Humour us while we paint a (very real) picture. You want to borrow $500,000 to buy your dream home.
Consider 3 banks, and a financial advisor.
- Lender A (your current bank)
- Lender B
- Lender C
Lenders A, B and C would never promote the services of any other lender so your advice from each is limited.
Your Financial Advisor gets paid $500 in commissions from Lender A, $1,000 from Lender B and $1,500 from Lender C. Guess who they're saying is "best"?
As it transpires, lender B had the best offering for you. They were never promoted to you
and you have no way of ever knowing.