Personal finance can be confusing at the best of times, and this can lead us to procrastination, frustration, and a great deal of consternation. The stress and pressure of managing your life’s savings is tough in the context of our busy lives. This is where financial planning, and ideally via a full-service broker, comes in. The goal here is effective, expert management of all aspects of your personal finances using an experienced and qualified expert – someone that you can trust to take the pain out of your financial management.
Advance planning with the help of an expert reduces the possibility of potentially life-altering mistakes, which are always a possibility when you don’t have the necessary knowledge and experience that comes with a dedicated service professional. If peace of mind is important to you when planning your finances, a full-service broker might be an attractive option for you.
What is a full-service broker?
A full-service broker is a dedicated professional that looks after all aspects of your financial plan. Think of them as your “one-stop shop” for all things financial services. These professionals are usually part of a registered (and often regulated) broker-dealer firm offering a wide range of financial products and associated advice. The best advice is usually whole-of-market, unrestricted advice – so be sure to ask your broker about the nature of the recommendations he/she provides.
I, along with the support offered by my outstanding team here at JonathanRalph.com, offer a full-service brokerage. This line of business means that we provide services such as holistic financial planning, tax planning, retirement and pensions advice, estate planning, currency exchange, education planning, insurance, and any other guidance that might be required to meet a financial or life planning goal.
Who should use a full-service broker?
Any investor who is looking to organise their financial affairs or review their current financial plan should considering using a full-service broker. On key reason for this is the trust that is created by building a productive working relationship across several areas of financial planning.
Everyone has different levels of knowledge and experience when managing their finances. For those with a financial background, it may seem counterintuitive to seek the support of a broker. However, the time and energy required to stay up to date with market, product and regulatory information can be quite taxing. Looking to a dedicated specialist is usually a far more beneficial course of action.
The benefits of a full-service broker
There are many reasons to place your trust in the right full-service broker to manage your finances:
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Easier to understand
Having a professional that understands all the options available and that can explain them to you in clear language can be tremendously comforting. Rather than collating information from several sources and trying to unpick your options, you benefit from one clear breakdown of the key issues at play.
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Time saved
Designing and managing a financial plan takes time. Time to research, deliberate, implement, monitor and stay informed of market updates. A full-service broker will take on all of these responsibilities for you, freeing up time for you to focus on your own life.
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Access to products and services
Many financial products, particularly in the expat space, can only be accessed via a dedicated broker. The one-stop shop approach offered by a full-service broker allows you to access these products and build the most efficient financial plan for you. These products and services may extend into your personal tax plan, investments, insurance needs or even your estate plan.
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Competitive, low fees
A common misconception is that with greater service comes a greater cost. This is not the case when using a full-service broker and it is certainly not the case in my own financial planning practice. In practice, fees are often either the same or cheaper when going through your trusted broker – if contracting several products, there may even be bulk discounts available as the amount of time the broker requires to service your affairs reduces.
Another common misconception is that financial advice is only accessible by the mega-rich and is far too expensive for the average man (or woman) on the street. This could not be further from the truth. One of my own personal missions is to democratise wealth management by bringing the power of prudent financial planning to “normal” people just like you and me. Get in touch to find out just how accessible financial planning can be.
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Protected by regulation
Full-service brokers must be duly regulated for each level of service that they offer, in accordance with their local legislation. My practice, for instance, is regulated in the European Union for business conducted with European residents. This provides you with peace of mind that your investments and financial plan are being managed in alignment with associated legislation and required levels of customer protection.
Your one-stop financial services shop
As a full-service broker, our team is able to help you with any and all aspects of your personal financial plan. With an experienced, award-winning team behind you, anything is possible. Get in touch today to see how we can help you deliver the life you had been dreaming of.
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