Choosing the right bank for you is an important task


We all lead busy lives, and sometimes it is hard to choose the most suitable offer for you with everything that's out there. You compare different brands, features, prices, recommendations, and reviews when buying a new TV. You look for personalised care, empathy, and professionalism when choosing a doctor. The same goes for so many different aspects of life. But, when it comes to your bank account and banking services, you may compare prices, services offered, and their locations.

Our finances are the most crucial part of our lives after our health. Your financial lifecycle starts with your first job and ends at your retirement. It is one of the aspects that has had the most significant impact on our lives. For this reason, it is essential to select the right partner to be on your side, who will ensure that you are planning correctly through all of your lifecycle stages.

You could compare banks' commissions on specific accounts or under certain conditions. You could compare the interest rate on mortgages to get the best deal. But at the end of the day, the most essential factor is exemplary service. Speaking with your bank advisor without delay, not having to queue forever, or dealing with changing branches are all important factors to consider.

One way of ensuring your bank advisor is qualified to give you impartial financial advice is to ask for their diploma as a European Financial Advisor.

What is a European Financial Advisor?

Before 2018, banks could use financial advisors, internal and external, without specific qualifications. After the MIFID II came into force, financial advisors had to undergo a certification process to ensure impartial and qualified advisory. A further change was that investment fund companies could not offer higher commissions to banks for providing their product. This guideline ensures that a recommendation is based on honest financial analyses.

Which bank has the most financial advisors?

The site FundsPeople[1] gives an insight into how many financial advisors Spanish banks have. The ranking shows:

1. Banco Mediolanum: continues to hold first place in the ranking as the only bank whose commercial channel is exclusively agency banking, with 1,521 agents. Mediolanum is, together with certain insurance companies, the bank that is making the best use of the closure of more than 2,000 branches in 2021 and the EREs, as its remuneration model and universal banking profile suits them better, compared to other agency models more oriented towards private banking, according to Intelect Search. At present, their volume exceeds 8,500 million euros, which means an average of 5.6 million per agent, they add.

2. Banco Santander: is in second place in the ranking, growing by 20% compared to the previous year, following a significant commitment to the agency model and creating a national structure.

3. BBVA: remains in third place but has reduced its agency network by 200% in the last year.

Don't spend your valuable time comparing an endless list of banks. Choose a bank that will provide you with all the services you need right now through a financial expert that is fully qualified to give you the best and, above all, impartial financial advice that you need. Make an appointment today to receive the personalised care and attention you deserve. Your friendly Family Banker is ready and eager to start an exciting journey through your financial lifecycle stages with you.

[1] https://fundspeople.com/monographic/Insights-bancaprivada/capitulo/el-ranking-de-agentes-de-banca-privada-en-2021/