January 13, 2010
Ditch Your Bank's Advice In 2010
If you have spent your life listening to your bank it might be time for a change in 2010 – get your financial advice from someone impartial from here on in.
Banks have had a tough year – as well as being blamed for getting us into this economic mess and taking billions of pounds of taxpayers' money the banks have also come under heavy fire for continuing to pay their executives massive bonuses. As a result, trust has been lost in the UK banking sector. According to Which?, over three-quarters of people say that rebuilding customer trust should be a New Year's resolution for banks.
But at the same time the consumer magazine found that over half of people who have made New Year's resolutions this year have made money-related ones, with over two-fifths making more money-related resolutions than this time last year – people want to do more with their money, they want to be able to save more and spend less, but they don't trust their banks.
Peter Vicary-Smith, chief executive of Which? says: "Ordinary people are still feeling the repercussions of the financial crisis yet their voice has so far been missing from the debate about how to rebuild our banking system."
The simple solution for those who want to do more with their money in 2010 but feel like banks have let them down is for them to take their financial business to a financial adviser instead of their local bank branch. By talking to a financial adviser instead of a bank you are guaranteed an impartial service and you are guaranteed access to all the financial products out there on the market, not just those offered by your bank. You are also sending a message to your bank that tells them that they let you down.
So ditch your bank's advice and talk to an independent professional instead. While the banks have taken billions, financial advisers have only helped people save money. They do need to sell financial products and they do not have to meet monthly targets and deadlines – their only target is to make sure that your finances work as well as they can.
SOURCE: Which?, 08/01/10
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