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How can you use a broker's knowledge to your advantage?

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Brokers are intermediaries who help buyers and sellers of various products and services, such as stocks, real estate, insurance, or loans. They have specialized knowledge and experience in their fields, which can be valuable for their clients. But how can you use a broker's knowledge to your advantage? Here are some tips to make the most of your relationship with a broker.

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Carlton Crabbe

High Value Life Insurance Solutions for (U)HNW Clients of Wealth Managers, Life Insurance Brokers, Trustees, Family…

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Maria G.

Cyber Leader, Marsh Cyprus Senior Major Accounts Executive Passionate about people, cultures, verbal economics &…
Frederick Fisher, J.D., CCP

Professional Liability Services- a Complete list of Corporate and Volunteer Positions is below

1 Choose the right broker

Not all brokers are the same. Depending on your needs and goals, you may want to work with a full-service broker, a discount broker, or a robo-advisor. Full-service brokers offer more advice and guidance, but also charge higher fees and commissions. Discount brokers offer lower costs, but less personalized service. Robo-advisors use algorithms and technology to provide automated investment recommendations, but may not account for your specific situation. Research the different types of brokers and compare their features, costs, and reputations before you decide.

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Maria G.

Cyber Leader, Marsh Cyprus Senior Major Accounts Executive Passionate about people, cultures, verbal economics & continuous improvement
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A specialist broker will know the right insurers to approach rather than flooding the market, which can have a negative impact on how the insurance market views your business. A specialist broker will also know how to present your business clearly with a view to getting the right cover at the right price.

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Frederick Fisher, J.D., CCP

Professional Liability Services- a Complete list of Corporate and Volunteer Positions is below
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I highly doubt that the average consumer, or even some risk managers, can follow or appreciate the complexities in every single insurance policy procured. Are we not expecting them to have more knowledge of insurance and its complexities than licensed producers who take pre-licensing classes and continuing education classes in order to maintain their license. Even though most insurance producers are held only to an order taker standard, by doing so and not giving advice, they will get sued anyways. Had the advice been given, Policyholders might not need lawyers, who are the only ones benefiting from the resultant litigation. What's better, successfully defending a lawsuit after several years or not having a lawsuit at all?

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2 Communicate your expectations

Once you have chosen a broker, you need to communicate your expectations clearly and regularly. Tell them what you want to achieve, what your risk tolerance is, what your budget is, and how often you want to hear from them. Ask them how they will keep you informed, how they will handle any issues or conflicts, and how they will measure their performance. Make sure you understand their terms and conditions, their fees and commissions, and their fiduciary duty. Don't be afraid to ask questions, give feedback, or switch brokers if you are not satisfied.

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Lisa D. Costello

Championing ways to avoid analysis paralysis in data, compliance and risk.
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Additionally, it is important to share both long term and short term business goals as this will help the Broker have frank discussions about products and risk tolerance. They can then help guide you and your business. Your Broker should be a trusted business partner and an extension of your company not just an outside consultant.

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3 Learn from their expertise

One of the main benefits of working with a broker is that you can learn from their expertise. Brokers have access to market information, industry trends, regulatory changes, and best practices that can help you make better decisions. They can also explain complex concepts, provide insights and analysis, and offer tips and tricks that can save you time and money. Take advantage of their knowledge and ask them to educate you on the topics that interest you. You can also do your own research and compare your findings with theirs to get a broader perspective.

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Carlton Crabbe

High Value Life Insurance Solutions for (U)HNW Clients of Wealth Managers, Life Insurance Brokers, Trustees, Family Offices and Private Banks. Retirement and Estate Planning Solutions Using Life Insurance
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A knowledgeable life insurance broker can help educate you on the different types of life insurance policies, determine how much coverage you need based on your financial situation, and recommend policies from highly-rated insurers that best fit your needs and budget. Tap into their expertise by clearly communicating your goals, being open about your health and lifestyle, asking questions about policy options and features, and requesting life quotes from insurers. A good life insurance broker will ensure you understand policy details, and help you avoid pitfalls like underinsuring or overpaying. Take advantage of their access to life insurer's information and ability to get covered placed, especially high-value complex deals.

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4 Leverage their network

Another advantage of working with a broker is that you can leverage their network. Brokers have connections with other professionals, such as lawyers, accountants, appraisers, inspectors, or lenders, who can assist you with various aspects of your transaction. They can also introduce you to potential buyers or sellers, negotiate on your behalf, and facilitate the closing process. By using their network, you can access more opportunities, resources, and support that can improve your outcomes.

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5 Review their performance

Finally, you should review your broker's performance regularly and objectively. Evaluate how well they have met your expectations, delivered on their promises, and achieved your goals. Look at the results, the costs, the quality of service, and the level of satisfaction. Give them praise or criticism, depending on their performance. If you are happy with your broker, you can refer them to others, renew your contract, or increase your business with them. If you are unhappy with your broker, you can terminate your relationship, seek compensation, or file a complaint.

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Carlton Crabbe

High Value Life Insurance Solutions for (U)HNW Clients of Wealth Managers, Life Insurance Brokers, Trustees, Family Offices and Private Banks. Retirement and Estate Planning Solutions Using Life Insurance
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Using multiple life insurance brokers for a client's competitive advantage may seem logical but I disagree, especially for high-net-worth clients. Multiple brokers can confuse clients with varying figures, making policy comparisons difficult. "Shopping around" for large life policies will also alarm insurers. One broker can offer clear, consistent advice, better service integration and avoid duplicated applications that could harm a HNW client's interests. A dedicated broker ensures tailored, strategic advice and simplifies portfolio management. There is also absolute accountability of one broker. Hence, a single expert high-net-worth life insurance broker is often best for complex, high-value life insurance needs.

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Lisa D. Costello

Championing ways to avoid analysis paralysis in data, compliance and risk.
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In my experience, breaking up the insurance program across a couple of Brokers is beneficial. Your company can gain double the resource and reach and it keeps a sense of competition in the mix. Additionally, going to RFI or RFP every 3-5 years helps keeps your company current on trends and products and provides the best vehicle for comparison.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Andrew Kachaamy

Agent at JSK Real Estate
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In my experience, Real Estate its not about properties, its about Humans, If there is no good relationship and proper follow-up, there is no DEAL, and vice versa.

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How can you use a broker's knowledge to your advantage?

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1 Choose the right broker

2 Communicate your expectations

3 Learn from their expertise

4 Leverage their network

5 Review their performance

6 Here’s what else to consider

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