If you run an insurance brokerage or financial services firm, you've probably noticed that most business directories seem designed for plumbers and electricians. They are. That's where the money is for these platforms, which means their algorithms, review systems and customer bases reflect trades work, not professional services.
Yet many brokers and financial advisers still use Checkatrade, MyBuilder, or Rated People hoping to pick up clients. Some do. Most waste time responding to enquiries that go nowhere or competing on price with brokers who don't understand their local market.
This article cuts through the assumption that these platforms are interchangeable. They aren't, especially not for your sector.
Checkatrade: The Establishment Choice
Checkatrade is the oldest and largest of the three, with around 240,000 registered tradespeople and service providers. It's been operating since 1997. For insurance brokers, this matters because the platform has some brand recognition among UK homeowners, even if most users are looking for boiler repairs.
The model is straightforward. You pay a subscription, typically £200 to £400 per month depending on your location and membership tier. You answer customer enquiries. Checkatrade takes payment from customers upfront and holds it until the job is done. This protection model works well for trades. For insurance advice or mortgage broking, it's awkward. How do you define a completed job? When you've issued a quote? When the policy starts? When a claim is settled?
Checkatrade's review system relies heavily on customer feedback after work is finished. Again, this is built for trades. A customer can rate a plumber after their leak is fixed. A customer rating a mortgage broker after three years of the mortgage being in place is rare, which means your profile stays quiet while competitors with higher review counts climb the rankings.
If you operate in a major city where Checkatrade has critical mass, you might see enquiries. In smaller towns or rural areas, the platform barely registers in customer search behaviour.
MyBuilder: The Mid-Market Reality
MyBuilder launched in 2006 and positions itself between Checkatrade's scale and Rated People's intimacy. It's favoured by smaller contractors and professionals who want less competition per listing.
The subscription model is similar. Monthly fees range from £80 to £250 depending on package. Where MyBuilder differs is that it's more transparent about lead volume. You know roughly how many enquiries the platform generates in your postcode area each month. This honesty appeals to business owners tired of being oversold.
For financial services, MyBuilder has a narrower problem. The platform is even more trades-focused than Checkatrade. You'll find plumbers, decorators, and builders. Financial advisers are rarer. This can work in your favour if you're one of few in your area, but it also means the customer base isn't actively searching for insurance or mortgage advice on MyBuilder. They're on the platform to find someone to build an extension.
MyBuilder's enquiry system is less friction-heavy than Checkatrade. You respond to messages from potential customers who haven't necessarily committed to anything yet. This mirrors how financial services actually works. You might have a conversation with someone exploring options without them being ready to proceed.
Rated People: The Fragmented Option
Rated People was acquired by HomeServe in 2014 and now operates as part of a larger portfolio. It's the largest by registered user count, with over 350,000 businesses listed. This scale creates a noise problem. More listings means more competition for visibility and more enquiries that may be genuinely poor quality.
Pricing is lower. You can start on Rated People for £50 to £100 per month, undercutting Checkatrade and MyBuilder significantly. The catch is that lower barriers to entry mean lower quality customers and lower quality competitors. You'll see profiles from one-person operations with no qualifications competing on price alone.
Rated People's algorithm is less transparent than MyBuilder's and less established than Checkatrade's. Rankings shift based on engagement metrics, response times, and review velocity. If you can't respond to enquiries quickly or don't chase reviews actively, your position deteriorates fast.
The platform attracts deal-hunters. Homeowners come to Rated People looking for competitive quotes, not necessarily seeking the most qualified professional. For commodity services, this works. For insurance broking or financial advice, where qualifications and experience matter, this incentive structure is misaligned with what you actually do.
A Comparison That Matters
Here's the honest assessment for your sector.
If you're a general insurance broker in London or Manchester and need a cheap source of ad hoc enquiries, Rated People might generate something. Don't expect many. Expect to handle a lot of unqualified leads. Expect price-sensitive customers.
If you're a mortgage broker or financial adviser, none of these platforms are ideal. Your customers don't think to search for you this way. They search Google, ask for referrals, or contact their bank. These directories exist because they generate revenue for their owners, not because they represent where your customers actually look.
Checkatrade is the safest bet if you're going to use one because it has the most brand awareness among UK homeowners. But safe doesn't mean effective. You might spend £300 per month and generate two enquiries, one of which is a timewaster.
What Actually Works Instead
If you're investing time and money in lead generation, consider what your competitors in financial services actually do. They build Google Business profiles that actually work. They attend networking groups. They get listed in industry-specific directories that target customers searching specifically for brokers, not for any trade under the sun.
Industry bodies like the British Insurance Brokers' Association maintain directories. Specialist platforms like Unbiased and VouchedFor are designed for financial professionals and actually attract people seeking advice. These platforms cost more, but they attract the right people.
If you're already on Checkatrade, MyBuilder, or Rated People, don't abandon it immediately. Monitor lead quality and cost per enquiry. If you're converting enough, it's worth the subscription. If you're not, the money is better spent elsewhere.
The fundamental issue is that these platforms were built to solve a problem for trades. Insurance brokers and financial advisers have different problems. Using the wrong tool wastes money. Use the right channels instead.
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