Halifax - free financial review

Random

So I got one of these letters last month from Halifax. They're offering me a free financial review and what not. It says it's a 45 min session.

Has anyone actually availed of this? Is it worthwhile? Is it just a chance for them to sell stuff to me?

Thanks

BuffyBot

From reading their blurb, that's what it seems like to me.

Jet Black

Random wrote: »

So I got one of these letters last month from Halifax. They're offering me a free financial review and what not. It says it's a 45 min session.

Has anyone actually availed of this? Is it worthwhile? Is it just a chance for them to sell stuff to me?

Thanks

From experience yes it really is a sales speil. What happens is you sit in the office for the 45 minutes and they ask you questions on how they can save you money.

'Its not selling its having a chat so we can see if we can save you money'

.... Is it worth it? Not really. They will go through Current accounts, savings, mortgages, credit cards and possibly a referal to the financial advisor who sells insurances, pensions and different savings policys.

All the information you are told at this you can find on their website...

Long Onion

Halifax are a tied agent of Irish Life and I would be pretty sure that the review you have been invited to attend will be based around the following areas;

1) Protection - you will be taken through the 'insight' point of sales system which will explore the effect on your household of losing an income through death, serious illness or some other type of injury or accident. The adviser will ask what kind of monthly income your family would need in the event of your (or your partner's) death, they will look at state entitlements and policies already in place and Identify any shortfalls in cover.

With regards serious illness, they will look at your borrowings and salary and recommend a figure accordingly again making allowances for cover alrady in situ.

With regards income protection, they will look at current sick pay from your employer and ask how you would cope if your income stopped.

2) Retirement - Again, you will be asked what your plans are for retirement, what pension plans you have in place and how much income you would need if you were to retire in the morning, any shortfalls will be identified

3) Savings - you will be asked if you have specific savings goals, how much you would like to accumulate and when by. The savings options here will not be deposit accounts but longer term equity based savings plans with management charges and no capital secuity attached

4) Investments - you will be asked if you would like to discuss investment options for any lump sums you may have.

The last three points will involve an exercise in risk profiling and you will be asked a series of questions to ascertain your attitude to risk, suitable products will be recommended and discussed in detail.

The full review will take about 60 minutes and longer should you choose to take up any of the recommendations.

To answer your question - yes, it will be a sales pitch, Banks rarely do anything out of the goodness of their hearts. As to whether it will be worthwhile, this depends on your outlook. I am of the opinion that you can never know to much about your own finances and possible exposure, especially if there are people dependant on your income, you must realise however that peace of mind comes at a price and the ultimate aim of Halifax is to sell you a financial product.

Banks are pushing their Bancassurance divisions this weather as they are an avenue to instant income for them (by way of commission payments from the providers). The review process is a fair and balanced one, in my opinion and should not advocate churning existing policies in favour of new ones, it simply identifies shortfalls and suggests ways to bridge them.

I am of the opinion that you can never know to much about your own finances and possible exposure, especially if there are people dependant on your income,..

Agreed. I would, however, advise caution in signing up to anything until you have have adequate time to research the product/s being presented for consideration.

You should pay particular attention to the costs/charges on these products and I would be very surprised if you could not source a more competitive offering online.