k a year, with target earnings of €70k or €100k, including commissions and other benefits.
