3 Ways That IFAs Are Better Than Traditional Banks

1 Nov 2018 | COMMENTS: 0 | Author: Ryan Smith | General

Are IFAs better than banks?

It is vital to receive help with money issues and investment advice from the right sources. You depend on these authorities to give you information that lets you make the best financial decisions. Although you might believe that traditional banks and challenger banks are the obvious places to clear all your doubts and give the guidance that you need, this may not always be a wise choice.

Rather than heading to your local bank branch, consider using the services of an Independent Financial Advisor (IFA) for the following reasons:

Banks are more concerned about sales

The staff at your bank are chiefly concerned about their targets. They inevitably are salespeople who receive financial incentives based on the products that they sell.

  • Even though banks have a dedication to offer information, they may not give the most beneficial guidance when it comes to your various investment purposes.
  • IFAs are unbiased in their approach and investigate all your financial matters fairly before offering advice.

Banks may have unsatisfactory credentials in offering counsel

  • Not all banks have the best track record for giving solid financial advice. Although past proceedings are not an indicator that this applies to your current bank, it is best to be wary.
  • IFAs have a proven reputation for being good at what they do.

The fees charged by banks can be costly

  • Banks do not offer advice for free. Given that the fees they charge for services rendered can be expensive, there is no solid reason to solely approach your bank for the information that you need.
  • IFAs’ fees are set out and explained to you in advance before you take any kind of advice. They collect their payment through commission or through a direct fee.

If you have ever wondered “Are financial advisors worth the money?”, then you can rest assured that they are. Since IFAs do not have contractual ties to product providers, they can help you make a well-informed and impartial decision.

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