The term “Financial Broker” was introduced by Brokers Ireland, an organisation representing nearly a thousand financial brokers across the country. Recognising the public’s confusion around terms like financial advisers, financial planners, brokers, insurance brokers, and life & pensions advisers, Brokers Ireland sought to simplify and clarify.

“Financial Broker” encapsulates all the valuable services offered to those seeking guidance on financial matters. The word “Financial” clearly indicates the area of expertise. These professionals assist individuals with various financial challenges they face today and will face in the future. Their services include financial protection (such as life assurance, income protection, specified illness cover, and keyman insurance), savings and investments, and retirement planning—which encompasses both saving for and investing during retirement.

The term “Broker” is equally significant, as Financial Brokers do much more than just advise. They research and identify the best products for their clients, negotiate favourable terms with life assurance companies and fund management firms, and help clients implement these policies. They also maintain ongoing relationships with their clients, adjusting policies, providing updates, and offering reassurance until the clients’ financial goals are met.

It’s crucial to note that Financial Brokers will provide a non-biased fair market approach. They work solely for the client, aiming to secure the best possible deals. Financial Brokers remain impartial, providing optimal solutions tailored to their clients’ needs.

Research highlights the value Financial Brokers bring to consumers. For instance, in 2023, Brokers Ireland conducted a survey titled “The Value of Advice in Ireland” among non-advised consumers and those receiving advice from a Financial Broker at least annually. The findings revealed that the pension funds of advised consumers were 80% higher, and they also held more than twice as much in savings and investments. Clearly, good advice leads to better outcomes. Often, the greatest risk to our financial future is ourselves, as we tend to make emotionally driven decisions when left unguided.

So, where should you go from here? The best starting point is to visit Financial Broker and find a Financial Broker in your area.