They know the insurers who deal with the type of insurance you need and will be able to find you the best deal. But some insurance brokers deal with a wider range of providers than others. So always check the level of service they offer and how many providers they work with.
As with other types of financial advice, brokers who deal with a wide range of insurance providers will give you the widest choice. Our specialists can help you start sorting out your financial problems.
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Pension calculator. Workplace pension contribution calculator. Being a tied agent means the adviser can only advise or sell you products offered by the company that employs them.
This can be limiting in that even if there is an alternative, better product the agent cannot tell you about it. Be aware that the agent will probably have their salary topped up with commission or performance related bonuses. The commission will be paid from any premiums you pay in for a product purchased.
Whilst a tied agent is likely to work for a bank or building society, they are able to sell or advise you on products from more than one company. They will though be limited to a small list of providers with whom the employer has a financial arrangement with.
As with a tied agent, the mutli-tied agent will usually have their salary topped up with a commission or performance related bonus. Whilst a wider choice of products will be covered, clearly the range is still limited to those decided upon by the commerical arrangements the employer has. As the name suggests this type of financial adviser is independent and as such they can advise or sell you products from any financial provider.
Being independent, these advisers are unbiased and really can ensure they select products that truly meet your particular needs and not be influenced by their own specific targets or employer relationships. More financial regulators are outlawing commission payments from financial providers, so a tied adviser is likely to draw a salary, while an independent is likely to charge a fee for their services.
In theory, as long as you are aware of the restricted advice a tied adviser can offer, then you are free to choose which route to travel — however why buy from someone with limits on their advice when the whole world is your oyster with an IFA?
Disclosure: iExpats. It is specially designed to provide its users with general information. We may from time to time publish content on this site that has been created by affiliated or unaffiliated contributors. A tied adviser is also just what the description implies. Does the difference matter? What does this mean to a client?
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