Ever wonder about Financial Advice in Ireland? Are financial advisors worth their salt? Are financial advisors worth paying? Should I bother getting financial advice? My take is that it totally depends on what you are hoping to achieve, and what support you are hoping to get.
The thing that strikes me about both of the examples above is that both Client A and Client B are probably already PAYING for financial advice, irrepsective of whether they are actually benefiting from it or not! In pretty-much every retail financial product relating to financial planning (investments, protection, pension, savings) there is probably a commission going to the advisor or agency that you bought it through, even if you have not seen sight nor sound of them since! Unfortunately this it totally true, and what I believe is as equally as unfortunate is that you could potentially be benefiting from the equivalent of an extra 3% in investment returns per year!
I was fortunate enough to get to attend the annual Nucleus Platform Conference in Manchester last week. They had an agenda with some of the most exciting speakers in Financial Planning from Canada and USA. While Nucleus are a UK-only platform I was really chuffed to get on the ticket, and made full use of my day over there, meeting lots of quality advisors, hearing some extra-ordinary speakers, and have a super fun time too!
In this episode I get to share insights with you from the following:
Westside Financial Planning, Sheffield.
I hope it is of some value!
When it comes to Financial Planning in Ireland it is fair to say that it is a pretty new service to many. It seems many of us are aware of the role of traditional Brokers and Insurance Agents, but perhaps not the same level of awareness or understanding of Financial Planning. In this short piece I hope to convey what Financial Planning is and how it can potentially be of significant value to people.
I frequently get asked by listeners and readers about funding into a Self Administered Pension. There seems to be a lot of confusion about what it is, or indeed isn't, and who they are or aren't well suited to. So that is this weeks' objective, to answer these very queries. I hope it is of use.
My father used to shoot. He'd go out with his busted old shotgun with the stock taped on with insulation tape! He'd walk around fields for what seemed like days at a time, coming home with the occasional pheasant! As frowned upon and macabre as that may seem to some today, when you are from the midlands of Ireland that was (and remains) the equivalent of golfers hunting for birdies today! I remember vividly the first time he took me out shooting. Being fiercely animal-centered I wasn't up for shooting any live animal, but I do remember taking my first shot with a shot-gun in the wilds of Kilkenny. Aiming for a tree, with nerves and an unsteady hand (I was 10!) I let fly a cartridge, missed the tree and very nearly shot a passing duck. Luckily he passed unharmed, but that was essentially the beginning and the end of my shooting career! Whenever I see a duck these days I'm reminded of that fond memory.
If It Looks Like A Duck, Quacks Like A Duck, Its A Duck!
A Small Self-Administered Pension Scheme (SSAS) is just that, a pension, which is small in number of members, and which is self-administered! There are lots of misconceptions about what they do and don't do. If you like detail then I strongly suggest reading this, Chapter 19 of the Revenue's Pension Manual. That will keep you going for a while!
I get a lot of questions about Self-Administered Schemes, so here are some of the typical questions I get asked about them, and a broad answer to help get some clarity around them.
Thanks for your time.
Welcome back to Ireland's award-winning Financial Planning Blog & Podcast, with me Paddy Delaney. Delighted you have decided to join me! This week we are going to explore an approach to retirement income planning that I mentioned months ago. It is customary for retirees in Ireland to decide to generate pension income by using either an annuity, or an ARF. In Blog113 we explored the pros and cons of both of these in isolation. However, as we like to look at things a little differently here we're going to dissect the merit or otherwise of using a combination of the two.
If you google it you'll find millions of results for articles and pieces outlining why an ARF or why an Annuity, but you might struggle to find one which addresses the topic we are about to! We will briefly summarise the probable outcome from using an ARF only, an annuity only, and only then will we analyse using a combination of both.
Paddy Delaney RPA QFA APA