A Financial Broker is an expert in financial matters, who provides financial services to both companies and individuals. Those services usually include: personal financial planning, life and serious illness cover, investments and pensions and retirement planning.
Financial Brokers differ from Insurance Brokers whose services typically include house insurance, car insurance and commercial insurance.
In surveys, the Competition Authority has found that demand for insurance was more price sensitive in the broker market than through direct channels. With 1,200 Financial Brokers in Ireland, the eight domestic life companies are much more competitive as regards price, product design, investment performance and service, than they would be if they dealt with advisers who are tied only to them.
A Financial Broker analyses your resources; your ability to meet your financial goals and needs and assesses the major financial risks you are exposed to. They help you develop a strategy to minimise your risks and get the most out of your money over time. This gives you greater financial clarity in relation to your current position and greater financial security for the future.
When making forward-looking financial decisions, your attitude to risk is critical. A Financial Broker will work with you to assess your risk tolerance, either through specific risk analysis exercises or simply based on discussions with you. Once your risk tolerance has been assessed, they will create a suitable plan with that in mind.
Financial products can be complicated, so your Financial Broker will guide you through the maze of technical features, highlighting relevant issues, giving you greater peace of mind in making these major financial commitments.
Financial Brokers provide a high level of personal service that may not be available from a large organisation and because they typically have a long-term relationship with you, you don’t have to spend time repeating yourself and can be assured that your adviser has a full grasp of your needs and requirements.
Financial Brokers aim to directly serve your interests over the long term as a client, rather than a once-off customer.