1. **Brokers Generally Turn You Down** Brokers may decline private placements due to their regulatory obligations, as private placements often lack the same level of transparency and oversight as public offerings, posing greater risks for both the broker.  Additionally, private placements typically involve smaller, niche markets or specific industries, limiting the potential for brokers to earn substantial commissions compared to more widely marketed public offerings. Lastly, brokers might be deterred by the potential for illiquidity in private placements, as these investments often lack a ready market for resale, tying up capital for extended periods.

2. **Tailored Services**: Non-brokers often offer more personalized and flexible services tailored to the specific needs of the client. This can be particularly beneficial for companies seeking customized solutions or assistance with niche market placements.

3. **Expertise in Private Placements**: Non-brokers specializing in private placements may have deep expertise and experience in this area. They may offer insights and strategies that are specifically geared towards navigating the complexities of private placements.

4. **Access to Networks**: Despite not being traditional brokers, non-brokers may still have extensive networks within the investment community. Leveraging these connections could potentially facilitate the placement process and attract suitable investors.

5. **Transparent Communication**: Non-brokers may prioritize transparent communication and foster a more collaborative relationship with their clients. This can help ensure that the client remains informed and involved throughout the placement process.

Overall, by engaging a non-broker for a private placement, companies may benefit from cost savings, specialized expertise, tailored services, access to networks, and transparent communication, all of which can contribute to a smoother and more successful fundraising process.