What to Expect From Your Initial Financial Advisor Appointment
Choosing the right mortgage or insurance can be a daunting task. That’s where a good advisor comes in. But with so many options available, how do you know what to expect from a financial advisor, whether you meet face-to-face or virtually? This guide helps you navigate your financial advisor appointments, with a special focus on finding the right expert in York.
Argyll Drummond’s Approach to Client Appointments
While every advisor has their own style and approach, here’s what you can expect from an initial appointment with an Argyll Drummond advisor:
- Making you feel welcome: We want all our clients to feel comfortable and relaxed. We’ll offer you a hot drink, a soft drink, or even something a little stronger from our well-stocked bar if you’re coming in after a hard day’s work. And if you’re feeling peckish, we also offer Scottish delicacies like Tunnock’s tea cakes, caramel wafers, tablet and shortbread!
- Telling you about our background: Trust is essential when taking financial advice. We’ll spend time sharing our background in the industry and even a bit about our personal lives so you can feel confident you’re getting sound advice from someone you can relate to.
- Regulatory Requirements: We’re required to go through some regulatory information with you. This includes details about our fees, how we’re paid, the lenders and insurance providers we work with, and how to file a complaint. We believe in transparency and will clearly explain everything, rather than quickly glossing over it.
- Understanding Your Needs: To give you the best advice, we’ll take the time to understand your individual circumstances, financial goals and risk tolerance. We’ll ask about your income, expenses, lifestyle and future plans to ensure the advice we provide is truly tailored to you.
Key Information and Next Steps
- Explaining the costs: We’ll clearly explain all the costs involved in your transaction and when they’re payable. This includes legal fees, estate agency fees, stamp duty, surveyor fees, bank fees, broker fees and removal costs. We believe in being upfront about all potential expenses so there are no surprises.
- Explaining the house-buying process: Whether you’re a first-time buyer or a seasoned homeowner, we’ll guide you through the various stages of buying a home and the timescales involved. We’ll make sure you understand each step of the process, from making an offer to completing the purchase.
- Explaining the Options: We’ll clearly explain the different mortgage options available, outlining the pros and cons of each and answering your questions in plain English. We’ll also make you aware of other products you should consider, such as life insurance, critical illness cover, income protection, and buildings & contents insurance.
- Agreement in Principle: At the end of your initial appointment, we’ll always advise you to get an Agreement in Principle (AIP). This involves providing your details to a lender who will perform a credit search. The lender will then confirm whether they’d be willing to lend to you and for how much. This gives you a good indication of what you can afford before you start house hunting.
Understanding Your Mortgage Product and Process
What Should Happen in a 2nd Appointment with a Good Adviser?
- Explaining the Mortgage Product: We’ll provide you with an ESIS (European Standardised Information Sheet), a document that explains the mortgage product in detail, including all costs and fees. We’ll make sure you understand every aspect of it.
- Explaining the Mortgage Process: Application Process: We’ll take the time to explain how the mortgage application process works, advise on relevant timescales and what to expect at each stage.
Navigating the House Buying Process
- Conveyancing: We’ll guide you through all the stages of the house-buying process, including the conveyancing process, so you will know what to expect.
- Explaining Insurance Options: We’ll explain the consequences of unforeseen events and how products like life insurance, critical illness cover and income protection can help manage those risks. These products aren’t mandatory but are worth considering.
Ongoing Support and Assistance
- Here to Help Throughout: At Argyll Drummond, we’re involved throughout the whole process and like to be your one point of contact. Need estate agents or solicitors chased? Give us a call and we’ll sort it all out for you. This is a service our clients really appreciate.
Why Use a Mortgage Broker?
Mortgage brokers are experts in the mortgage market. They can help you:
- Access a wide range of lenders and products: Often including exclusive deals not available directly to the public.
- Navigate the application process: Dealing with the lender on your behalf and ensuring everything runs smoothly.
When is a Mortgage Broker Especially Helpful?
While anyone can benefit from using a mortgage broker, they can be particularly invaluable in certain situations:
- Self-employed or complex income: Brokers can help you prove your income and find lenders who understand your circumstances.
- Unusual properties: If you’re buying a listed building or a property with non-standard construction, a broker can find the right lender.
Face-to-Face vs. Online/Phone Advice
While the core elements of a good appointment remain the same, there are differences between meeting face-to-face and having a virtual consultation:
Face-to-Face:
- Benefits: Building rapport, reading body language, and reviewing documents together can be easier in person. This can be particularly beneficial for complex financial matters.
- Considerations: Requires travel to the advisor’s office, which may be less convenient for some.
Online/Phone:
- Benefits: Offers convenience and flexibility, allowing you to meet from anywhere. This is particularly helpful for those with busy schedules or who live further afield.
- Considerations: Building rapport can be slightly more challenging virtually. Ensure you have a stable internet connection and a quiet space for online meetings.
Red Flags and Green Flags
When speaking to an advisor, be aware of these red and green flags:
Red Flags:
- Pushing products without understanding your needs.
- Using jargon and technical terms you don’t understand.
- Pressuring you to make a quick decision.
- Failing to clearly explain fees and charges.
- Not being transparent about their qualifications and experience.
Green Flags:
- Active listening and asking clarifying questions.
- Explaining things clearly and concisely.
- Providing a range of options and tailoring recommendations to your needs.
- Offering transparent and honest advice.
Finding a Good Mortgage Advisor in York
If you’re looking for a mortgage or insurance advisor in York, consider these factors:
- Local Expertise: Choose an advisor with a strong understanding of the local property market in your area, whether it’s York, Hull, or elsewhere in the region.
- Reputation: Look for advisors with positive reviews and testimonials from clients in Yorkshire.
Ian is extremely friendly and professional and sorted us a great deal. Thank you! …Rob Scarisbrick
- Qualifications and Experience: Ensure the advisor has the necessary qualifications and experience to provide sound advice.
- Personal Fit: Choose an advisor you feel comfortable with and who you can trust.
Argyll Drummond: Your Trusted Mortgage and Insurance Advisors in Yorkshire
Based in York, Argyll Drummond serves clients across the Yorkshire region. With a focus on building strong relationships and providing tailored advice, we are committed to helping you find the right mortgage or insurance product for your needs.
Whether you prefer a face-to-face consultation in our York office or the convenience of online meetings, Argyll Drummond offers a personalised service to guide you through your financial journey.