Where to find a financial advisor

DaveByDavid · 27-09-2022 5:22pm #1

Hi all,

I'm in a position where I have some savings that aren't really doing anything and a business that is making more money than I need and I really need some advice on what to do with my money to make it work better for me.

I'm set up as a limited company so I have that sorted, but I need to start paying into a pension and perhaps invest some of my money as well.

I know that financial advisors are supposed to be independent when it comes to advice on these things and they make their money off commissions, but I'm slightly worried about not finding an impartial financial advisor.

Any tips on how to find the best financial advisor?

victor8600 · 27-09-2022 5:52pm

For the pension, you can just search for largest pension providers in Ireland and sign up with one of them.

DaveByDavid · 27-09-2022 7:35pm

https://www.boards.ie/discussion/comment/119672335#Comment_119672335

There's no real benefits going for one over another or anything?

Geuze · 27-09-2022 10:55pm

https://www.boards.ie/discussion/comment/119672335#Comment_119672335

This is poor advice.

If you go direct to Zurich / IL for a pension, you could easily end up paying more fees than if you use a broker.

Especially if you use a discount broker.

victor8600 · 28-09-2022 10:55am

https://www.boards.ie/discussion/comment/119673911#Comment_119673911

Thank you for your clever advice! Of course, you can go to some "discount broker" and just leave your money with them. Sure, nothing wrong could happen. And the government will definitely bail the discount broker in case of a big trouble, just like it may do with a large pension fund. /s

Seriously, if one knows little about investments, a large pension fund is statistically better than having your money being eaten away by the currency depreciation.

victor8600 · 28-09-2022 10:59am

https://www.boards.ie/discussion/comment/119672725#Comment_119672725

I have the user experience with a few of pension funds. The value of my pension grows, though I am not that happy with the fees they charge. However, it makes sense for me because I save on taxes (pension relief).

Geuze · 28-09-2022 12:23pm

https://www.boards.ie/discussion/comment/119675228#Comment_119675228

Brokers do not hold client funds.

There are various ways/channels to buy the exact same pension fund:

(1) go direct to Zurich / New Ireland / IL, etc.

(2) use a standard traditional broker

(3) use a discount broker

In all three cases your funds will be held by the fund manager, and subject to the same risks.

Your choice of channel will not affect the risks attached to your savings.

The different channels offer you different fees and levels of service.

You could set up an AVC in three ways.

The funds that you place in the AVC are subject to risk, but that risk is nothing whatsoever to do with your choice of broker.

The risks are related to your fund choice.

victor8600 · 28-09-2022 12:46pm

The funds that you place in the AVC are subject to risk, but that risk is nothing whatsoever to do with your choice of broker.

See, now that you have explained it, it makes sense. Thanks! So what is your experience, do you have a pension scheme?

POBox19 · 28-09-2022 1:04pm

OP this is the link you are looking for https://financialbroker.ie/

As you have already set up your limited company your accountant may be one of the first places to discuss your financial situation.

DaveByDavid · 28-09-2022 1:13pm

https://www.boards.ie/discussion/comment/119675764#Comment_119675764

Thanks for that.

Is it a case that the ones listed on there are licenced etc and the only ones I should trust?

There's one local to me that might be handy to go and talk to.

Just a bit worried about getting someone who's not as independent as they make out!

Jim2007 · 28-09-2022 1:34pm

https://www.boards.ie/discussion/comment/119675814#Comment_119675814

It is just an advertising site. Treat it like any other advertisement - check the individual broker before assuming anything.

DaveByDavid · 28-09-2022 2:41pm

https://www.boards.ie/discussion/comment/119675914#Comment_119675914

Thanks!

Is there any good place to get reviews of particular places? Outside of normal Google reviews etc.

POBox19 · 28-09-2022 6:02pm

https://www.boards.ie/discussion/comment/119675814#Comment_119675814

You should be able to trust them, but do your research. Check that your local advisor is registered with the Central Bank and don't be afraid of asking them questions like are you tied to any other businesses, for investment, insurance or pensions, and how much do you charge for your services. Also, use a variety of service providers, as they say; don't put all your eggs in one basket.

Jim2007 · 28-09-2022 6:28pm

https://www.boards.ie/discussion/comment/119676370#Comment_119676370

Not the I'm aware of and review would be pretty pointless as well since investing is for the long term, you'd need to wait along time to see the outcome.

micar · 28-09-2022 6:37pm

www.financialbroker.ie

Buddy Bubs · 28-09-2022 7:13pm

I've worked in that industry as a tied agent, in a brokerage and directly for a life company. There's a big range in advice quality in them all, some will just try get you signed up for commission and others will give fabulous advice and would send you away to get a few other things sorted before committing to investing because it's the right thing to do.

If I was a complete newbie to the industry I'd follow Eoin McGee and Paul Merriman (ask Paul) on social media for a little while and educate yourself for a while. Both own brokerages and know their stuff. You may recognise them both from tv.

Henry Ford III · 29-09-2022 8:22am

Look up the Central Bank register.

Henry Ford III · 29-09-2022 8:26am

https://www.boards.ie/discussion/comment/119675764#Comment_119675764

No.

That's a site run by Brokers Ireland. It doesn't mean anyone listed in it is any better than anybody else, just that they are members of Brokers Ireland.

Cairnq1 · 03-10-2022 10:21am

You might also consider instead of or as well as company pension the following... allow your company accumulate retained earnings and avail of retirement relief ( €750K before 66th birthday, €500K after 66th birthday). If you have 10 years of service, i.e. 10 years of drawing a salary you can retire, relinquish your shareholding in the company and walk away with up to €750K tax free! you will need to employ the services of a tax consultant to arrange this. Not cheap but well worth it if the right advice and planning gets you a large tax free lump sum.

re. finding a good independent broker. meet a few different brokers. ask how they are paid fee or commission or both. sometimes going with your gut instinct is the best way of deciding & don't forget if your not happy with the service/advice you can always change broker and transfer your business to a new one.

DaveByDavid · 03-10-2022 9:21pm

https://www.boards.ie/discussion/comment/119694961#Comment_119694961

Thanks - will look into it!

Where to find a financial advisor

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