If you’re like most people, you get your investing and insurance protection advice from people you trust like your bank, expert internet sites or close family and friends. Each of these sources comes with pros and cons that you should consider when making decisions about protecting your family’s financial future.
It would seem like a good place to go for financial advice but bank have their own financial products and may not be giving you as many choices and options as an independent insurance advisor. According to the Financial Post “Financial advisers at banks are often licensed to sell only mutual funds offered by their bank, so do not expect to hear about other mutual funds, let alone stocks, bonds or exchange-traded funds.”1 An independent insurance advisor usually represents several companies and will provide a choice of options to consider.
There is a lot of misinformation out there even from trusted sites that may be out of date or may not give you all the information you need to make an informed decision. With an independent insurance advisor you have the opportunity to ask questions and discuss options before making a decision that will affect your financial future.
They mean well but getting financial or life insurance advice from family or friends is like rolling the dice. Unless they are a licensed, independent financial planner, the information you get may not be based in anything more than personal opinion.
When it comes to protecting your loved ones, it is best to consult with a licensed and independent financial planner to ensure you are getting the best information possible to make informed decisions.