Watch This Before You Speak to A Financial Adviser

Right. A restricted Advisor has got 20 things or 30 things that they can only offer you. So if they offer you anything outside those 20, they're not going to make a profit. If they offer anything inside those 20, they're going to make insane amounts of commission. If you go to a bank or a direct insurance broker, they have only one choice for you. That one choice is me. Them. If you go to a restricted advisor, no matter how big or specialist they claim to be, they can only offer you that narrow number to choose from. If you go to, let's say an independent or whole of market and they can look at the whole market and offer you stuff. Lovely. All right.

Well no, it is just about the, the service, how you arrive at the service provider for life insurance and critical illness cover.

Okay. There are three criteria I check. You can do the same or you can just benefit from the hard work I've already done. So we turned down, was it 27 providers turned down 27 people this year who wanted to jump on our money wise doctor to provide services because they didn't meet these three criteria. So for an advisor you want them to be independent. That's whole of market. An independent advisor will tell you that they're an independent advisor, you don't need to ask them, but most of them would not tell you. You have to keep asking them. Then most likely they are restricted. What does that mean? An independent advisor benefits. Either way, it doesn't matter. No matter what you decide to choose, if they help you to look at the whole market, they look for the best mortgage or the best life insurance or the best investment ports for you, they have access to the whole market. So that's an independent advisor. Right. A restricted Advisor has got 20 things or 30 things that they can only offer you. So if they offer you anything outside those 20, they're not going to make a profit. If they offer anything inside those 20, they're going to make insane amounts of commissions. So some of our big medical organizations and associations even recommend these restricted advisors. And basically I don't know why or the relationship or what they get from it. So many of them ask your advisor, are you restricted? Are you independent? An independent advisor is what I use for my mortgage. I use one for two of my mortgages this year for my buy to let, I use one for my insurance, life insurance, income protection. They find me insane deals that I can't find on the market. Now look at the third option there is to go to a bank. If you go to a bank or a direct insurance broker they have only one choice for you. That one choice is me, them, whatever they've got. So if you go to a pasty shop and you want some salad, I train in Cornwall, I live in Cornwall and Devon. We like our pasty down here. So if you go to a pasty shop and you want salad, who are you kidding? All they will offer you is different types of pasty. So if you go to a bank, that's all they will offer you. If you go to a restricted advisor, no matter how big or specialist they claim to be, they can only offer you that narrow number to choose from. When I'm getting life insurance, if you go to, let's say an independent or whole of market, then they can look at the whole market and offer you stuff. On moneywisedoctor.com if you go to, at the top of the page, see, find an accountant, find an advisor, find those people that you can find from there. They all meet these three criteria. One, they are verified to be independent. Two, they've got all the credential, the highest credentials to work in that industry. But the most important one is that they have experience dealing with doctors, even better IMG doctors. So they have those experience and it is backed up by reviews that we can see publicly. So I interview every single one before they join that platform, basically. So we've turned down a lot, a lot of advisors because we think, well, I'm sure you're a good person, I'm sure you're an honest person. The biggest challenge here is that your interest does not align with my, you know, Dr. Moneywisedoctor.com because you're going to get a big fat commission if you recommend this restricted product. But how about you find a better product for me? If you find a better product for me, this is the killer question. If you find a better product that will suit me better, I'll pay less interest on it. It's also irrespective of my visa to work for me, but is not inside your panel. That means you don't make any money. When you recommend it, will you still recommend that product? So the answer is always no. If it's. But if it's an independent advisor, the, the question doesn't come up because they assess the whole market and sometimes they are small operators, sometimes they are big operators. These are really important things to ask.

So how then would the independent one make their money?

They all make money. So basically if you refer someone to an insurance company, because these are like advisors, if they refer people to insurance company, insurance company pays Them they all make money one way or the other. The the question is like the incentives being aligned.

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The independent one will make money irrespective of where they refer you to. The restricted one has got partnerships with 2030 people. This is the dirty secret of insurance companies. People want us to shut up about it. But I'm fortunate to be in that position where I don't care. I can talk about it. The independent one will get paid. Mortgage advisor gets paid. That's why advisors I use don't charge me any money for insurance and life protection and all that. Why? Because they're going to get paid. They do an insane amount of work for me and then don't charge me money. Obviously, if you do complex deals, like if you're trying to do trust and you're trying to take your your properties, put them into a trust, put them into a company, they might charge you money. But my current advisor puts my life insurance in a trust, meaning that it doesn't fall under inheritance tax. So my family can get the whole money and I still don't pay any money to him. Why? Because it's going to be paid by the insurance company. At the end of the day, what matters to me that he doesn't? He just gets me the best One. Yeah. And also you could go directly to an insurance company, just go online, search, compare the market and buy one. But really are you going to do that rather than use a specialist who works in that industry who's going to work for you for free and get you a better rate? I mean you could try both of them, see what you find. But having tested and trusted that area, I now know that, look, there are some things that products you have to buy and there are some products you have to be sold to. So it is like insurance. You can't buy yourself. But if I'm going to buy a car insurance, I can just go online and buy a car insurance next year. I'm going to change it to not. It doesn't matter. Yeah. Wash what? I don't know. I know some of you want me to give a specific answer. The specific answer will be if you want to use my insurance advice, I'll give you the one I used. But alternatively you can head over to Moneywise doctor and you can go to the top of the page, find an insurance broker normally that would obviously give you an appointment with them. You don't have to pay any money if you go to the appointment. You don't really find it useful. Or if you find a better deal, have absolutely no loyalty. If you find a better one, feel free to quickly use that better one. But the ones I've used and the ones on money wise Dr. They've, we've tested them a few times and we, we get them absolutely gushing blushing reviews from people who have used them and that's part of what gives us joy. Right.

Yeah.

Just a wrap up.

I know recently I contacted you, I know you, you may not remember something. You gave me a link to apologize.

Apologize ahead for those.

You gave me a L for a mortgage advisor because I know I started you up on WhatsApp and you gave me a link to book appointment with him that that same person cover for the life insurance and.

Oh yeah. So I think it's probably my advice so that you. That must have been Marcos. So Marcos is a specialist in mortgage and protection. So some of them can only do mod gauge. Some of them can only do protection. Yeah, he's trained to do both. There are people that can then do both mortgage protection and obviously investing as well. Right. That was a long way to answer that question. But I wanted us to understand it fully so that even if anyone had any other questions in that regard, that will be covered as well. One thing I want to ask before we move on to Something else is, do we all understand the difference between life insurance, life insurance interest, that's the one that is not exposed to good. And income protection insurance, which I think is very critical because okay, some of you that followed my podcast saw the radiology consultant who developed an eye problem, like acute eye problem, lost the some eye functions on December 25, 2020 and for the last four years had to leave medicine. Couldn't work as a doctor. Her income protection has been paying her for four years. She never expected that to happen. Dr. Roots machine. She's now retrained as a health coach, which is lovely, but without our income protection, she would have been cooked, basically. But she had that income protection that was paying her in place of her income. So there's also critical illness which only pays you if you have a stroke or cancer or heart attack. Again, my opinions are a bit strong. The financial industry will try to sell you all of them and I'm thinking, do you really need all of them? I mean, if you've got life insurance and you've got income protection, most times you are good as long as you have it in the trust. But again, people have different opinion. But the question is, are they trying to sell you something? That's what you have to always check. Do we all understand that bit clearly?

Yep.

Okay. All right. Okay.

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