The Motley Fool Prepares To Launch Fool Financial Services

Mortgages and Home

22 February 2008 | 0 Comments

It's more than ten years since Fool.co.uk began and we think the time has come to create our own financial services company!

It's more than ten years since Fool.co.uk began and we think the time has come to create our own financial services company! As part of that process, we're also recruiting a Foolish Mortgage Sales Manager, but more about that a little later. So why are we planning to launch a financial services company? The simple answer is that some of our customers want us to advise and help them on certain choices. Initially this will be mortgages and some related  insurance products.  Firstly, let's just look at where we have been. Fool.co.uk is not an FSA authorised company. We are here to produce thought-provoking financial articles, and provide a platform for community, a place where people can learn and improve their finances together. Despite these noble traits, our commercial engine is powered by advertising revenues and product provision. Product provision means that basically we get paid every time you, our customers, take out a product. This has always created something of a dilemma for us, because we want our customers to get the very best products that they can, but not all product providers pay us a commission. As we are honourable people, we let you go through to products that don't even pay us a commission. We just want you to get the best products possible. So why Fool Financial Services? In areas such as mortgages and insurance, we currently work with partners that share the same customer principles as ourselves.  Advisors who will help get the best product for you, fee-free. We are exceptionally proud of our mortgage service as it currently stands, but advising on products is a different business to our own, so we felt it was time we really got under the skin of being an advisor ourselves, to help us understand the challenges you face and the challenges that our partners face. So when do we plan to do this? As soon as possible. We have recently submitted our application for authorisation by the FSA, initially for mortgages and insurance broking. As soon as we are granted our authorisation we will look to begin our broking operation, initially in small numbers on the mortgages side. It will be fully integrated with our current mortgage area, and we will try to replicate the high service levels that our current broking partner delivers. How are we going to do this? Well we need some people. Good people. First of all we are recruiting a mortgage sales manager, someone with all the skill sets and qualifications required by the FSA, but with a Foolish view on life, a view that the customer is always at the top of our thinking, and that our mortgage service needs to be quite simply the best around. If you are interested in this role, then feel free to read more about it here and apply online if you think you are the person we are looking for. Where next? We want to look at the online elements first. How can we improve our current products and services through our knowledge of the internet? This is where we will be focusing, making the process better for our customers, helping people find the best products they can whether they need advice or not. We call this initiative `market-leading services'. That is our aim....to produce market-leading services for Fool customers. Our current mortgage service can be found here, it is an exceptional service that offers fee-free advice on what the best mortgage is for you. Any feedback on the service as it stands or the plans outlined above would be appreciated. Please send any feedback to mortgagefeedback@fool.co.uk . Saul Devine is Managing Director of The Motley Fool Limited   

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