Would you use a Financial Adviser???

silvercar

maveli wrote: »

It is just like going for a window cleaner, some do a good job and some don't. But if you learn how to do it then you can always do it the way you like it.

Belive me mortgage is not that complicated.

Good analogy. My window cleaner now has some ionised water devise that means the water drys without smearing, not available a few years ago.

In the same way that the availability of mortgage types changes over time. I have an offset mortgage that didn't exist 20 years ago.

So you may "learn how to do it then you can always do it the way you like it.", but you may not now be benfitting from all that is available.

silvercar

maveli wrote: »

Belive me mortgage is not that complicated.

IFAs don't concentrate on mortgages; bit like asking a glazier to clean your windows. They can do it and do it well, but their skill set is much wider.

maveli

I would never use one

silvercar wrote: »

So you may "learn how to do it then you can always do it the way you like it.", but you may not now be benfitting from all that is available.

That's why the saying goes "You learn something new everyday".

Also what you said is perfectly true for majority of the advisors out there. They don't keep learning and are unaware of the different prodcuct available in the current market. They just look at and recommends the products shown on their screen (don't know what software they use). But in reality there are many other better products out there in the market.

dunstonh

Also what you said is perfectly true for majority of the advisors out there. They don't keep learning and are unaware of the different prodcuct available in the current market.

What makes you think that?

There is CPD, periodic testing, research company bulletins, provider representatives and rsearch software (that is more detailed than what you see on the internet).

Your knowledge doesnt just stop the day you get authorised.

things_are_looking_up

I would never use one

We have just had our first experience with a financial adviser, we our first time buyers and we seen a house that was being marketed by a very big chain of estate agents, i think they must have something to do with countrywide.


Anyway we have made a offer and its been accepted, but they asked us to sit down with their financial adviser to discuss our finances, we told them we had sorted our mortgage out and that we was okay.


But he told us they had some great exclusive deals and was very pushy for us to see the financial adviser, anyway in the end we gave in and went to see him, he showed us the deals they had to offer and they wasn't that bad, but they wasn't the best deals out there.


The most shocking thing we found was the insurance policies, he tried to push on us and they was a lot more than what we had been quoted before.


In fact when he give us the quote back for the cheapest mortgage, he had to offer and with all the insurances it worked out about 88 pound a month more than the products we have sorted for ourselves.
It does not seem a lot 88 pound a month, but over a year we our saving over a thousand pounds.


So after our first experience i don't think will be using one again, i suppose they are okay if you have no clue at all about mortgages.

dunstonh

So after our first experience i don't think will be using one again

Dont measure financial advisers by an insurance company sales rep working in an estate agent. Its well known that they are the worst type of distibution you can get (well, maybe not as bad as banks).

That would be like comparing a chef with someone that works in McDonalds and expecting the same quality.

Robert_Sterling_3

That is another good analogy.

payless

Always use one

We have just had our first experience with a financial adviser, we our first time buyers and we seen a house that was being marketed by a very big chain of estate agents, i think they must have something to do with countrywide.

countrywide- panel of lenders, sole provider for Life products, sole provider for general insurance

Rikki

My option choice is not there.

I would use a financial advisor but not necessary all the time.

things_are_looking_up

I would never use one

dunstonh wrote: »

Dont measure financial advisers by an insurance company sales rep working in an estate agent. Its well known that they are the worst type of distibution you can get (well, maybe not as bad as banks).

That would be like comparing a chef with someone that works in McDonalds and expecting the same quality.

I thought most financial advisers were part of estate agencies, by me all the estate agencies have their own financial advisers.

Are you part of a estate agency?