Comments on: Where have all the Mortgage Advisers gone? http://www.trumpo.com/blog/business/where-have-all-the-mortgage-advisers-gone/ Advice in good times and bad Tue, 06 Jan 2009 21:05:34 +0000 http://wordpress.org/?v=2.3 By: Pablo G http://www.trumpo.com/blog/business/where-have-all-the-mortgage-advisers-gone/#comment-1101 Pablo G Mon, 02 Jun 2008 15:39:08 +0000 http://www.trumpo.com/blog/business/where-have-all-the-mortgage-advisers-gone/#comment-1101 Which planet does Jake B live on? Who is he to judge that he has never had the best advice from a mortgage advisor/IFA. Most appropriate mortgage product does not necessarily mean 'cheapest/lowest rate' Too many people have the attitude, as Jake, that the mortgage is something spoken of in total isolation,without having to take into account how changing the mortgage will impact on other financial ares of personal financial planning. Unfortunately I have in my years as an advisor have had to combat the 'advice' given by the Jakes of this world to potential clients. I suspect Jake 'knows everything about everything'. In fact wasn't he a Harry Enfield character? Which planet does Jake B live on? Who is he to judge that he has never had the best advice from a mortgage advisor/IFA.

Most appropriate mortgage product does not necessarily mean ‘cheapest/lowest rate’

Too many people have the attitude, as Jake, that the mortgage is something spoken of in total isolation,without having to take into account how changing the mortgage will impact on other financial ares of personal financial planning.
Unfortunately I have in my years as an advisor have had to combat the ‘advice’ given by the Jakes of this world to potential clients.

I suspect Jake ‘knows everything about everything’. In fact wasn’t he a Harry Enfield character?

]]> By: P Brett http://www.trumpo.com/blog/business/where-have-all-the-mortgage-advisers-gone/#comment-1082 P Brett Thu, 22 May 2008 16:03:39 +0000 http://www.trumpo.com/blog/business/where-have-all-the-mortgage-advisers-gone/#comment-1082 I have 20 yrs experience as an independent Ins.Broker I was speaking to another broker who was telling me he had had a visit from the FSA.He was asked by them how he handled claims.He told them if it was over £5,000 he would appoint a loss adjuster,the person from the FSA asked "What is a Loss adjuster"!!!! and they are telling us how to do our job !! I have 20 yrs experience as an independent Ins.Broker
I was speaking to another broker who was telling me he had had a visit from the FSA.He was asked by them how he handled claims.He told them if it was over £5,000 he would appoint a loss adjuster,the person from the FSA asked “What is a Loss adjuster”!!!! and they are telling us how to do our job !!

]]> By: Jim Payne http://www.trumpo.com/blog/business/where-have-all-the-mortgage-advisers-gone/#comment-1081 Jim Payne Thu, 22 May 2008 13:45:17 +0000 http://www.trumpo.com/blog/business/where-have-all-the-mortgage-advisers-gone/#comment-1081 Are we missing something here with regard to small mortgage brokers leaving? The FSA isn't interested. They think that mortgages a simple and that the consumer can just search their comparison tables to 'find the best deal'. Within 18 months or so I would warrant that the FSA will have a short 'tick the box' questionaire which will take clients through a 'decision tree'. This will then be able to link to the comparison tables to give a list of 2/3/4/... lenders who will accept the customers mortgage. (The FSA will expect this to suffice for 60/70% maybe more, of applicants because the regulator believes that anyone with a less than 100% clean credit history has NO business whatsoever in borrowing a penny let alone buying somewhere to live. If only the world were so perfect!) The big lenders will then suggest, only for the benefit of the customer you understand, enhancements that will automatically link through the their own computers so that hey can immediately issue a KFI which will then in turn result in a 'pre-populated' mortgage application coming on screen with a DIP attached. What a result for the FSA. Automated mortgages with no involvement of people they have to regulate. So back to the situation only 4 years ago when they only had to regulate a few hundred large financial institutions. Am I being fanciful here or could this come about? Are we missing something here with regard to small mortgage brokers leaving?
The FSA isn’t interested. They think that mortgages a simple and that the consumer can just search their comparison tables to ‘find the best deal’. Within 18 months or so I would warrant that the FSA will have a short ‘tick the box’ questionaire which will take clients through a ‘decision tree’. This will then be able to link to the comparison tables to give a list of 2/3/4/… lenders who will accept the customers mortgage.
(The FSA will expect this to suffice for 60/70% maybe more, of applicants because the regulator believes that anyone with a less than 100% clean credit history has NO business whatsoever in borrowing a penny let alone buying somewhere to live. If only the world were so perfect!)
The big lenders will then suggest, only for the benefit of the customer you understand, enhancements that will automatically link through the their own computers so that hey can immediately issue a KFI which will then in turn result in a ‘pre-populated’ mortgage application coming on screen with a DIP attached.
What a result for the FSA. Automated mortgages with no involvement of people they have to regulate. So back to the situation only 4 years ago when they only had to regulate a few hundred large financial institutions.
Am I being fanciful here or could this come about?

]]> By: Jake Brumby http://www.trumpo.com/blog/business/where-have-all-the-mortgage-advisers-gone/#comment-1080 Jake Brumby Thu, 22 May 2008 10:52:51 +0000 http://www.trumpo.com/blog/business/where-have-all-the-mortgage-advisers-gone/#comment-1080 I've never had the best possible advice from a mortgage adviser or an IFA. Maybe they are not that passionate about their job, or maybe they are too restricted in their thinking, but every time I have sought professional advice from either a mortgage adviser or IFA, I have been able to find a more suitable product for my circumstances that is also better for me financially. Mortgage advisers, in my experience, are not as good as doing the research yourself. British people suffer heavily from a lack of financial understanding. People should be encouraged to learn about finance. It's not rocket science yet it is a highly valuable life skill. While mortgage advisers and IFAs are an important and valuable part way to help people choose suitable financial products, their demise is not a major concern if it is being caused by a rise in DIY financial planning. I’ve never had the best possible advice from a mortgage adviser or an IFA.

Maybe they are not that passionate about their job, or maybe they are too restricted in their thinking, but every time I have sought professional advice from either a mortgage adviser or IFA, I have been able to find a more suitable product for my circumstances that is also better for me financially.

Mortgage advisers, in my experience, are not as good as doing the research yourself. British people suffer heavily from a lack of financial understanding. People should be encouraged to learn about finance. It’s not rocket science yet it is a highly valuable life skill.

While mortgage advisers and IFAs are an important and valuable part way to help people choose suitable financial products, their demise is not a major concern if it is being caused by a rise in DIY financial planning.

]]> By: Rob http://www.trumpo.com/blog/business/where-have-all-the-mortgage-advisers-gone/#comment-1078 Rob Thu, 22 May 2008 08:43:45 +0000 http://www.trumpo.com/blog/business/where-have-all-the-mortgage-advisers-gone/#comment-1078 I wonder what type of redundancy package the FSA is going to give the excess of staff it will shortly have??? I wonder what type of redundancy package the FSA is going to give the excess of staff it will shortly have???

]]>