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How can I offer mortgage/IFA services?

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Alot of my clients ask me for mortgage & other IFA type advice. 

I would like to be able to offer this type of advice both to help my clients and in order to earn another source of revenue. Currently I am offering this advice but not earning anything for it.

Do others have experience of going through what needs to be done to be able to offer these services?

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By Accountant A
06th Mar 2019 16:56

SCinar wrote:

Currently I am offering this advice ...

Are you qualified and insured to offer the advice? I doubt it matters whether you are charging or not.

Do others have experience of going through what needs to be done to be able to offer these services?

Is that an admission that you have been doing something that you shouldn't have??

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By memyself-eye
06th Mar 2019 17:50

I invest in the stock market, because I find it interesting (and mostly profitable). What I never do is offer 'advice' to clients or friends (other than my 3 year old grandson who has, though he doesn't know it yet, some Lloyds Bank shares - he will thank me in 20 years or so).
I never offer advice on such investments because the one thing I'm sure of is that when the shares/investments go down in value as they often do, I will be blamed.

As will you.

Don't do it, not even for free.....

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By kealy
06th Mar 2019 17:53

Yes, you need to qualified, authorised by the FCA and insured. There are also truck loads of reporting requirements.

I realised after about 1 second of qualifying that I would never have the depth of knowledge to feel confident giving any advice on pensions and investments, so bailed on that immediately. I do now have a mortgage advice company with 4 other advisors around 40 years of combined experience and all the tools, software access to broker advice chats etc and we will still get “stuck” from time to time.

I qualified for this after working for a chartered accountants for 14 years, the boss thought it would be a good idea to be able to offer these services. It wasn’t a good idea it was a bit daft.

How have you managed to gain enough experience in these fields to feel that you can advise? Just interested. Are you from that background?

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Replying to kealy:
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By Tax Dragon
06th Mar 2019 18:02

kealy wrote:

How have you managed to gain enough experience in these fields to feel that you can advise?

It's more likely that the OP has not yet gained enough experience to realise s/he can't advise.

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Replying to Tax Dragon:
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By kealy
06th Mar 2019 18:18

The more you learn the less you know!

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Replying to kealy:
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By Tax Dragon
06th Mar 2019 19:09

My thoughts exactly. It's truly scary to learn how much you don't know.

And I just keep on learning!

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Replying to Tax Dragon:
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By andy.partridge
06th Mar 2019 18:19

I am now concerned that their naivety might be reflected in their principal business performance.

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Replying to andy.partridge:
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By Tax Dragon
06th Mar 2019 19:14

True, but don't we all work with that naive optimism? Otherwise we'd seize up completely.

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Replying to Tax Dragon:
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By andy.partridge
06th Mar 2019 20:49

I think I’m more of a cynical pessimist.

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By DaveyJonesLocker
06th Mar 2019 18:32

They say "currently I am offering this advise"

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By memyself-eye
06th Mar 2019 18:38

I advised me to buy Premium bonds - no capital risk, no tax on winnings, a form of saving and the possibility of the big one.
yesterday I 'won' £1,000 (actually £1,075) - a return of about 2.4%

I might advise me to buy some more.....

I can then quit this MTD madness

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By ArsalanShah
07th Mar 2019 20:55

I can not insist more what has already been said i.e ''You are not insured and qualified to offer such advice'' (in a nutshell)

You should contact some local IFA's and/or Mortgage Advisers (CeMAP) and set up a referral scheme instead.This would not only mitigate all risks but also create an additional stream of revenue.

Hope this helps.

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