Richard Merrett, managing director, Alexander Hall – Mortgage Strategy

Can you give us a brief overview of your career?

Like many in our industry I did not plan to get into mortgages.

In fact, after university I said the two things I didn’t want to do were financial services and sales!

I started work at an IFA academy in Bath to pay off travelling debt and then decided to move to London.

With my qualifications, mortgages meant I had greater immediate earning power, so I started as an adviser with Alexander Hall, intending to move into PR or journalism once settled in the capital. But, because it’s ultimately a relationships-based role and you are helping people, I found I really enjoyed it and stayed for 14 great years.

Being a mortgage adviser makes you a dream maker, counsellor, debt adviser, hand holder, negotiator, salesperson

I then gained valuable experience while running largemortgageloans.com for two years before moving into distribution with SimplyBiz Mortgages. There I enjoyed four years as director of strategic relationships, which also enabled me to join the Ami board and chair the Mortgage Climate Action Group.

What brought you back to Alexander Hall late last year?

Alexander Hall is a great business that has been brilliantly led by good friends of mine, so I have remained close while being away.

We have a responsibility to play our part in tackling climate change and how housing impacts this

We have a wonderful culture and great diversity, and are known for offering superb training and excellent customer service, driven by our fantastic people.

Given the time I spent here first time around, when I got the call to rejoin, it was too good to turn down. I feel like the business is part of my DNA.

What are your main goals in your role as MD this year?

The main goal is to continue the great history of the business: helping more people into homeownership and ultimately making the company and our people some money!

The biggest challenge is market volatility amid rising interest rates and cost of living

Last year was tough for all in the market but, in being part of the Foxtons Group, we have a phenomenal lead source, so we have a great opportunity to grow.

Recruitment and development of talent will be a huge focus. I’d also very much like to ensure we all have some fun along the way.

Can you outline the biggest challenges the market currently faces, in your view, and any suggestions for how it can improve?

The biggest challenge is market volatility amid rising interest rates and cost of living. This has made things harder for consumers, advisers and lenders alike.

Revenues and profit margins have been hit in different areas. However, the value of advice has never been more important, so we have a fantastic opportunity to grow.

Recruitment and development of talent will be a huge focus

The intermediary market is responsible for circa 85% of all mortgage business, so I think we will see improvement as this is increasingly recognised and as lenders and brokers continue to work in partnership.

I also think we have a responsibility to play our part in tackling climate change and how housing impacts this. The crux of an adviser’s job is to help people save money. That’s hard amid rising rates, so pointing them in the right direction on sustainability and adapting behaviour on consumption is a genuine way in which they can save on bills.

We’re at early stages on this as an industry but we have a huge opportunity to make a positive impact.

What is your favourite thing about the mortgage market?

The people. We have a wonderfully diverse, collaborative and enjoyable industry that is driven by personal relationships and partnerships and has helping people at its core.

After university, I said the two things I didn’t want to do were financial services and sales!

I feel privileged to count many of my peers as good friends and I genuinely have a great time doing my job.

What’s the best advice you have received?

Control the controllables and don’t take yourself too seriously.

If you didn’t work in this industry, what other career path would you choose?

Being a mortgage adviser makes you a dream maker, counsellor, debt adviser, hand holder, negotiator, salesperson.

We have so much variety I’m not sure I’d want to do anything else now — unless you can get paid for going to gigs. Is that a thing?

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This article featured in the April 2024 edition of MS.

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