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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

Being made redundant

27 replies

DramaLlama20 · 06/02/2023 15:28

I'm shortly taking voluntary redundancy, it's very much more like mandatory as the job after would be nothing like it is now and to be honest I've been looking for a way out of my industry for a while. I'm currently a mortgage advisor for a high Street bank.

I really want to change my role entirely, I have no degree but do have mortgage and financial advisor qualifications. I've worked in banking since I was 19. I'm more of a sales person and not great with numbers in terms of accountancy etc so not looking to move into that type of role. I do have ADHD diagnosed and possible Dyscalculia.

I cant afford to take time out to get a degree and wouldn't be sure what to pursue anyway. Anyone moved from banking & finance to another career and have any ideas or tips? I'm nearly 40 so it'll be a big change but I'm 100% ready for it.

Sorry to post here but I need the traffic thank you.

OP posts:
Original poster
DramaLlama20 · 06/02/2023 20:10

Wow no one?! My first AIBU flop!

OP posts:
AFineBalance · 06/02/2023 20:12

Bump for you. I’m in accounting so can’t help!

enoughisenoughiwantittoend · 06/02/2023 20:12

Are you on LinkedIn? If not get on there and do yourself a good profile saying you're looking for work. Last week I was searched 38 times although none of them contacted me but that was probably as my profile says not looking to move but my job history got that many hits.

Original poster
DramaLlama20 · 06/02/2023 20:21

enoughisenoughiwantittoend · 06/02/2023 20:12

Are you on LinkedIn? If not get on there and do yourself a good profile saying you're looking for work. Last week I was searched 38 times although none of them contacted me but that was probably as my profile says not looking to move but my job history got that many hits.

Yes I'm on there with 500+ connections but pretty much all in the finance world which I'd love to get away from.

OP posts:
Original poster
DramaLlama20 · 06/02/2023 20:21

AFineBalance · 06/02/2023 20:12

Bump for you. I’m in accounting so can’t help!

Thank you

OP posts:
Eminybob · 06/02/2023 20:21

I thought I was reading a post about myself for a minute. I too took voluntary redundancy from being a mortgage adviser at a high Street lender. This was about 18 months ago.

I decided to stay in the mortgage business and am now an underwriter for a specialist lender. I absolutely bloody love it. Uses lots of transferable skills but so much more interesting than advice and no selling!

So if you decide not to completely change direction. I would recommend something like underwriting.

Original poster
DramaLlama20 · 06/02/2023 20:26

Eminybob · 06/02/2023 20:21

I thought I was reading a post about myself for a minute. I too took voluntary redundancy from being a mortgage adviser at a high Street lender. This was about 18 months ago.

I decided to stay in the mortgage business and am now an underwriter for a specialist lender. I absolutely bloody love it. Uses lots of transferable skills but so much more interesting than advice and no selling!

So if you decide not to completely change direction. I would recommend something like underwriting.

Talk to me more about underwriting, what kind of salaries can I expect and is it generally checking incomes,proofs etc and approving reasons for borrowing etc? I could definitely see me doing something that I have experience with but isn't directly mortgage advice, if I don't get my dream job of managing a private island somewhere!

OP posts:
overthinkersanonnymus · 06/02/2023 20:34

Get out of the high street banks and in to an independent brokers. The money and flexibility is so much better although it is bloody hard work

Theyweretheworstoftimes · 06/02/2023 20:37

What about consulting? You could start with financial consulting to learn the ropes and then use it to move away from finance?

Loads of big firms do this type of consultancy.

Eminybob · 06/02/2023 20:37

I did have to take a paycut, but the progression is good and I've had a promotion so I'm almost back to where I was. But I had been in my previous role for lots and lots of years so I was top of my payscale so I knew I wouldn't get the same money.
The actual job will depend on the lender, it may be just checking proofs and approving against policy, but my place has quite subjective policy, and 100% manual underwriting so it really is proper investigation and decision making.

Original poster
DramaLlama20 · 06/02/2023 20:45

overthinkersanonnymus · 06/02/2023 20:34

Get out of the high street banks and in to an independent brokers. The money and flexibility is so much better although it is bloody hard work

I understand but I really would like to move away from advising, I earn welll as I've been in the role for 15 years, I am also at the top of my payscale (or what was the old payscale I should add) and I just don't think I'd cope doing the same thing elsewhere for less money.

OP posts:
Original poster
DramaLlama20 · 06/02/2023 20:45

Theyweretheworstoftimes · 06/02/2023 20:37

What about consulting? You could start with financial consulting to learn the ropes and then use it to move away from finance?

Loads of big firms do this type of consultancy.

What would I be consulting on? I've never experienced this type of role so would love to know more.

OP posts:
Original poster
DramaLlama20 · 06/02/2023 20:46

Eminybob · 06/02/2023 20:37

I did have to take a paycut, but the progression is good and I've had a promotion so I'm almost back to where I was. But I had been in my previous role for lots and lots of years so I was top of my payscale so I knew I wouldn't get the same money.
The actual job will depend on the lender, it may be just checking proofs and approving against policy, but my place has quite subjective policy, and 100% manual underwriting so it really is proper investigation and decision making.

Sounds interesting, I'm intrigued about where you work, I must get onto Google for underwriter jobs.

OP posts:
MooFroo · 06/02/2023 20:51

Use the job search facility on Linked in
also think about all your transferable skills and how you could use them
what income do you need? What kind of jobs give you that?

book a session with a careers coach and see if they can help

good luck!

DogInATent · 06/02/2023 21:00

DramaLlama20 · 06/02/2023 20:45

What would I be consulting on? I've never experienced this type of role so would love to know more.

Show quote history

Consulting is about consulting on what you know. If I understand you correctly your experience and competencies are selling financial products to the public. The practice I work for is actively recruiting business consultants from a financial background, but we're specifically looking for commercial banking experience. I don't see an immediate consulting role for your background that isn't more of what you want to get away from. A halfway might be building on the financial advisory part of your competencies and moving up-market to wealth planning.

I'd start by sitting down with a coffee and a blank sheet of paper and listing your skills, knowledge, competencies, and experiences.

  • dealing directly with the public
  • personal financial products (mortgages, perhaps some insurances too?)
  • financial advisor
  • complex regulatory environments
  • etc.

Then on another sheet write down what you like doing, and what you don't want to be doing. Understand what it is about your current role that you want to get away from.

Genevieva · 06/02/2023 21:06

Still in banking and finance, but we had a Money Sense lady from NatWest visit our secondary school to give a presentation. It was easy to deliver as all designed for her. It was great for the kids to have a different person come in and go through some of these issues. We will definitely get her back.

Theyweretheworstoftimes · 06/02/2023 21:40

Another avenue would be to work for the regulator of financial services.

www.fca.org.uk

Or the ombudsman.

www.financial-ombudsman.org.uk

Still finance but away from what you are doing currently

Emmagr1 · 06/02/2023 21:52

I work for a high street bank as an underwriter, but not for residential mortgages. Please don't discount your career in banking, it may be that you just need to do something different.

My husband was a branch manager for 15 years and went into project management for the same bank.

I was in a sales type role and then went into underwriting.

The perks for working for a large banking organisation are typically good and better than other industries.

Take a sidewards move into something new. Lots of interesting things go on behind the scenes of a bank. It's not all retail, customer facing.

Littlemountainhum · 06/02/2023 21:53

What about insurance companies in their distribution/sales departments, basically selling their products/building relationships with advisers. Eg look at companies who sell products you’re familiar with or that you could easily pivot to (equity release or protection products perhaps?) You could bring lots of industry knowledge and inside info on what advisers want/need. Or you could look at leadership roles along similar lines.

or along the lines of what @Theyweretheworstoftimes said - look at any industry/regulatory bodies for products you’re familiar with like the Equity Release Council

Underwriting might not be such a good choice if you’re not good with numbers/detail.

Original poster
DramaLlama20 · 10/02/2023 09:12

@Eminybob do underwriters go through a yearly 'fit and proper' assessment like mortgage advisers do? Just out of interest. I have some debt to clear with my redundancy so don't want this to go against me. I've found a great job to apply for but wanted to check this first. Thanks.

OP posts:
Original poster
DramaLlama20 · 10/02/2023 09:13

Littlemountainhum · 06/02/2023 21:53

What about insurance companies in their distribution/sales departments, basically selling their products/building relationships with advisers. Eg look at companies who sell products you’re familiar with or that you could easily pivot to (equity release or protection products perhaps?) You could bring lots of industry knowledge and inside info on what advisers want/need. Or you could look at leadership roles along similar lines.

or along the lines of what @Theyweretheworstoftimes said - look at any industry/regulatory bodies for products you’re familiar with like the Equity Release Council

Underwriting might not be such a good choice if you’re not good with numbers/detail.

I'd definitely be interested in roles within insurance companies but I cant find anything that pays more than about 25k a year - if you have any insights into the types of jobs that might be relevant to me within insurance I'd be grateful thanks.

OP posts:
SaltnPeppaPig · 10/02/2023 09:16

Compliance?

SaltnPeppaPig · 10/02/2023 09:17

Or training others on advising qualifications?

maria1984m · 10/02/2023 09:19

Have you thought about going into car sales? It’s quite long hours but your sales background and financial background would stand you well as most sales execs are FCA regulated for selling finance and insurance products
most dealer groups work on a basic salary then commission paid for car sales and also on selling finance and products such as Asset Protection insurance, tyre insurance etc
also a perk of a company car with most places
downside is long hours / weekend work but I do believe some dealer groups are working harder on work life balance
before Maternity I’ve had a successful 15 year career in the motor trade with lots of room for progression should you wish for it such as being a business/transaction manager or hi focuses more on the finance products and regulation side of things

MrsPinkCock · 10/02/2023 09:47

Just popping on to ask if you’d considered a distance learning degree?

I did my law degree through a university with a distance learning option. I still worked FT at a law firm whilst I did it (over 4 years).

it’s not cheap but university never is. But I wouldn’t discount a degree altogether if that’s what you want to do. I managed it by working on it roughly 2 hours a day and 4 a day on weekends. I did spend extra time revising for exams before work and during lunch though.