Up here in Washington I fish in the rain alot. Raingear can be bulky to move around in, especially if you're layering clothes underneath. I have tool trays on my RT but get tired of constantly bending down to grab pliers to get hooks out of fish. I used to put my pliers in a pocket but sat down once and the pliers pushed through the pocket poking a hole.
Now, I drop a decent magnet in the front thigh pocket of my raingear and my pliers just cling to it from the outside! No risk of holes, no bending every time I catch a fish, no digging in pockets. I prefer it over using a lanyard as I find it's more secure.