brokers & their identity & PMs

payless

A number of " brokers " / advisers/ IFAs now contribute to this site, a lot of the signatures are similiar (I should have copyrighted it!... albeit now altered mine), although some seem to have a greater "sales" slant than others .

Perhaps those that are obviously "advisers" shouldbe made to put their homepage link to something that either contains "IDD" / initial disclosure documents or at least FSA register number

This is just a suggestion, open for discussions
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may I suggest that if you recieve any private message ( PM) from an adviser you have not previously approached yourself, one should take extreme care

Barney088

I'm one and would agree. Although new (this month only) I came here to save money on utilities and have enjoyed sharing experiences with others, albeit with the caveat of the disclaimer.

As an adviser it's also nice to see what other brokers suggest and the comments they make I'm sure it makes me into a better adviser.

My home page will have a copy of my IDD and links to the FSA to show my authorisation etc. Website is live next week, hopefully.

dunstonh

Problems you are going to have are:

1 - those that do not have a website - you eliminate them straight away. That would include me.
2 - those that don't make posts but just read them and PM directly wouldnt be seen. Yet it is those that i guess you are targetting
3 - Many networks require you to use their FSA number in any publications or documentation where the FSA number is shown. Having a bunch of people quoting FSA: 150427 isn't really going to help
4 - Any quoting of that sort of detail would need the signature to be compliance approved. Some may not feel it is worth the hassle. Others may not get it (thinking tied agents more than independents). You could elminate good contributers.

You also run the risk of being accused of trying to get business if all your details are displayed. If someone chooses to contact me, that is their choice. However, by not posting my contact details in my signature, I can have a good discussion with someone without them thinking "he's only doing this to get business".

Also, I know what sort of information I would need to put in my signature to get if compliance approved. Basically a carbon copy of my email signature in addition to what is already shown (albeit tweaked a bit). My signature would be longer than my posts.

I do think all advisors (under any category) should at least have a compliance warning in their signatures and an indication of their status. Shame you couldn't include all posters that have an agenda.

payless

dunstonh wrote:

Problems you are going to have are:

1 - those that do not have a website - you eliminate them straight away. That would include me.
2 - those that don't make posts but just read them and PM directly wouldnt be seen. Yet it is those that i guess you are targetting
3 - Many networks require you to use their FSA number in any publications or documentation where the FSA number is shown. Having a bunch of people quoting FSA: 150427 isn't really going to help
4 - Any quoting of that sort of detail would need the signature to be compliance approved. Some may not feel it is worth the hassle. Others may not get it (thinking tied agents more than independents). You could elminate good contributers.

You also run the risk of being accused of trying to get business if all your details are displayed. If someone chooses to contact me, that is their choice. However, by not posting my contact details in my signature, I can have a good discussion with someone without them thinking "he's only doing this to get business".

Also, I know what sort of information I would need to put in my signature to get if compliance approved. Basically a carbon copy of my email signature in addition to what is already shown (albeit tweaked a bit). My signature would be longer than my posts.

I do think all advisors (under any category) should at least have a compliance warning in their signatures and an indication of their status. Shame you couldn't include all posters that have an agenda.

I see what you are saying ... but you did have a website , didn't you ?

What I think is worrying, is that people are stating they are regulated adviser & giving "advice" on these boards , surely this needs to be backed up with regulatory disclosure information

I think people should either stand up and say - "this is me" or not state that they are advisers ( BTW thats not the raeson I changed my signature , but suppose it has the same effect)
I do think that those who PM ( cold calling!) should cease that activity.

FSA No. - ok you have "network" number, but you are still listed .

I understand the " contact details could look like touting " but if they contact advisers anyway.. whats the difference

Just because some advisers are with networks, and they have "harsher" compliance conditions , should not change the situation, the advisers should either do whats required, or change networks / go direct

( I don't use a network, but do run things past an external compliance company)

dunstonh

I see what you are saying ... but you did have a website , didn't you ?

I used to forward my domain to my IFA promotions page showing my entry. I did play with the idea of getting a site up and a company did start building one for me but it was taking too long to get approved and any minor change would have needed compliance approval. I ended up with the opinion it was just cost in time and money that wasnt worth justifying.

What I think is worrying, is that people are stating they are regulated adviser & giving "advice" on these boards , surely this needs to be backed up with regulatory disclosure information

Yes I agree on that point.

FSA No. - ok you have "network" number, but you are still listed .

If you want to get these formally sorted, then it would have to be the network number otherwise it would not get compliance approved. This would vary across the networks. Sesame insist on their number being quoted. Personal Touch say you use your own.

Just because some advisers are with networks, and they have "harsher" compliance conditions , should not change the situation, the advisers should either do whats required, or change networks / go direct

I was thinking more for the tied advisor than the networks. If I have to have a signature 10 lines long then so be it. However, what you are more likely to do is drive a number of advisors away or underground so they hide their positions.

EdInvestor

What is/was the rationale for having advisors identified as such, albeit anonymously, may I ask?

payless

It comes from
http://forums.moneysavingexpert.com/showthread.html?t=103391&page=1&pp=20

FORUM USERS’ OPINIONS DO NOT CONSTITUTE ADVICE

Forum users are asked to make it clear if discussing a topic they have professional knowledge of that they work in that field (but do not tout for business). However, please do not give advice. This is particularly (but not only) relevant on the Pure Money, Health, Old Style, In My Home and Is It Fair? Boards.


Also please remember just because someone says they’re an IFA this doesn’t mean they are. As always, it is essential that you do your own research.

AndrewSmith

In my own case EdInvestor it is to give credibility to the information I post.

By identifying that I am actually a qualified Financial and Mortgage Advisor through FPC 123 and AFPC, and the CeMAP exam, and have over 12 years industry experience hopefully posters asking questions will have confidence in the replies I post as they are from actual experience and knowledge, as opposed to just something I have read in the paper once.

I personally have never touted for business on this site and I do report those 'so called professional' brokers who do so. If people PM me and ask for help, then yes I will offer assistance but that is not my motive for posting here.

I enjoy the site as it allows help to be given freely to people who do not know where else to turn. I also see it as a release from the stresses involved with running my own practice, which keeps me busy enough business wise, so I don't need to tout here for fresh custom.

Andy

MortgageMamma

I might have been guilty of encouraging posters to contact me before I knew it was against the rules. I actually thought that was the point of the forum! no I am not blonde, just not as logical as some people!

My point is this, it is often difficult to assist posters as naturally they can only post so much personal information, and as the slightest little thing can affect your advice in the real world, there is a real danger here that posters can take your comments as gospel and act on it. I know you all have disclaimers saying that any comment does not constitute professional advice blah blah to cover your backs, but is it not better to insist in every psot that the poster should contact a qualified advisor, or not? Is this classed as touting if you are an advisor? I personally think saying that is beneficial to the poster?

Anyway I know better now so I do apologise to those that may have taken objection to any of my posts...

by the way did I mention I give free advice to advisors as well??! har har.

EdInvestor

Of course, nothing posted on these boards is official, regulated by the FSA "advice", is it?

Proper "advice" requires the broker/adviser to fully investigate a person's financial circumstances, attitude to risk etc. It's a very complex process, takes hours, and costs a fortune.

I thus wonder whether it might not be better to stop identifying individuals as advisers, as it could encourage Moneysavers to think that replies they get on the bulletin boards are actual genuine "advice", which they certainly are not.
They are just information and comment.


At the moment the site rules say effectively "state you are an adviser but don't give advice". They go on to say: "Also please remember just because someone says they’re an IFA this doesn’t mean they are."

It seems to me this is just confusing, to the advisors and the readers alike.

I like the last bit though:

As always, it is essential that you do your own research.

whiteflag_3

payless wrote:

It comes from
http://forums.moneysavingexpert.com/showthread.html?t=103391&page=1&pp=20

Thanks for posting that. I was unaware of the need to disclose your "professional" status. The only reason I started posting was to bring some balance to some of the threads by "amateurs" , who despite not being regulated obviously have substantial industry knowledge and vested interests in certain areas. Also I find it sad that some "advisers" actually PM posters in the aim of getting business.

I consider this to be chat forum and nothing else. I would never consider any of my postings to consitute advice and therefore have not advertised the fact I am an IFA.

While these disclosure rules apply I will stop posting.