Should advisors generalise rather than specialise?

If you have gained the CeMAP mortgage advisor qualification and are working within the industry, you may well have been told that you should have an area of specialism. The problem with this is that, right now, the mortgage market is a shifting, changeable thing, and too much specialisation could limit your ability to grow your business.

For instance, many advisors tend to focus their efforts on the purchase segment of the market after qualifying, but that is not exactly a major growth area at the moment. If you have put all of your eggs in that basket, you will be missing out on parts of the market where business is booming.

Product transfers and remortgages are two areas that are drawing a lot of borrowers just now, due to the economic situation, so advisors with a grasp of them are doing well. This is not an argument to focus exclusively on these areas rather than the purchase segment, first-time buyer or later-life borrowers, but rather to broaden your expertise to be able to offer a generalised service that does not sacrifice anything in depth or quality.

The rapidly changing nature of the mortgage market in 2023 is one which mortgage advisors must be flexible and adaptable to. If they are not able to provide borrowers with sound guidance on the parts of that market that are most relevant to their needs right now, they will be left behind by others who can. Therefore, generalising instead of specialising may be the difference between success and failure.


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