As a general rule, if you’re looking for a mortgage or insurance policy or higher interest savings account, you’re far better off going to a broker than a bank.
When I say broker, I mean someone who can actually shop around and get you the best rate or best policy, and who isn’t restricted to selling products from only one place.
The way the financial industry is set up in Canada is super messed up on this point. You would think your bank has a responsibility to do what’s best for you, but they don’t and they often can’t.
When your mortgage is up for renewal, they’re not going to tell you to go down the street to the other guy. They’re not going to tell you about a savings account with a way higher interest rate. They’re not going to educate you about your options and let you decide. They’re going to do what serves them best.
It’s a brutal system and it leaves millions of Canadians underserved.
The most important thing you can do is know that you do have options, that brokers exist, and that you deserve products that serve you best.
This is one of the big reasons Tallkirk Financial Group is proudly independent. Because it means we can actually do what’s best for you.