Estate agent financial advisor

holly_hobby

Dave_Ham wrote: »

Have seen lesser offences being punished with removal from The J list, but he seems to be unscathed...

... ooh J is a little tinker .... and (sometimes v) naughty but nice !

H

holly_hobby

Conrad wrote: »

No, there is never an ethical sale in terms of BEST VALUE via one of these corporates because;

+ The sourcing systems leave out many deals and lenders (I often find small BS deals are not included as these lenders do not deal with sourcing systems)

+ No coroporate bod habitually recomends one of the many lenders that pay no commision / with direct deal only such as Co - Op, Post Office, HSBC and many more

+ Direct deals are the cheapest on the market in terms of overall deal. Rarely can an advisor deal beat every direct deal

+ Life and home assurance with top providers are available a lot cheaper (for example a small local broker will often re - imburse 50% commision to make premiums lower)


I was regional manager of one of these corporates btw - hated every minute.

We were talking about the adviser, and that not all of them are sharks .... but being a RM for a National, managing your teams productivity you'll know that some will do and are encouraged by the management to do anything for a sale ... and thats just not constrianed to EA MAs.

Talking about panel exclusives - I said go in and see what they offer and use it as a bench mark - I didn't say waltz in sign yourself up they will beat everyone and everything hands down .. far from it...


H

harvey115

I went to buy a new build from CALA on Monday and they asked me to speak to a Financial advisor to check my financial situation before I sign the papers.

The advisor was upfront and straight to talk to, I told him that I already have an advisor for a mortgage and that I would like to use them. He just got my financial details to check whether I can get the mortgage required for the house sale and confirmed he can provide me the same deal I have got from my advisor. He then confirmed with to the developers that I can get a mortgage for the house, so things went okay after that.

There is no harm in asking for details of the deals but by no means personal details should be shared and we should not be forced to use any specific advisor by the EA.

betmunch

Holly and Dave, I make no secret about starting out with Countrywide, and have done time in Connells/Sequence. I can honestly say I did the best job with the tools available to me, constantly argued with the Sales Managers when they put presure on me to lie to clients, and got out before my soul was destroyed!

When I quit I actually put a thread on here helping people avoid the traps they place for the unsuspecting buyer, until someone called LIBEL!

I asked for it to be removed just in case. Shame because it could have helped a lot of buyers

holly_hobby

Thanks Harvey, that was my point way back in my first post !

I also said that additionally if you don't use the EA MA - that your position in the pch should not be prejuidiced, if that is the case the EA should be directly reported to NAEA.

There is absolutely no harm in gaining comparibiles from free scources ... you can then use this as a bench marking exercise, and ask your own broker if he has access to the same deals and/or can better them.

Good luck with your house move !

Holly

Conrad

holly_hobby wrote: »

We were talking about the adviser, and that not all of them are sharks ....

I'm not saying any individual adviser is a shark, I am saying the whole corportae adviser business model is not a good value model from client point of view.

This is because they cannot re - imburse commision back into life assurance to make the premiums a lot cheaper and because they will never offer direct deals / some small lender deals and will tend often to be targetted to sell certain panel lender deals (some networks specifically disallow going off panel, or place barriers to it).

A small local broker has so much more lattitude. For example they can tell a client how best to approach a direct only lender, how to improve thier chances of being accepted, and simply take a fee in return. They can heavily discount life insurance (I do this as I dont want anyone finding some cheaper online deal one day).

Even then though, straightforward clients really have no need of a broker, it isn't exaclty difficult to compare rates and fees, no more difficult than comparing holidays or schools.

So I'm strongly of the opinion only complex cases NEED a broker and indeed wont mind the fact the broker might not be offering a direct deal, as they are just glad they could get a mortgage.

I hate being positive for the sake of it. Truth is far more valuable.

The_J

The problem is, and it's not really the case in this kind of market, if you tell the EA your financial details they can work out you can borrow more and engineer an auction type situation between buyers to eke out the most money.

That is clearly illegal but the line is extremely blurry. If you end up paying 5 grand more for a house that waaaay outweighs the cost of taking a slightly higher rate or paying £2 more on your life cover.

holly_hobby

betmunch wrote: »

Holly and Dave, I make no secret about starting out with Countrywide, and have done time in Connells/Sequence. I can honestly say I did the best job with the tools available to me, constantly argued with the Sales Managers when they put presure on me to lie to clients, and got out before my soul was destroyed!

When I quit I actually put a thread on here helping people avoid the traps they place for the unsuspecting buyer, until someone called LIBEL!

I asked for it to be removed just in case. Shame because it could have helped a lot of buyers

Hey B, there is absolutely nothing wrong with that .. I myself worked for a national BS EA chain - its a good start point for sales experience, with as we say most staying in sales going SE or for an IFA.

There were a couple of baddies, but the majority of us (in my region) played things down the line - but the fact we worked for a well known and respected BS did help with the foot traffic.

Now, there were a couple of EA chains at the time, who were notorious for underhand tactics, and always trying to nick business. We were encouraged to advise from our panel lenders, but did not have to, and I placed a majority of my clean cases with rival BS and Banks ... the pressure wasn't as great on me re targets as I was a full FA, which meant that I also had the clients life, investment and protection requirements as a further source of business income. (although most of the advisers just had MA status, which meant that I would go and do the sign up non mge bus for them, I was also the referral for niche requriements due to my prev mge placement/pkg role)

I left there when the BS sold the chain, and never went back into sales, instead involved in training and compliance firstly with Halifax, and them with a large ins company for a no of yrs, where during my time I ran a brkr desk, until the exit from NB closed it, and I reverted back into a compliance function for them ...

EA position is a grounding that has obv stood you well and gave you a good foundation to move upwards to the level you are at now .. !!

H x

harvey115

This happens in all work lines.

I am an IT consultant and worked in a Consultancy. We went to a shared course where employees from other consultancies were also present. My Manager asked me to get as much internal information from the employees of their competition. I told my manager if I am going to ask for the information I will share the same information with them regarding our consultancies. This is where my manager just said 'okay don't bother with it', thankfully my manager did not hold this against me due to my skill set (I think I am just lucky).

It is very hard in this day and age and the financial burdens to keep the cool and run with your principals. However some people are in a lucky position to get away from the situation before their soul dies...