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Please help newly qualified adviser!
jo1sexykitten
Posts: 46 Forumite
I am recently qualified adviser.... coming from a completly unrelated background (mad I know)
As part of my induction to a company I have to read a factfind and provide a suitability letter. I have never done a suitability letter before.
On the factfind it says customer wants:
To fix mortgage rates for specific period (fixed rate)
and
No early repayment chargesnon full or part redemption.
Also given no info on length of time they r looking to lend over........
I seem to b getting myself in knots, reassurring I know....
I've been given templates as they want advice on other protection too.
But I have no budget etc.
EEKK, any advice or a quick yell at me to get a grip greatly appreciated.
As part of my induction to a company I have to read a factfind and provide a suitability letter. I have never done a suitability letter before.
On the factfind it says customer wants:
To fix mortgage rates for specific period (fixed rate)
and
No early repayment chargesnon full or part redemption.
Also given no info on length of time they r looking to lend over........
I seem to b getting myself in knots, reassurring I know....
I've been given templates as they want advice on other protection too.
But I have no budget etc.
EEKK, any advice or a quick yell at me to get a grip greatly appreciated.
Feb wins, Galaxy book
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Comments
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I would say that it could be a trick question!
You cannot write a suitability letter - or even advise on a product - if you don't know the term of the mortgage or how long they want to fix for. You shouldn't even be advising any product if you don't know the budget either.
Obviously the factfind is hopelessly inadequate and maybe it is that fact that they are wanting you to pick up on. On the other hand it could be that the exercise was set by some training geek with no industry experience and that is why you're struggling. Surely you have access to somebody in your training or compliance departments you can query this with?
Good Luck!!!I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Welcome to the forum.
This forum is not really designed for broker to broker help and assistance but with the increase in broker numbers and new brokers we see coming here, it must be a good place to pick up some information - in between the bickering lol!
You just need to confirm all key aspects of the clients situation and what you have recommended and why.
Its not something that could really be covered on here.I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Unfortunately you appear to have joined an organisation that appear to be totally inadequate in training it's trainee advisers.
If you had been trained properly surely the first training session should have been to know how to handle and read a fact-find and the relevance of a suitability letter to a mortgage.
Things don't look good when you have to rely on a forum for guidance.
The only advice that I can give you is to find another employer and quick.
JoeKI am an Independent Financial Adviser.Anything posted on this forum is for discussion purposes only. It should not be considered financial advice. Different people have different needs and what is right for one person may be different for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser who can advise you after finding out more about your situation.0 -
LOL - I saw that coming from Joe.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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I am an Independent Financial Adviser.Anything posted on this forum is for discussion purposes only. It should not be considered financial advice. Different people have different needs and what is right for one person may be different for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser who can advise you after finding out more about your situation.0
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When I saw the OP posting about not knowing how to do a suitability report I knew exactly how you were going to respond. You more than anyone else here has more experience in training standards and knowing the good and the bad.
I could have written your response almost word for word before you did.
Not saying you are predictable though
just spot on. I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
maybe you could take the op under your wing joek?I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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If she's anything like her name, bring her on. LOLmaybe you could take the op under your wing joek?
JoeKI am an Independent Financial Adviser.Anything posted on this forum is for discussion purposes only. It should not be considered financial advice. Different people have different needs and what is right for one person may be different for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser who can advise you after finding out more about your situation.0 -
u little tiger...I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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Thanks for all your replies.
I do feel very unsupported at the moment by the company I am joining.......... I am putting a rocket up their bottom today.
It is due to my supporting people being on hol, so i'm dealing with the top bod! It has really knocked my confidence.
Will let you know how I get on today when I call him for guidance.Feb wins, Galaxy book0
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