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How to find a (good) truly Independant F.A?
buel10
Posts: 469 Forumite
Hi.
A friend if mine is looking to apply for a mortgage so I asked him to consider using an IFA who is 'whole of market'. He said the adviser he is currently talking to has said that my friend can split his fee with the eventual mortgage provider. Am I right in thinking this doesn't sound very 'whole of market'?
He told me that he hasn't had much luck in finding an Independant FA. I advised unbiased.co.uk, please can I ask where else he can find a good local-ish IFA? Is the best advice to pay the adviser fee upfront and let the FA look at all options?
A friend if mine is looking to apply for a mortgage so I asked him to consider using an IFA who is 'whole of market'. He said the adviser he is currently talking to has said that my friend can split his fee with the eventual mortgage provider. Am I right in thinking this doesn't sound very 'whole of market'?
He told me that he hasn't had much luck in finding an Independant FA. I advised unbiased.co.uk, please can I ask where else he can find a good local-ish IFA? Is the best advice to pay the adviser fee upfront and let the FA look at all options?
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Comments
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Independent mortgage broker and Independent Financial Advisor are not necessarily the same thing.
As the former, I do not advise on pensions, savings or investments which an IFA would and likewise, an IFA may not give mortgage advice.
Unbiased might be okay, searching for independent mortgage advice and turning off the sponsored ads option so you get a full list.
Word of mouth recommendation would doubtless be better.I am a mortgage broker. You 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Jump on google?
Some brokers charge a higher upfront fee and rebate any commission - that is the only way you can be sure a broker is not advising on commission alone.
In all honesty though, commission in the main is between around £330 and £350 for every £100k worth of lending. There are some that do more and some that do less but in the grand scheme of things its negligible.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 -
Have a look on 'vouched for' as wellNon me fac calcitrare tuum culi0
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Offering to split your income does not sound like the actions of a business fending clients off.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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 -
I think he means that its not a great sign is it when a company (any company) is giving away their profit in order to get business on the books.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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