frustrations with mortgages and money

feebasedadviser

hi everyone

i'm currently doing a research project into what people's frustrations are when they need to buy any type of financial services or take advice. i'd appreciate any feedback to a question:

what are YOUR main frustrations when sourcing the right info for you?

and could you describe the ideal service or source of info that you would willingly pay for? (if you didn't want to do the research yourself, that is)

i know...that's two questions

any help is appreciated

thanks

waterbaby

My main frustration arises from the market being so complicated, so I can't tell easily what the best product (for me) is. If I were to pay for someone else to research it, I would want to receive written documentation of why the product was suitable for me. Hope that helps.

JayS_3

My main frustration when I am enquiring about any financial product from an IFA, is they always want to ask about your OTHER financial products to see if they can tout for more business.

I recently spoke to an IFA over the telephone about a mortgage, I told him what he needed to better in terms of the mortgage product I was already looking at, but as usual he wanted to come around and look at all our other finances etc. I was very specific about the mortgage, had he been specific about bettering it I may have let him look at our other products, but not when he could not even produce one product for comparison; he said, "I'm sure we can better that", if he could, why didn't he.

It actually came across as very sleazy, I don't want that intrusion in my home or financial affairs. Rant over.

Good luck with your research.

payless

Its normal practice for advisers to ask to see the "whole picture" , and in most cases it is worthwhile , and shows that the adviser is offering a range of advice and trying to work in a compliant manner - although a agree that some people only want to discuss a particuliar area ( or test the water with that adviser first) , its down to the adviser ( or his firms compliance/ sales process) as to whether they are comfortable to offer "limited or targeted advice" and sometimes advisers working for a firm rather than their own business can't move away from their firm's laid down procedure ( one of the reasons I prefer to work for myself - sometimes commonsense can prevail ).

Of course whether you see this process as a compliant , consumer protecting method, or as a sales tool !

JayS_3

Thanks payless,

Interesting points; yes, I do like to "test the water" or even the IFA, but I didn't realise they may not have the authority to only offer limited advice, I'll bear that in mind in future. Although, the IFAs I was talking about did come across as sleazy, especially one who I consulted about my mother's affairs who kept referring to "mother" not "your mother, or Mrs Soandso" - doesn't sound too much in print, but made my skin crawl. :mad:

Best wishes.

dunstonh

If I were to pay for someone else to research it, I would want to receive written documentation of why the product was suitable for me.

This already happens. Depending on the type of advisor you will get a varied response. A tied agent will give you written information about the policy recommened. An IFA will have the research which shows you why that company was recommended in place of the others.

but as usual he wanted to come around and look at all our other finances etc.

As payless has already covered, some firms insist upon having a full advice process and not limited. Or they restrict the advisor to having only a small percentage of limited advice cases putting pressure on the advisor to try and get you into the full advice situation. Like Payless, its one of the many reasons why i chose to be an "independent" IFA rather than being attached to a firm.

I'll bear that in mind in future. Although, the IFAs I was talking about did come across as sleazy,

Well thats down to personality. You get all sorts in all industries. You really do need to get on with the person advising you otherwise you will not have any faith in their recommendations.