Why Choose an Advisor
Implementing your Plan: how using a professional advisor is better than doing it directly yourself.
Once we have created your financial plan your LHW advisor will work with you to implement any actions required.
Part of this may involve the setting up of new policies or investments, or dealing with product producers such as insurance companies. This is where our many years of industry experience can save you money on charges and make sure you select the most appropriate product at the best value.
This table gives some examples of why it is better to use a financial professional than to deal directly with financial services companies.
Go Through an Advisor
(Insurance Company / Bank / Building Society)
|Impartiality – an Advisor is not biased towards or against any particular insurer||Cannot offer impartiality – a Direct operation can only offer the products of their own operation and so are BIASED in their approach|
|Multiple product producer agencies – an Advisor like LHW offers advice on products from many product providers.||Tied – A product provider or tied agent, cannot advise on anything other than their own financial products.
|Choice – an Advisor has full access to the insurance marketplace and can therefore offer the consumer choice||Cannot offer choice – the Direct operation can only sell their own products which does not offer choice to the consumer|
|Personal touch – an Advisor will take time to assess and understand the needs of the consumer and offer advice on risks to be insured||Call centre staff or Direct operation staff will also assess the consumer’s needs but can still only offer their own products to the consumer which may not suit his/her own needs as well as another company’s products might|
|Product range – an Advisor has access to a variety of companies’ products and so can compare and contrast different offerings of different companies in order to advise the consumer of the best policy to take out||A Direct operation will have products on offer also but they will only be THEIR OWN products and as such the consumer is not getting a full picture of what is on offer in the marketplace|
|Reasons Why – an Advisor will offer a consumer a “Reasons why” document outlining all the options available to him/her and the reason why the broker is advising one policy and provider over another||A Direct operation can only provide “reasons why” on their own products and can therefore only advise on their own products. The consumer may therefore feel he has the best advice he/she can get and result in not “shopping around” as advised by the Central Bank|
|Best Price – an Advisor will find the best price for the most appropriate product from the best Product Producer in the market to suit the consumer||The Direct operation can only provide a single price for a specific product and not necessarily from the best Product Producer in the market|
|Market Service Standards – an Advisor knows his market and can assess which Product Producer provides the best quality service for the Consumer||A Direct outlet can only sell its own service or its product producers service|
|Claims – In this most important area of all, the key reason for the purchase of the product in the first instance, an Advisor will guide the customer through the claims process and effectively manage the claim on the client’s behalf, taking away the burden and stress of claims handling from the consumer||When dealing with a Direct operation a customer must handle the claims process themselves, a process that often leaves the client bewildered and confused and at a disadvantage to negotiate settlements and conflicts that may arise|