How Do I Know If My Energy Broker is Ripping Me Off?
Working with an energy broker is all about trust. You trust the broker with catering to your utility needs so that you can focus on other aspects of your daily activities. You expect that they will be impartial and do everything they can to get you the best energy deals.
What you don’t expect is for them to be lazy, uninterested in your utility needs or even worse ripping you off. It is an unfortunate fact that some brokers behave in exactly that fashion. They can get away with it because of the lack of regulation in the small business energy sector. Ofgem are the energy industry regulators, but third party brokers themselves are unregulated.
Laziness from your broker can creep up gradually over time or might be a sign of an unscrupulous firm. Either way, it is a huge problem and a massive frustration. You won’t be getting the service you deserve, and you’ll often be paying through the nose for your utilities. That’s why it’s crucial to recognise the signs that your broker is lazy and not doing the job you are paying for.
Waning Interest Over Time
If you’ve worked with your broker for a long time you’re likely to trust them implicitly. Your working relationship to date will have proved to you that they’re not con artists and don’t engage in underhand practices. That doesn’t mean that they can’t or won’t get lazy.
Brokers can become too laid back with long-term clients. They might take your business for granted and assume there’s no chance you’ll leave them now. Often you’ll start hearing from them less, as they’ll be focussing on new more interesting projects. That means they won’t be tirelessly seeking out the best deals for your utilities, as they would have at the outset of your relationship.
Lazy Account Management
Sloppy and unreliable account management is a sure-fire sign of bad service from your broker. Outsourcing your energy needs should mean that all the responsibilities are taken out of your hands. Brokers should send you regular reports and be available to speak on the phone or schedule meetings.
If you find yourself having to chase those reports, or feel like your calls are being dodged, you have a big problem. If when you do get through to your broker you always end up talking to a different contact you’ve got another issue.
Never being able to speak to the same person is more than bad customer service. It shows that no one person at your broker has ultimate responsibility for your account. That means nobody is getting really familiar with your needs and making sure that they’re always met.
Invoice Errors
The fear of paying too much for energy or of having mistakes in your invoices is why businesses go to energy brokers in the first place. If you find errors and problems in the invoices your broker has negotiated, just what benefit are you getting from them?
You or your team will need to get those errors corrected and spend their precious time on doing so. That’s the tip of the iceberg, too. Errors in an invoice are a sign of a fundamental failure from your broker. Why should you trust that they’re getting other things right? It’s a big risk.
Missed Procurement or Renewal Opportunities
If opportunities for procuring the best rates for your energy contracts are passing you by, your broker isn’t doing their job. You are paying them to recognise and act on those opportunities when you need a contract to be procured or renewed. It is the whole point of having a broker.
Missing such opportunities is an indicator of either laziness or a lack of expertise. Either way, you could be getting more value for money from your broker. The problem with this indicator, however, is that by the time you realise you’re missing opportunities it’s often too late. That’s why you’ll want to catch the subtle signs first.
Code of Practice
Third party energy brokers are currently unregulated. Trustworthy firms, however, will hold themselves to an individual code of practice, like we do. That code of practice will set out their commitments to their clients and is an assurance against laziness and other issues. Alarm bells should start ringing if you find that your broker does not publish a code of practice for all to see.
Working with an energy broker should give you confidence. You ought to be sure that your energy needs are well-served and that you can concentrate on other things. If you spot any or all of the above signs, you can’t possibly have that confidence. It’s time to make a change.
If you’re confident of your broker’s trustworthiness and abilities, you might choose to tell them in no uncertain terms to raise their game. Otherwise, you’re best served searching out a new broker.
At Clifford Talbot Partnership, we give all of our clients the undivided attention they deserve. A dedicated account manager takes responsibility for the handling of your account. They will get to know your circumstances and needs intimately and will always work to get you the best deals. They have ultimate ownership of your account and are never more than a phone call away.
If you want to find out more about how Clifford Talbot Partnership could help you get in touch with us today.
Steve Clifford is Owner of Clifford Talbot Partnership which was formed in 1984 to provide solutions to energy and utility management issues in commerce, industry, government and the public sectors throughout the UK.
