"I don’t understand financial matters, so I trust my bank manager’s advice"
If you find financial matters too dull for words, or don’t understand the jargon, you may think that relying on your bank manager’s advice is a safer way to manage your finances than muddling through yourself. Actually, may be much better off by taking matters into your own hands, as your bank manager may not have your money’s best interests at heart.
You could be losing out on the best deals and wasting your hard earned money unnecessarily by not shopping around for your financial products, and comparing the whole market.
Your bank manager’s advice is not impartial
When you seek financial advice, you will find that advisors fall into one of three broad categories:
Tied – Your bank manager falls into this category, as do any financial advisors recommended or employed by your bank. They are directly tied to the financial institution that they work for, and any advice you receive from them will only be in relation to products offered by that bank. The most important thing to remember when receiving financial advice from someone tied to your bank is that their motivation for recommending financial products is to make a sale, rather than being interested in what is best for your finances. You should never rely on this advice alone, as there may be better options available for your circumstances elsewhere.
Semi-tied – Financial advisors may work on behalf of a group of financial institutions, and offer advice to customers from within the range of products available from those parties. You will receive more diverse advice from semi-tied advisors than tied, but still will not be getting a review of the entire market.
Independent – Truly independent financial advisors are the best option for advice on your finances, as they will be well aware of the best products available, and can offer advice based on your requirements. However, it can be quite expensive to access their services. As a result, it may be worth paying for advice on highly complex products such as investment ventures, but for simpler products such as loans and credit cards, there are many alternative ways to access similar advice for free.
Get independent advice for free
The only way to get truly impartial advice used to be to either pay a financial advisor, or to go from bank to bank, comparing products the old fashioned way. These days, the internet has made it much easier to source products from around the UK, and financial comparison sites such as TotallyMoney have grown in popularity. TotallyMoney does not just offer free quotes and independent comparisons of the market, we provide free advice, tips and guides to help you better understand the products available and whether or not they will be well-suited to your circumstances. Armed with information such as this, it is much easier to take control of your own finances and not have to rely on the advice of others, and after all, who is more interested in what’s best for your money than you?
Whether you are looking for loans, mortgages, credit cards or life insurance, TotallyMoney has everything you need in one place. Even if you are just beginning your search, we provide simple, easy to understand descriptions of what’s available, and offer advice to make your search as simple as possible. Then, when you’re ready to receive a free quote, just fill in your details online and an advisor will call you to discuss your options in more detail, and offer advice that is tailored to your independent financial situation.
Please note: this website, and the articles and information within it are based on journalistic research. It does not and should not be construed to constitute financial advice. Any information should be considered in regard to specific circumstances. All tips are followed at your own risk and should be followed up with your own research. For more please refer to our terms and conditions of use.