Is my Financial Advisor too pushy ?

spiritus

I'm glad most of your comments echo my own thoughts. I wasn't sure if this was standard practice or not.

My mortgage has already been approved but every other financial aspect of this process is now going to be scrutinised by myself.


I just remembered how she approached the topic of health insurance during my first meeting with her She asked me if I worried about my health and do I stay awake at nights worrying if I might have cancer one day.

Subtle eh ?

SouthCoast

barely covers her travelling expenses

Out of interest, what car does she drive?

spiritus

haha I don't know actually. My curtains were drawn when she knocked on the door so couldn't see.

TBeckett100

i heard that worrying was linked to cancer. sounds like scare mongering. tell her you are doing life cover via a cashback site to save some money.

minimike2

She doesnt sound like someone I would want to deal with.

Its no secret that advisers get paid commission on financial products. Sometimes, largely in relation to buildings and contents, we can actually get things cheaper even though we get commission, but MPPI and life cover you can always get cheaper arranging it yourself, if you are cost driven and dont mind a non-advised sale.

Most of my clients are happy to pay the exrta to let me do the work and give the advice, but I always tell them they are paying my commission through thier premiums. If they dont want to then thats fine, I let them do it themselves, I might not get the income but its better than getting a mis-selling complaint in a years time!

if you dont want to use her for insurance and prefer to sort it out yourself then tell her straight. She should be ASKING you if you are happy to discuss it and do it through her not TELLING you to.

Do bear in mind she does have a duty to discuss all aspects of insurance with you and recommend what cover you should have - after all you wouldnt want to not be told about something that could be of value to you, but you shouldnt feel pressured into anything by lines like "we have to trust each other" etc. Just hearing that line made me cringe!

pickledtink

spiritus wrote: »

Thanks guys.

My mortgage has already been sorted with her which is really all I ever wanted.

She's referred me to a solicitor she knows who has offered a competitive deal on conveyancing etc so I'm inclined to go with them also.

I draw the line on health insurance and P.P.I's.

I'm also a little irked at the way she's trying to drive the whole buying process through. I have a home buyer's report survey due next week so I don't want to officially appoint the solicitory until I see the results of the survey. The IFA said that is fine but it might be best to send the solicitor a post dated chq anyway just to make sure I'm near the "front of the queue".

I've also just realised that the letter from the solicitor I received this morning has no costs confirmed on there at all. The only time costs have been confirmed to me was in my IFA's email to me.

I'm inexperienced in dealing with IFA's but I'm not green and I'm beginning to get miffed with the way she's trying to lever herself between me and every other party.

You've said it all here really. Your instincts are right and there's no need to allow this person to intrude on any other area other than that which you have already agreed.
Stand your ground. Polite but firm.

teabelly

She sounds like trouble. An ifa whinging about not making enough money? Decent IFAs won't push you into anything. Stand firm. She can offer quotes but you will compare them with other suppliers and will not be rushed into anything.

Double check everything she does and get other quotes from solicitors local to you to see whether the one she offers is really any good. Also try and find out from previous clients what they thought of the service.

devils_advocate

When I bought my first place, I was young, free and single. There was no need for life cover as if I popped my clogs, no-one was financially dependent on me. I also wanted to avoid the health questions as I was undergoing chemotherapy for cancer at the time! Shaven heads weren't quite so popular as they are now, so I was hoping that my wig wouldn't slip whilst negotiating the mortgage from the bank.

So if you have ne dependants, forget the insurances. They're quite unnecessary.

RHemmings

dolcevita wrote: »

Don't worry about the job title on the card. I'm not saying she's not qualified to give advice.

The point is she sounds dodgy (and desperate).

Seconded. (My message is short, so I have to write this).

spiritus

Just a final update from me and also a big thanks to everyone who's offered advice.

Today I decided to ring the same solicitors that my IFA recommended to me and gave them a false name so I could obtain a quote for their conveyancing fees.

They quoted me a price of £ 411.25 + disbursements taking the total to £ 751.25.

My IFA had confirmed to me a week earlier to pay the SAME solicitor £ 575.75 + disbursements taking the total to £ 934.75 !

So basically, I have an IFA who claims to be working in my interests who expects me to pay £ 183.50 more than the man in the street who could ring the same solicitor from the Yellow Pages and get the exact same service I am paying for !!

My suspicions have been founded and this particular IFA is going to be toast the next time they speak to me !! :mad: