Partner Article

Would you let your Butcher be you Banker?

With an increasing number of retailers making the foray into financial services, do consumers trust these organisations enough to allow them to handle their money as well as their groceries?

A recent survey by Rostrum Research found that 50% of people possess a greater trust for banks than retailers with their finances, a further 39% trusting them both equally.

Many people remain unaware that several of these retailers do not manage such services themselves but partner with a third party to deliver said services. Some with well-known brands, others less well known; the service you get can be varied. Agreed, trust and reputation are vital, but be careful not to assume a great service because it carries the name of your favourite retailer!

There has never been such a wider pool of choice for customers; with such high levels of competition in a crowded marketplace, price wars can often result in in better deals for consumers. However, it is crucial that you do the due diligence before swapping providers otherwise you might be left to rue a small saving for considerably worse customer service. This survey has once more underlined the importance of trust and reputation in the consumer decision making process.

With the Retail Distribution Review set for launch in January 2013, where financial advisers must charge up front for their services, it is worth asking yourself – do you really trust your grocer enough to handle your finances or is it best to leave it to the experts?

Here at MyMoneyPA, we have long since recognised that price alone is not always the most important factor when making these decisions – the Rostrum survey found that only 40% saw price as the most important determinant.

That is why we bring you the best providers based on ratings, not just price, with other MyMoneyPA members’ ratings also there to guide you to the right choice. It has never been easier to ensure you make the best decision possible.

This was posted in Bdaily's Members' News section by MyMoneyPA .