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Should I Hire the Bank's Financial Advisor, or Work With a Third Party?

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8/9/2021

This article will cover why hiring a financial advisor in NJ outside your bank might be the better choice for you.

Many financial advisors are employed by banks. If you're thinking about opening a bank account, it may seem like the logical choice to go with the financial advisor who works for your bank. But is this really what you should do? This page will cover why hiring a financial advisor in NJ outside of the bank might be the better choice for you.

Should I Hire my Bank's Financial Advisor?

The choice is yours! Some people believe that a financial advisor in NJ is always looking out for their clients by solely telling them what they want to hear. However, others feel like financial advisors provide unbiased counsel regardless of whether they work at or outside of their banks. There are pros and cons associated with hiring either type, so it's essential to weigh your options and make the best decision for you.

Why Hiring Outside of the Bank Might Be Better?

Outside financial advisors are more likely to provide unbiased counsel because their job is not tied up in a financial institution or any other investment firm that may have interests at stake in what advice they give you.

For example, suppose an advisor's paycheck came from one company like Goldman Sachs. In that case, this could create a conflict of interest when he recommends products offered by his employer over those offered by competitors like Citigroup or JP Morgan Chase. If you're looking for objective financial advice, hiring someone who works elsewhere will help cut down on these potential conflicts of interest.

What to Consider When Making a Decision?

Start by assessing what's most important to you when choosing where to work with a financial professional. Do you value unbiased opinions over convenience, or would you instead go through less paperwork to open up an account at your local bank branch? Make sure this is clear before deciding on which option will work best for you.

How to Make a Final Decision?

A financial advisor from outside your local branch won't have reason to provide biased opinions because he doesn't work at or receive money from your bank.They will likely be more honest and transparent when advising if there are any financial conflicts of interest.

On the other hand, financial advisors from your bank will be more convenient to work with in many cases because they are located close by and may have fewer strict requirements for opening an account. Keep these factors in mind to come up with a final decision

Looking for a Great Advisor in New Jersey?

As covered above, a financial advisor in NJ outside of your bank may be better for you if you value unbiased counsel over convenience. It's also important to consider what is most important to you when choosing between these two types of financial professionals. If you want a more unbiased approach to your financial planning, give us a call here at Mullooly Asset Management.

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