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Most brokers claim to be independent but, in some cases, we think that’s questionable.

There used to be a limit on the percentage of business a broker could put with a single insurer and still call themselves independent, but that limit no longer applies. In recent years, many brokers have taken to working with a much reduced panel of insurers. In return, they get a much increased commission from those favoured insurers. Another wheeze is the wholesale addition of add-on products which have limited value.

Sometimes there are benefits to the client that might help justify these decisions, but it seems to us that it’s mainly an exercise in hitting your clients like a piƱata and seeing how much money falls out.

Our status as one of the founding members of Broker Network allows us to maintain agencies with a wide range of insurers. This in turn enables us to operate a traditional broking business.

Maybe we’re missing a trick but, fundamentally, we don’t believe that financial re-engineering is a sustainable substitute for hard work.

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