26.11.08 by Andrew Montlake

It's Your Choice

“Choose life. Choose a job. Choose a career. Choose a family. Choose a f***ing big television. Choose good health, low cholesterol and dental insurance. Choose fixed- interest mortgage repayments. Choose a starter home. Choose your friends. Choose sitting on that couch watching mind-numbing sprit- crushing game shows, stuffing junk food into your mouth. Choose your future. Choose life...”

I thought this abridged quote from trainspotting was apt at the moment with regards to everything that is happening in the financial world.

We are all faced with choices as to how we handle the crises. Some seem to have given up. I know it is tough, but to just write off the rest of the year does not help anyone. To give in to the onslaught of bad press and doom and gloom does not help you.

This morning, after feeling a bit low yesterday in the face of reports that net mortgage lending will be £0 next year, mortgage brokers will be decimated and house prices are set to fall further; I had a little chat with myself.

What do I choose? Do I choose to sit back and do nothing? Or do I choose to learn, take a deep breath and fight on. Personally I choose life.

I choose to keep talking to clients; there are deals to be done. I choose to try to change the way I deal with clients, back to the good old days when every client required a full financial review. They need it now more than ever.

I choose to speak up and question Government policies that I think are wrong for our industry, to question respectfully, not ridicule, those within our industry who I do not agree with, to work with lenders to understand why they are not offering better products or increasing their lending levels, and to raise my concerns when I believe they are taking advantage of consumers.

If this manifests itself as criticism of a lender, I expect lenders to react positively and engage rather than become negative and broody.

I consider myself lucky that I know people within these lending institutions that I consider to be friends. If you cannot have an honest conversation with friends then who can you have it with? I understand their issues, but sometimes question their reactions.

I choose to question where lenders should be concentrating their distribution. It should be on those brokers, packagers and networks with quality names and brands, with robust compliance, closed distribution models and who really can control their distribution. I choose to defend the merits of Concordia as a model rather than a sticker club with no real control.

I choose to take on those who spread rumours for their own gain. To take on those who believe the average broker is not clever enough to understand the situation and cannot therefore speak for themselves.

I choose to comment to journalists as I honestly believe and see fit, and to write what I believe rather than pandering to others who may have other agendas. I do not subscribe to the doom and gloom view just for the sake of it, but believe there are positives that need to be nurtured.

I choose to speak out if I see people treated unfairly, whether this is clients, staff or management. These are hard times. Do not take them out on others. Everyone is battered, bruised and feeling pressure and stress – do not be so self-centred to think you are the only one.

I choose to talk about my issues and, when required, to keep confidences and to help others with advice where I can – both friends and rivals – we are all in this together.

Most of all I choose to embrace change. It is the only force that keeps the world moving.

So tomorrow when you get up, look in the mirror and say “How am I going to react today ? Am I up for the challenge ?”. I want to be able to look myself in the mirror and know that I am giving it my all. I am lucky to be surrounded by some inspirational people at Cobalt, but we can all find inspiration all around us if we try.

Choose life.

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