Would you get insurance coverage with (1) tied agent representing a direct insurer or (2) financial advisor from an 'independent' financial advisory firm or (3) insurance specialist at a bank?

Hi anon,

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Work with the advisor whom you are comfortable with.

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Being an IFA doesn't immediately mean that the person gives better advice compared to a tied advisor representing one insurer.

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Of course, it is a plus if your advisor is from an IFA firm as they are able to distribute products from more firms and you would have access to more options.

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(3) is almost similar to (2) as banks have exclusive tie ups with insurance companies, and from experiences told to me by my clients, one of their biggest bug bears is that the relationship manager left the bank for another bank.

If you're someone who likes shopping online and seeing multiple stores offering the same type of product with different prices - then IFA.

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If you prefer to support the local store that's been at your block for the past decade, perhaps a tied agent would surffice.

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If you enjoy the special treatment received at your favourite restaurant as you enter and be seated, then maybe the bank.

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Your decision is ultimately an emotional one :)