What can you expect from a Financial Broker?

7th July 2020

The benefits of working with a Financial Broker are well documented in terms of the better outcomes you can expect of greater wealth and the most competitive protection products. But how do they actually deliver this?

Process based approach
Financial Brokers don’t start with products; they start with you. They have well developed processes to advise their customers. They have a methodology to gain a full understanding of a customer’s needs and goals. They also use tools to identify a customer’s attitude to risk and they gain a full understanding of a customer’s current financial situation. They then put all of this information into the mix and do a full analysis. They then will make some recommendations to help clients improve their financial wellbeing. If required, and only at this stage, will they start thinking about products.

Equally importantly is the ongoing support that you’ll get year after year, as the Financial Broker travels on your financial journey with you, continuing to make recommendations and helping you to improve your financial health.

Independence is the bedrock of the Financial Broker community and is one of the main benefits that allows them to stand apart them from banks and life assurance company salespeople. Having a view of the total market and access to all products enables Financial Brokers to find the very best products available to meet their customer’s needs. Which allows them to focus on the customer and not on selling the only products available to them. So you can expect them to act impartially, with your best interest sitting at the heart of any recommendations that they make.

It’s not possible to just set up as a Financial Broker with no knowledge of the personal finance markets and the financial products used. There are strict educational standard in place, with minimum exam-based qualification required, before a Financial Broker can begin to provide advice. In fact, many Financial Brokers are qualified to degree and postgraduate levels. And on top of all of this, there are strict Continuous Personal Development (CPD) standards that must be achieved each year, in order to retain their qualifications.

This is what really helps Financial Brokers to stand apart in providing personal financial advice. They spend 100% of their time advising customers, they are not distracted by the to-ing and fro-ing of a busy bank branch or indeed moving from bank branch to branch. They are established in their communities or areas of business, providing face-to-face advice to their customers over many years. This enables them to build up a wealth of experiences, as they tend to face the full gamut of personal finance challenges at some stage or another! This experience is invaluable in developing the right solutions to meet the needs of their customers.

So it makes it a bit of no brainer to use the services of a Financial Broker if you’re looking to get a firm grip on your personal finances.