Mentoring for mortgage brokers: Suggested schedule of fees and charges
The following Schedule of Fees and Charges outlines the payment options and associated costs for undergoing mentorship. The below outline suggests two fee models to provide flexibility and accommodate varying preferences. Please be aware that this template is intended as a guide only. Broker partners are advised to adjust the fees and charges as they see fit, considering their unique circumstances and business objectives.
Monthly fixed fee model
Mentees will be charged a fixed fee of $400 per month (GST exclusive) for mentorship services. This fee covers scheduled meetings, regular communication, guidance on industry regulations, product knowledge, sales and marketing strategies, professional development, and networking opportunities.
Commission split model
- Training materials or workshops: Mentees may have the option to purchase additional training materials or attend workshops at an extra cost. Fees for these services will be determined based on the content and duration of each offering.
- Online resources or tools: Access to exclusive online resources or tools may be provided at an additional cost, depending on the needs and preferences of the mentee.
Alternatively, mentees can choose a commission split model, where they will be charged 20% of the upfront commission earned on each completed mortgage transaction during the mentorship period. This fee structure aligns the mentor's compensation with the mentee's success and provides an incentive for the mentor to help the mentee achieve their goals.
Additional services (if applicable)
Payment terms
- Invoicing: Mentees will be invoiced on the 1st of each month for mentorship services. Payment is due within 14 days of the invoice date.
- Payment methods: Payment can be made via direct bank transfer, credit card, or PayPal.
- Invoicing: Mentees will be invoiced for the 20% commission split upon the completion of each mortgage transaction. Payment is due within 14 days of the invoice date.
Monthly fixed fee model
Commission split model
Payment methods
Payment can be made via direct bank transfer, credit card, or PayPal.
Please note that the fees and charges provided here are just examples. Be sure to adjust them to fit your specific situation and services.