I just need to get all the charges for BOB's from the various companies.
As I'm a Financial Broker myself, I guess my comments should be assumed to be biased. But in this instance, I think a good broker could save you a lot of time and effort, in that a good broker should be able to give you details of the charges of all the various BOB companies in one enquiry.
A second point is that there are a lot of charging variations possible. Most BOB providers have several charging options on their BOB product, so multiply that out by nine BOB providers and you've a lot of possible permutations.
A final point is that if you ring a BOB provider directly, they will quote you their terms for setting up your BOB as a "Direct" client. In a lot of cases, that means that they'll pay commission to the employee that deals with you, or just keep it themselves. It's a common misconception that you'll get lower charges by going directly to a provider company than going to a broker. In a lot of cases, the reverse is actually true as the broker may well take less commission than the provider if you go directly.
Thanks again Liam.
In your experience would a broker charge to do this research or take a flat fee rather than commission?
That's very much at the discretion of each individual broker. Commission is still by far the most common method by which brokers get paid. There are some who charge fees. There are others who have a "hybrid" method of charging, e.g. a fixed fee for work, from which any commissions received for implementing financial products are deducted.
For what it's worth I wouldn't get too hung up on the mechanism by which your broker gets paid, i.e. direct fee or commission. As long as the cost to you is transparent, it shouldn't really matter (to you or the broker) whether that fee comes out of your BOB fund as commission or you write a cheque. In other words, if a broker tells you from the start that s/he's going to charge €X for doing the job you want, then it shouldn't really matter whether you write a cheque for €X and there's no commission deducted from the BOB, or you agree that €X is deducted from the BOB fund and paid to the broker as commission. If anything, the latter has certain cashflow and tax-efficiency advantages for you.
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