Is this IFA feeding me lies?

MortgageMamma

benjdr wrote: »

MM,
Thanks so much for this (and thank to everyone else too).
The information you provide is proving to be invaluable and is much appreciated.

I have indeed read your other thread, but I think I'll go read it again a few more times to make sure all the information sinks in.

Thanks again.

Yes I know, it is rather complicated which is probably why its not had many responses from non professionals but if you want anything clarifying do ask as thats what us brokers are here for.

MM

Conrad

benjdr wrote: »

I don't see why someone would choose to pay when you can receive the same potential service for less cost.

I generally charge a fee. Working on commision alone would mean I had to take on more cases and spend less time on each case. Dont forget that commission is'nt guaranteed - clients change thier minds and fail to complete.

How much work would you do if you were'nt sure you would be paid for it?

In life there are always people who will puport to work for less but in my experience something will have to give somewhere along the line.

'Free' brokers tend to be very focused on the juicy commission they make from insurance - so there you have thier time being diluted again. No doubt you are intelligent enough to source your own insurance or see a separate specialist adviser. You will want a mortgage brker to be focused on nthe mortgage presumably.

If your case is simple you probably dont need a broker so can save on fees that way.

MortgageMamma

Conrad wrote: »

I generally charge a fee. Working on commision alone would mean I had to take on more cases and spend less time on each case. Dont forget that commission is'nt guaranteed - clients change thier minds and fail to complete.

How much work would you do if you were'nt sure you would be paid for it?

In life there are always people who will puport to work for less but in my experience something will have to give somewhere along the line.

'Free' brokers tend to be very focused on the juicy commission they make from insurance - so there you have thier time being diluted again. No doubt you are intelligent enough to source your own insurance or see a separate specialist adviser. You will want a mortgage brker to be focused on nthe mortgage presumably.

If your case is simple you probably dont need a broker so can save on fees that way.

I cannot deny that there will be some commission only brokers who will cross sell insurance product on hard sell and that only see the profit at the end of every transaction. I just wanted to point out though that there are people who do this job for the sheer enjoyment of it, not the financial reward. Whilst I do not object to those who charge fee's (so long as they are truly proportionate to the service being offered) it could be the case that a fee based adviser could be commission biased also. It really depends on the individual.