VouchedFor, the site allowing consumers to compare IFAs has now opened its services to compare and review mortgage intermediaries.
Adam Price, former Head of Digital Proposition at Barclays, launched the site initially in 2011. Regarding the move to include mortgage brokers, Adam said this was a long term aim for the site.
“Historically clients have sought advice through personal recommendations, but in this day and age people expect to find those recommendations aggregated online. You only have to look at the impact sites like Amazon, Tripadvisor, RatedPeople, and VouchedFor in the IFA space, have had to see how this expectation is growing.”
Price adds: “Currently too many people are going via their estate agent or bank and getting tied advice. It’s simply too hard to find a recommended whole of market adviser. Following the Mortgage Market Review it is highly likely that more people will seek advice.
”We’re here to make sure that consumers find the mortgage that best suits their needs and we believe that advisers need to have access to the majority of mortgage products to provide this service.”
The site is said to have 2,000 IFAs currently using the service and nearly 10,000 clients posting a review. Professionals are given a rating out of five stars.
Intermediaries are rated on their client’s average savings and their time spent in business with the broker. Options are then given for visitors to arrange meetings with the professional, inquire about their fees or request a phone call.
Users can narrow down their search for their perfect intermediary via gender, geographical proximity and the value of mortgage sought.
Mortgage brokers and advisers can choose between a free of charge basic plan or for £40 per quarter a paid standard plan.
In June 2012 the site was relaunched with the support of four partners: the Institute of Financial Planning, Fidelity Funds- Network, Nucleus and financial services technology firm Voyant.
By Chanice Henry
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