Do you need Life Insurance, Retirement Planning Advice or Savings & Investment Advice? We are based in Limerick and provide a professional, personal financial planning service, helping clients achieve their financial objectives in a tax efficient manner.
As a Multi-Agency Intermediary we hold appointments with all the leading Life & Pension offices. As part of our financial audit, we ensure that all recommendations put forward compliment your needs, with regular reviews developed in conjunction with you, to ensure that these ever changing requirements are designed and developed with you in mind.
- Lead contacts are Barry White QFA SIA RPA & Jim Wallace QFA RPA SIA ACCA
- Barry has 30YRS direct experience in the Insurance industry having previously held senior Management roles with life insurers directly
- Jim has gained valuable experience in the Life and Pension industry to date together with an ACCA qualification gained having spent time working as a Financial Accountant
The following is a list of frequently asked questions in relation to Life, Pensions & Investments:
- We sit down with you to assess your personal needs for retirement provision and recommend the most appropriate structure and pension product for you. The ongoing advice we provide you over the long term is crucial in helping you meet your financial goals for retirement.
- Our protection planning advice service entails long term planning and periodic r reviews. From assisting you with a first mortgage protection policy, to adequately protecting your family and income, our role is to consistently reassess the suitability and value of these protections over your lifetime
- We advise businesses on company pensions and corporate investments. We also advise on group life cover and group income protection for companies. Keyperson or partner/shareholder cover are there areas of our business planning services. The death or serious illness of key executives or shareholders may have a detrimental impact on the ongoing viability of companies – especially smaller firms – and we advise firms of the structures necessary to plan for such contingencies.
- We provide a rigorous investment advice process, aligned to your needs e.g. 3rd level education funding. Following this, we recommend that you adopt a structured approach to any long term investment or savings plan, to ensure you meet your goal
For more information please contact one of our staff members below or contact us here
These are some of the typical comments our clients make:
- How can I make sure my family is protected financially?
- I want to buy my first home
- How will I be able to afford to put my children through college?
- I want to retire early
We help you to navigate through the complexities of creating a planned financial future by gaining a full understanding of you circumstances and needs, and then advising you on the best plan that will help you reach you financial goals.
Through gaining a full understanding of your financial objectives, current situation and attitude to risk, one of our qualified financial advisors will analyse your financial needs, make recommendations and implement financial solutions for you.
The PIBA Financial Advice article surveyed the academic literature on the value of advice. This found that individuals had cognitive heuristics (mental shortcuts) and biases when it comes to investments (procrastination, over confidence, anchoring, loss aversion, mental accounting, herding).
It found that financial advice brings greater goal setting, rationality and discipline to the investment decision making process, noting also, that planning is a strong predictor of wealth.
The article found clear evidence of the impact of financial advice on wealth when adjusted for income, starting wealth and other factors. This impact was greater the longer the consumer had received financial advice.
The following diagram is a strong visual representation of the wealth increase gained by customers who had been advised for between 4 and 15+ years.
An Australian study found that advised clients strongly value the professional advice they receive and 80% agree that their adviser has given them greater:
- Understanding of finances
- Knowledge and education about their investment options
- Confidence that they will achieve their lifestyle goals
- Confidence that they are prepared for retirement
Source: Value Propositions of Financial Networks 2011 Australia KPMG /Econtech
The advised community had greater confidence in having sufficient funds for retirement over the non-advised community. There was also a clear positive attitude to financial advisers from those using their service.
For the first time in Ireland, PIBA and Standard Life commissioned research1 on the value of Financial Broker advice. The results were broadly consistent with international studies.
Consumers who had taken professional financial advice:
- Had nearly double the savings and investments of those who didn’t
- Were almost twice as likely to have a pension
- Were more financially protected
- Were more financially confident and more confident about their financial future.
Source: The Value of Advice Ireland 2013 PIBA / Standard Life
We tailor financial advice based on a clear understanding of both your needs and your future goals. We will consistently update these initial findings throughout the lifetime of our relationship with you. We aim to empower you by providing you with all the information you need to reach your goals
Risk Profiling is an important part of our discovery process with clients. It offers an indication of your attitude to and capacity for risk. From our perspective, it’s vital that you clearly understand what you are investing in and that your investment plan meets your needs and risk tolerance.
We will identify a suitable strategy that will combine both short and long term goals. We will analyse our resources and abilities to meet these goals and help you plan to mitigate the financial impact of death or serious illness. This will provide you and y our family with greater financial clarity in r elation to your current situation and the future.
We research the market place for products that will match the strategies we have agreed with you. We will then assess the suitability of the products available and explain them to you in simple terms.
We take account of all the previous steps in the advice process before we recommend a specific product – factoring in price, previous performance and its suitability to your agreed goals. We explain the key features of the product to you, highlighting relevant issues, which allows you to make the most informed choice possible.
There can be considerable amounts of paperwork involved in implementing financial products. We are familiar with the process and will set up your policies for you as well as ensuring that all documentation is correct.
We provide an ongoing advisory service, along with regular reviews, to ensure your plans are kept in line with your initial goals and adjusted as your personal circumstances change. The value of this service is fundamental in assisting you in achieving your long term goals.
We provide ongoing support by assisting you or your family: if you need to make a claim on a policy; if you are changing employment; when maturing your pension fund at retirement; by advising on when the best time to mature an investment policy is etc.
We use the following advice process to maximise the value you can gain from our services and expertise.
As part of our work with you, we gain a full and deep understanding of your financial situation today. This starts with understanding your family situation, your work and all aspects of your financial life so that we are clear about the starting point. We also gain a complete understanding of your current portfolio of existing financial products, gathering information from product providers as required.
We help you to clearly identify financial objectives and goals in the short, medium and long term. As part of this, we help you identify important goals such as your investment time frames, your desired retirement age and level of income in retirement and risks that you might want to protect yourself against. Our advice process is rigorous and we may highlight important issues to you that you have yet to consider.
We help you to understand your attitude to investment risk and also your threshold for withstanding such risk so that we can identify solutions that are appropriate for you. We explain about the trade-off you must make between return and safety and, as a result, you will make more informed decisions and will be more confident about your investment portfolio.
We analyse your current financial situation in line with your financial objectives, developing future cashflow scenarios for you (optional). We then recommend any changes you may need to make to your finances and recommend any products that may be required to help you achieve your financial goals. We highlight certain tax savings opportunities if relevant to you and explain any legislative requirements around your financial planning. Our plan will be delivered to you in simple and plain English. The aim of this stage is to recommend solutions that will help you manage your wealth better, protect yourself and your family against unforeseen events and achieve your retirement goals.
Once you decide to proceed with our recommendations and if a financial product is required, we research the market to identify the best product to meet your needs and then ensure that you receive the best terms possible. As part of this we consider important factors such as:
- Product features and benefits
- Product cost
- Choice and suitability of funds
- Investment performance record
- Provider financial strength
- Underwriting requirements of provider
- Claims payment record of provider
- Customer service capability of provider
We then explain the full process to get the financial product in place and help you complete the paperwork and all other parts of the process. We help you complete the underwriting process with the minimum of fuss and get any cover up and running.
We then agree a review schedule with you to address any changes in your circumstances. As part of this review, we will update your financial objectives and address any changes to your personal or financial situation that may affect your plan, and we will review any solutions put in place to ensure they are achieving the required results. This will include a review of fund performance and changes will be suggested if required. We will also suggest changes to your protection cover that may be needed to reflect changes in your requirements. In our review meetings, we will bring to your attention any new products or financial solutions that are relevant to your financial planning.
We are delighted to provide support to you to answer any questions you have in relation to your plan or any products in place. We also send you a copy of our bimonthly newsletter to keep you informed on any useful developments in the personal financial services world.
Financial planning is more than just setting up plans for the future. In our experience, the regular review and monitoring of financial plans is crucial to ensuring success. In a joint study in 2013, PIBA and Standard Life found that people who had annual financial advice had pension funds 75% greater than those not taking such regular advice. In 2012, the CIRANO study in Canada found that advised people had greater net wealth than others and this impact was greater the longer the time of advice (173% after 15 years).
This long term wealth effect was explained by higher savings, better investments (more non deposit allocation) and greater use of pension and tax efficient products. The importance of getting Investments right cannot be over emphasised:
Look at how a small difference in investment growth each year compounds to a substantial difference over time. (see IMAGE PAGE 27)
At the same time, if you are near to retirement or maturing your fund, you may need to be cautious in your investments.
Getting this balance right is key to your financial planning and we review this critical area not only at the start of our relationship but on an ongoing basis at each review.
This ongoing service includes:
A yearly financial report – we will deliver a written report on your insurance, pension and investment portfolio highlighting key factors over the last 12 months and options for you to consider.
Yearly review meeting – We meet you every year face to face and discuss changes in:
- Your situation – goals/objectives/resources/personal circumstances
- Legislation and taxation and attendant implications for your financial planning
- Investment markets and new products available – investment portfolios and pension funds may need periodic rebalancing to be consistent with your overall strategy.
At these yearly review meetings, we will:
- Check the continued suitability of your insurance, pension and investment products against our current circumstances and any new goals.
- Update your risk profile and adjust/rebalance investments if necessary.
- Analyse your current insurance and pension/investment products against available alternatives. We will assess whether you can save costs and whether it is in your interest to switch products. We will present relevant information and options for you to consider.
- For income generating assets (ARFs etc.), we will review the sustainability of drawdown and alert you to risks of the fund running out.
Financial coaching: it may not be possible to do everything when we first meet. However we ensure financial priorities are highlighted at annual reviews and, where it is feasible and appropriate for you, we encourage you to do more with your savings, pensions and financial protection. For example, you might have a good year in business and decide to pay a lump sum into your pension to avail of further tax relief.
Staying the course: discipline is crucial to success with financial plans; many people lose more by cashing in early or at the wrong time, we are always on hand to explain what is going on in financial markets and give you advice. This helps deliver long term value in your financial planning and investments.
We can arrange higher frequency review meetings if desired (half yearly or quarterly). We are also available for one off reviews and consultations on specific matters on request. We are happy to take phone calls and email queries from our clients throughout the year.
In addition to periodic reviews, we will assist you with investment and pension maturities at appropriate times. These can be complex and involve paperwork and assessment of your options – we will be there to make the process simpler. Claims for protection policies (life cover, serious illness and income protection) can be stressful but we can alleviate some of this stress for you or your family if this is ever needed.