Outdated ideas about self-employment and support are fueling high advisor turnover
The mortgage industry has long relied on a self-employed model, but as remote working and generational shifts reshape expectations, firms are facing growing challenges with recruitment, retention and training. Nick Hayes, managing director of Pia Financial Solutions, believes many of these problems stem from outdated thinking.
"Finding people who want to be mortgage advisors is quite easy. Getting them to actually be mortgage advisors is the real challenge," he said.
Hayes co-founded his brokerage in 2007, just before the financial crash, and now works with 67 advisors across the UK. While he doesn’t advise clients himself, his leadership role has given him a front-row view of the industry's shifting dynamics.
Finding and keeping good people is harder than ever
While many new entrants obtain their qualifications, few are equipped to bridge the gap to real-world competence. Without hands-on experience or structured guidance, they struggle with tasks like product tailoring and client structuring – skills that aren't covered in textbooks. "That journey from qualification to competence is the hardest part," Hayes said.
He also points to generational shifts. Many younger workers are less interested in self-employment, long a cornerstone of the mortgage industry. "They just want to come to work, do a job and go home, which this isn’t really set up for," he said.
Firms that fail to adapt risk recycling the same advisors between firms, rather than bringing new talent into the fold.
Remote working has upended traditional mentorship
Hayes sees clear downsides to the remote-first model that now dominates much of the sector. "You’ve got to be fairly self-reliant. If you’re not, you’ll struggle," he said. Without colleagues nearby to answer quick questions or offer impromptu support, new advisors can quickly feel isolated.
"It’s the most difficult part of what we do: how do you actually provide that support remotely?" While there are virtual alternatives that work for many, Hayes admits they aren't a substitute for the spontaneous learning that happens in a shared office.
To rebuild a sense of connection, the firm hosts regional lunches, runs an annual conference, and holds fortnightly online meetups but attendance is never mandated. "It’s about finding ways to generate some element of community," he said.
Broken promises and false autonomy drive churn
When advisors move firms, Hayes said the most common complaint is simple: "I was promised this and it’s never been delivered." Whether it's leads, admin support or real flexibility, unmet expectations continue to drive turnover.
Even self-employment itself is often misunderstood. "Too often I’ll be talking to a potential new advisor and they’ll say, 'I’m self-employed, but I’ve got to be in the office between eight and five.' That’s not self-employment. That’s just being employed without a salary."
In Hayes’ view, genuine autonomy means no enforced hours, no arbitrary check-ins, and no productivity quotas. "If someone is doing enough for them, they’re probably doing enough for us."
Firms must own their onboarding mistakes
Hayes believes too many principals blame advisors for underperformance without asking tough questions about their own systems. "It’s far easier to blame the outgoing advisor than it is to turn to yourself and say, 'What could we have done differently?'"
He gives the example of newly qualified advisors. A few years ago, his firm looked at who was thriving and who wasn’t – and realised those who failed often lacked early development support, even if they were technically compliant. “We were great at making sure what they did was safe,” he said. “But we weren’t particularly good at helping and supporting them to develop in the role.”
The lesson for broker firms is that technical oversight isn’t enough. If new advisors are left to sink or swim, many will struggle to find their footing.
Firms need to be more honest, more structured, and more flexible if they want to attract and retain top talent. "Getting that structure right is going to be key, but it’s quite a change from how we’ve historically worked," Hayes said. In an industry built on independence, that shift may be the only way forward.
