Many people go to a bank when they want advice on Mortgages, Investments and Pensions.
If this is your strategy, you may be missing out on some very significant benefits. A Standard Life and Brokers Ireland Survey in February 2016 shows those who used a Financial Broker:
- Have nearly three times the savings and investments than those who don’t
- Are more than twice as likely to have a pension
- Are more financially protected as a result of holding more financial products
- Feel more financially confident and more confident about their financial future
Here are the main reasons why it pays to use a Financial Broker:
- Choice – The biggest advantage of a Financial Broker over a bank is choice. When you sit in front of a Financial Broker you have access to a choice of product providers versus access to one bank’s products. This is important when looking for advice on any financial product and gives you much more options on product choice, provider choice and even cost.
- Experience / Relationship – How long has the bank official been helping people with their financial advice? Financial Brokers own their own businesses and with many years of industry experience, are committed to their clients in the long term. Because banks move their staff around, you cannot build the ongoing advisor relationship a Financial Broker can provide.
- Specialisation – If you’re looking for specialised assistance with your financial products, it pays to talk to a specialised broker. If you’re starting a pension, look for a broker who specialises in pensions. When dealing with Bank staff, you cannot be guaranteed they have specific experience in areas such as pensions, investments etc. Are you simply serviced by whoever happens to be in the branch?
- Convenience – Financial Brokers are not tied to branch opening hours and can see you whenever and wherever it is convenient for you.
- Options to Pay – Many Brokers offer a choice of payment for their services, either way their remuneration is disclosed to you prior to any work being undertaken by the Financial Broker