Product transfers now make up a substantial share of mortgage activity, and the work involved rarely matches the proc fee. Firms have responded in very different ways, from full advised reviews to a light-touch process with clear documentation.
This matters because the transfer conversation is often the only regular contact a client has with their adviser, and because the file still needs to demonstrate a suitable outcome.
Questions to open the discussion:
- How does your firm structure product transfer reviews, and how long do they take?
- Where do you draw the line between a full review and a documented transfer?
- What have you changed to make the process sustainable without weakening the file?
Please describe process rather than presenting any approach as a compliance standard.