Special Official Note For Mortgage Brokers

AndrewSmith

EdInvestor wrote:

Which is one reason why IMHO the signature business is not an important factor at all. Regulars who post here and work in the industry are extremely easy to spot.There is no need to issue them with labels like " I am a broker/IFA but this is not advice".Especially when the T&Cs state the label isnt checked and may be fictitious.

:huh: :huh:

I mean what is a novice to think?It invites abuse and confusion.

I think this is where a problem lies isn't it? How do we know who anyone really is on the other side of a screen?

I am in agreement that signatures are not a guarantee as to someone's experience or knowledge.

I think in defense of Martin he was actually trying to do the brokers / advisers a favour by saying

1. I want people to know you are mortgage brokers
2. I want to allow you to ensure people don't think this is registered advice.

I am of the opinion now that the decision needs to come directly from the top as there will never be any 100% agreement made here.

AndrewSmith

dunstonh wrote:

Because this site does have a number of highly vocal anti financial services/adviser contributers. They can be quite hostile to those in the industry at times. There is some of that starting to appear in this thread.

I agree. There are some completely ridiculous and un-necessary statements beginning to appear.

I have been approached a number of times by people. What you tend to find is that many start the process, take your advice and then do it with one of the discount companies. Some dont even have the courtesy to thank you for the advice. Those that have transacted through me account for 0.24% of my annual turnover and have done so because they wanted to, not because I asked them to. You would be a fool to post on the forums in the hope it would generate a sustainable business level.

I have had very similar experiences however, like you, remain courteous and offer assistance where appropriate which is not always reciprocated, as you rightly say.

payless

MortgageMamma wrote:

Does anybody feel that an article (say a sticky at the top of the mortgages forum) informing forum users how to check an advisors credentials before doing business with them would be a good option. We could add this information as a link in posts and signatures - for example, perhaps something like this in the signature

" For security reasons it is strongly advised that you investigate the credentials of any Mortgage Brokerage/Independent Financial Advisor you discuss your situation with, either on this website, or that you have approached by other means. Before taking any further action it is recommended that you read the following thread" (link sticky)

Or, on reflection, do you think something like this would add further suspicion in peoples minds and portray and even greater negative image that we are not to be trusted?

Whilst reminding people to check credentials is not a bad thing... doubt that many of those that post ( even those that post for business) don't have the correct credentials- ...suppose they could give out false names/ fsa numbers so the only way would be to ensure consumers only use the contact details (tel / email) confirmed on the FSA register for the given FSA no.

MortgageMamma

I see what you are saying, especially for those of us who are not listed as our own name but as a AR of a company. So what is the point when the individual finds out for definate who you are? Via your website? On production of the IDD? The first letter on company letterhead? Business cards? - all those things in theory could be duplicated by someone - going to the website linked to the FSA register and phoning that number is one way, but even then no guarantee's - I suppose there has to be some trust there in the beginning...

AndrewSmith

MortgageMamma wrote:

Does anybody feel that an article (say a sticky at the top of the mortgages forum) informing forum users how to check an advisors credentials before doing business with them would be a good option. We could add this information as a link in posts and signatures - for example, perhaps something like this in the signature

" For security reasons it is strongly advised that you investigate the credentials of any Mortgage Brokerage/Independent Financial Advisor you discuss your situation with, either on this website, or that you have approached by other means. Before taking any further action it is recommended that you read the following thread" (link sticky)

Or, on reflection, do you think something like this would add further suspicion in peoples minds and portray and even greater negative image that we are not to be trusted?

I initially thought this was a good idea but, having given it deep though (like I do :rotfl:) I actually agree with your closing statement MM that it would only add to the suspicion and the implied justification of some of the accusatory posts already levied at brokers/advisers on this and other threads.

AndrewSmith

What about something as simple as this.

If you are going to declare a professional interest in, for example, mortgages by way of a signature then you must supply the MSE forum team with your fsa number for them to verify your status.

If they are not satisfied that you are genuine then they simply remove your signature.

A little rough around the edges I know, however the basic principle surely has to work?

The only downside I can see to this is that it would attract possibly unwelcome responsibility on the part of MSE for the credibility of the brokers posting on the site.

Thoughts?

payless

Even ARs should be listed, the problem is more on the individual listing... many mortgage brokers whether DA or AR only show on firm listing , as the role of a sole trader in an non-investment firm is not a controlled function.

payless

AndrewSmith wrote:

What about something as simple as this.

If you are going to declare a professional interest in, for example, mortgages by way of a signature then you must supply the MSE forum team with your fsa number for them to verify your status.

If they are not satisfied that you are genuine then they simply remove your signature.

A little rough around the edges I know, however the basic principle surely has to work?

The only downside I can see to this is that it would attract possibly unwelcome responsibility on the part of MSE for the credibility of the brokers posting on the site.

Thoughts?

I can see some scope in this
MSE Forum admin have confirmed the status as this mortgage broker on 1/1/06 ... although no responsibility.. blah blah

Arch-Angel

dunstonh wrote:

I have been approached a number of times by people. What you tend to find is that many start the process, take your advice and then do it with one of the discount companies. Some dont even have the courtesy to thank you for the advice. Those that have transacted through me account for 0.24% of my annual turnover and have done so because they wanted to, not because I asked them to. You would be a fool to post on the forums in the hope it would generate a sustainable business level.

I think that this aspect is totally overlooked by the critics of the brokers who post on MSE. I would suspect that the amount of "advice" - as in general assistance - given on these forums by the brokers is more often used by people who then either approach L&C or the actual bank/building soceity directly. The broker makes nothing financially from such posts, other than the personal satisfaction in helping to explain a highly complex subject to thicko's like me!!

Personally speaking I don't know a local broker - and it wouldn't matter in my case as I'm about to relocate to another part of the UK. So the potential to make formal contact with a broker that I've either corresponded with on here, or whose posts I've read, is a valuable asset for me.

The concern about cold-calling brokers who have generated a lead on here and e-mailed the poster directly - which has happened to me on a few occasions - is a far more important issue than attacking the brokers who freely give up their spare time making 100's of posts offering general advice (whilst always cautioning that they should speak to a whole-of-market broker). Maybe the signature should reflect something along the lines of:" I will never solicitate buisness with any poster who asks for general adivce via these forum. Any request for specific assistance - via PM or in open forum - will be met with a request to make formal contact before any advice can be provided".

As for MM - who's getting grief from an eejit for no reason!! - stick around; I think you're great! :T

Edit: I haven't forgotton the rest of the brokers (too many to name) - your help and advice is well valued to the vast majority on this site.

EdInvestor

So the potential to make formal contact with a broker that I've either corresponded with on here, or whose posts I've read, is a valuable asset for me.

I agree with this:it's very obvious that people have great difficulty in finding a reputable advisor - making a judgment on the basis of posts here is IMHO more likely to be successful than taking a recommendation from a friend or family member who may know nothing about finance or be related to the advisor.

The concern about cold-calling brokers who have generated a lead on here and e-mailed the poster directly - which has happened to me on a few occasions - is a far more important issue...

More evidence that this is going on...

They (the coldcalling brokers) are going to do it out of sight behind the scenes (hence my suggestion to stop PMs for those with a post count less than 10)

Not a bad idea from Dunstonh, is 10 posts enough, how about 20?

.