should I use Financial Advisor

Cashpig74

I personally am of the opinion that FA simply tell you what you already know but in a fanciful way and charge you through the nose for it.

I often wonder why FA are not so stinking rich when all they do all day in dish out great advice on how to make money...

Hmm....

AntiLochus

Cashpig74 wrote: »

I often wonder why FA are not so stinking rich when all they do all day in dish out great advice on how to make money...

Hmm....

Indeed! Every IFA I ever saw seemed to work out of a really low-rent office.........

Sportbilly_2

We found the advisor we saw to arrange our first mortgage extremely helpful and it cut out a lot of hassle. We're looking to remortgage now, and being a bit more savvy and with relatively straightforward finances and needs, I'm not sure we'd need to see one. Obviously it differs from person to person and I'd be straight to an expert if I thought it was necessary.

clairehi

being a mortgage adviser seems like a pretty thankless task i wouldnt want to do it myself.

I rang a broker and spent 30 mins on the phone. he phoned me back later and offered me a 4.99% 5 year fix with various fees. It took me 5 mins on moneysupermarket.com to find a cheaper deal with lower fees.

if the "straightforward" cases can just go to the lender direct as seems the case, that just leaves you with the complicated and therefore more annoying and less profitable work.

ps when we arranged our first mortgage, the adviser was a bit of an irritation tbh. all he did was add an extra delay in queries from the lender getting to us and vice versa. we also ended up paying a £300 fee to a packaging company, which we thought was the application fee, only to discover later that a further £300 lenders application fee had been added to the loan.

Robert_Sterling_3

Why do so many posters on MSE say tbh or To Be Honest.
What does it tell us about their other post where they might not have been honest?
Give me your honest opinion.

unite79

pity any poor person that does need advice in the future, with a less than straight forward mortgage application - cause if everyone goes direct - there will be no broker's left to help them out.....

Robert_Sterling_3

In "the good old days" when the building societies acted as a cartel and all charged the same interest rate we all went direct. We all got our gas from British Gas rather than get it from Tesco, the foriegn owned Water Board or W H Smiths.

dunstonh

I often wonder why FA are not so stinking rich when all they do all day in dish out great advice on how to make money...

I would say most of the ones I know are.

Every IFA I ever saw seemed to work out of a really low-rent office

Have you checked the rent and rates of offices recently?

AntiLochus

dunstonh wrote: »

Have you checked the rent and rates of offices recently?

Nope, but if I was stinking rich I wouldn't be working in a cheap looking office - the ones I have had personal experience with certainly didn't look like they were raking in a fortune.

Although if was stinking rich I wouldn't be working full stop.........

dunstonh

Although if was stinking rich I wouldn't be working full stop.........

If you are earning £100k-£300k a year then if you stopped, you would cease to earn that. So, you keep working.