When “Best Buy†Tables May Not Be What They Seem
For many years we have seen consumers place great trust in the so called “Best Buy†tables in many of the financial magazines. While they do offer a summary of the best offers available at the time, many in the industry have great reservations. Do all companies have the same access to these lists? Maybe not….
Insiders in the industry claim that :-
· Many financial product providers introduce short term incentives in order to climb up the tables.
· Many magazines charge upwards of £10,000 to appear in their “Best Buy†tables.
· The larger companies are able to negotiate better deals in exchange buying additional advertising space.
Even though the concerns of market insiders seem to carry some weight, this is not the end of the world for the consumer. Thanks to the internet it is now much easier to gain access to all offers in the market place, with many sites offering unbiased “Best Buy†tables. The vast array of financial forums, blogs and information portals ensure that the best offers will always rise to the top, although consumers should always check that any financial product is appropriate to them.
The internet has created a transparency which has been missing for many years, a market place which while heavily dependent upon advertising income also offers the consumer genuine input with feedback and comments.
The market place is so competitive that advisers cannot afford to alienate customers by being anything but transparent, otherwise they will lose business in the long term.
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