What are the benefits of dealing with a Financial Broker?

A more competitive market:

The Competition Authority 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 with regard to price, product design, investment performance and service than they would be if they dealt with advisers who are tied only to them.

Solid financial plans and strategy:

Your Financial Broker will analyse your resources and your ability to meet these goals and needs (assets, liabilities, income and expenditure) and the major financial risks you are exposed to. They will then 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.

Assisting with key financial goals:

Some of the typical financial goals Financial Brokers help with are: protecting the living standard of your family in the event of your death; protecting your living standard against illness or accidents, which may prevent you from working; saving for your children’s education; saving for your retirement; investing lumps sums appropriately to get the best return; and devising a plan to achieve financial independence. Your Financial Broker will conduct a “factfind” to get to know you and your requirements and develop a strategy that meets your goals.

Matching strategy with your risk tolerance:

Your attitude to risk is critical when making forward-looking financial decisions. Your 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 Financial Broker has assessed your risk tolerance, they will create a suitable plan with that in mind.

Making the best choice for you:

Everyone is different. Your age and stage in life, your current circumstances and your future plans will all effect what will work best for you. Your Financial Broker is experienced in creating customised plans for each individual.

Finding the right price for you:

Your Financial Broker operates on a fair comparison basis. When there are multiple products that match your requirements they will find the lowest cost option on the market. Planning for your future is not always a case of finding the lowest priced option but when there are several suitable alternatives it’s good to know you are dealing with someone who can take a broad view of the market for you.

Making sense of complex charges:

Charges are the prices of investment and pension policies. They can be complex and may include policy fees, allocation rates, bid offer spreads and fund management charges. Some charges are better for shorter terms and in some cases higher charges are linked to valuable features such as guarantees and flexibility. The role of your Financial Broker is to assess all this information and explain it to you in simple terms.

Assessing investment performance:

Future performance is not something that can be accurately predicted, and there are many factors that can affect investment results. Your Financial Broker will advise and assist you in developing a well researched and structured investment that is compatible with your risk tolerance and is designed to achieve your goals. Your Financial Broker can also advise you when financial markets suffer periods of volatility. This guidance can give you confidence to stay invested for the longer term and achieve higher returns.

Guiding you through product features:

Financial products such as life assurance, serious illness cover, investment bonds and pensions can be complicated. Your Financial Broker will guide you through the maze of technical features, highlighting relevant issues. This gives you greater peace of mind in making these major financial commitments.

High level of personal service:

With a Financial Broker, you can expect a high level of personal service that may not be available from a large organisation. Sometimes when dealing with large institutions you are rotated regularly to different advisers as people move around. A Financial Broker typically has a long-term relationship with you so 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. A Financial Broker’s aim is to directly serve your interests over a long term as a client rather than a once-off customer.