Who hates mortgage advisers trying to sell them insurance?

AndrewSmith

Conrad wrote:

Would you like your Doctor or Lawyer to earn commision on the back of recommending certain courses of action / advice?

No thought not.

We pay people hard cash if we think they are worth it. Thats why I say at outset I charge fees. People tell me they respect me for that and the fact I dont have any 'commission imperatives'.

But doctors do earn based on the number of patients they see in a day, hence the fact that appontment times are very closely monitored and managed. There was actually a recent article on Sky News this week referring to the fact that hospitals and Doctors will soon be 'touting' for business.

So if you do not have 'commission imperatives' I assume you refund 100% of the commission you receive from the lender to the client?

Rick62

What is your problem Conrad?

For everyone else - Conrad is talking nonsense, he himself has insurance (with Norwich Union, on another thread) and I'll be willing to wager that he does not give back his mortgage commissions.

The right insurance can offer value, good mortgage brokers will offer sensible advice, usually from a reasonable panel and will not force it on people. The insurance sales you do need to be wary of is from single product providers, i.e. direct from lenders which often will not be fully advised nor often good value, particularly PPI bundled with loans.

Conrad, you are trivialising a serious matter and dangerously misleding people who look for us advisers to give sensible guidance.

AndyWallace

Conrad wrote:

Andy, mankind learned that specialisation leads to civilisation. People used to be hunter gatherers, but then some chose to specialise in working the land - farmers.

To deny that concentration and focus of input leads to improved skill is nonsensical.
Athletes who specialise in one discipline will become masters at that skill.

You guys have not tried a day in my shoes, I have however been in yours as I used to advise on protection alongside mortgages.

I fundamentaly challenge the old ways of doing business. Specialisation is what clients deserve.

Conrad, I don't mean to keep having a go at you, and I won't say anymore on this because I feel like I'm getting caught up in a very immature argument.

What I will say is that most people have the ability to learn, lets say the '5 times tables'. In fact, most people could learn the '6 times tables' as well. But I don't think that you are any better, or more specialised, if you decide not to learn the '6 times tables' and instead focus on just the '5 times tables'.

You don't need to focus 100% of your time on mortgages to know what's happening in the industry. It would be completely fair comment if you turned round and said actually, I don't have time to advise on protection because I get that much work on the mortgage side that I'd prefer to refer it to someone else. Fair play to you I'd say, wish I were signing 10 a week up!

Andy

HelpWhereIcan

Conrad wrote:

Andy, mankind learned that specialisation leads to civilisation. People used to be hunter gatherers, but then some chose to specialise in working the land - farmers.

To deny that concentration and focus of input leads to improved skill is nonsensical.
Athletes who specialise in one discipline will become masters at that skill.

You guys have not tried a day in my shoes, I have however been in yours as I used to advise on protection alongside mortgages.

I fundamentaly challenge the old ways of doing business. Specialisation is what clients deserve.

Troll, Troll, Troll, Troll, Troll, Troll, ...........................................................Troll, Troll, Troll, Troll, Troll,

I fundamentally challenge the way women give birth - does not mean I am any more than a !!!!! though

MortgageMamma

I think this needs to go in MS or MI Mike ;-)

where's the etonox my brain hurts

regularsaver1

So conrad when you have a client in front of you - are you saying you only think of the commision you can earn? from the mortgage and forget what could happen if no insurance scenrio

That is wrong. Surely if you are doing a mortgage you have to think the client and discuss insurance for their benefit and not yours

and how many clisents actually bother to go souring their insurance if its not mentioned in the first place. I bet many would have preferred to get it all at one stage

regularsaver1

AndrewSmith wrote:

But doctors do earn based on the number of patients they see in a day, hence the fact that appontment times are very closely monitored and managed. There was actually a recent article on Sky News this week referring to the fact that hospitals and Doctors will soon be 'touting' for business.

So if you do not have 'commission imperatives' I assume you refund 100% of the commission you receive from the lender to the client?

This happens already Andrew - my mum works in a hospital theatre where they do day surgery - but if the GP refers patients to the new "glorius" private centre, they earn a commision - it happens

defender_of_the_weak

Thanks conrad

Its idiot thinking like this that will keep me in business for years. For every referral you make are you sure you have nailed down every possible downside of not protecting their mortgage in any form. I hope the company you refer is 5 star because if not you could be sued. Just because you do not give direct protection advice does not mean that you as a 'professional' should not be aware and make sure your client is informed before the pass is made.

Please note... I gave a similar speech to everyone I trained from 1994 to 2003 including major banks building societies and most of the biggest insurers, guess what... I am now making even more money because they ignored the message