Should you choose an independent financial advisor or one who is affiliated with a large firm? Independents claim they can choose among an unlimited assortment of financial products, without any pressure to steer you in the parent company’s direction.
Does that mean products from a major financial firm, so-called proprietary products, are always inappropriate choices for mutual funds, annuities and insurance policies? Not necessarily. With in-house products, you may have improved access to the decision makers such as mutual fund managers.
Moreover, proprietary insurance products may offer advantages if you have a health condition. There’s probably a better rapport between a financial advisor and the underwriting department of an insurer with the same parent company. If there’s more communication and less of an adversarial relationship, there may be more of a chance of working out a way to provide you with coverage at a reasonable price.
