DM franchisees: Regaining control of their income

As anyone in the financial services industry will tell you, diversification has been the buzzword throughout the downturn in the housing market. Brokers have been urged to expand their offering by providing services such as debt management to clients – but how far can diversifying take you?

Whilst thousands of mortgage brokers have signed up to the EuroDebt Introducers Scheme and are successfully making referrals and earning commission, many are committing themselves to having more control in the process.

This is where becoming a debt management franchisee comes in. Tandi Gruenbaum, who recently became a franchisee for EuroDebt, says: “Since taking on the West Midlands territory in November last year, I have managed to build up my business to the point where I am now working towards taking home the same salary I had when I was working, which is more than enough for me.

“The training and support has been brilliant,” Ms Gruenbaum continued. “Initially I went on a five-day training course at head office and after that I had a couple of months where a mentor would sit in on my appointments and advise me. Also included in the franchise package is access to a comprehensive database, where we log all of our prospective customers' details, and a marketing tool kit which includes flyers, letter templates and leaflets. The call centre provides ongoing support by generating initial appointments while a team of account managers and legal advisors are on hand to help if we have any queries. We also have the support of a regional business development manager and a regional business support manager.”

Ms Gruenbaum says she became involved with EuroDebt after researching a number of different ventures, but the debt management solutions provider came across as the most “morally and ethically sound business.”

With the majority of brokers already accustomed to taking control of clients, appointments and their earnings, becoming a debt management franchisee can lead on naturally from being an introducer.

“The great thing about being a franchisee is that the amount you earn depends on how hard you work and I now have control over my work/life balance.” Ms Gruenbaum concluded.