Chadney Bulgin goes fully fee-based for loan advice
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Chadney Bulgin is to become fully fee-based for mortgage advice after a successful six-month trial.
The IFA, which already has a fee-based structure for pension and investment advice, says it has switched remuneration structures for mortgage advice to ensure clients get a truly whole of market service.
Mortgage partner Jonathan Clark says: “We want to be able to give our clients proper whole of market advice, even if it means telling them to go to HSBC or First Direct. We did not feel comfortable saying that we were whole of market when only advising on a list of lenders that would pay us.”
The firm ran a trial with half of its 19 mortgage advisers for six months and will not now offer any commission-based mortgage advice.
Clark says: “We would not have dreamed of charging fees for mortgage advice three years ago but the market has helped us because mortgages are more complex and harder to get.
“We were quite nervous but 99 per cent of our clients did not bat an eyelid. We were surprised at how easy this change was.”
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