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You should not expect independent, professional advice from the tied agents in the bank. I would expect better from a good accountant but perhaps you need to talk to a truly independent advisor such as a good multi-agency intermediary or an authorised advisor. Somebody who will do a thorough fact find/financial review, understand your short, medium and long term goals/needs and then identify a range of savings/investment options that might match. For €1M you really should be thinking of getting such all encompassing assistance.Sold farm - have cash to invest. Getting mixed suggestions from bank and accountant.
Ignore the bank. The only interest they have is flogging you their own products, which in all likelihood will not be the most competitive way for you to invest your money.Getting mixed suggestions from bank and accountant.
Possibly, but it's best not to put all your eggs into the one basket. Make sure you read the fine print on any managed fund. A 1.5% entrance and exit charge would leave you nearly €30k down on your lump sum assuming that there was no growth at all.Balanced managed fund appears to us to be best.
The most important things are to spread your risk and to know exactly what sort of financial product you're signing up to. Too often there are people who post on these forums who lost money on investments because they were recommended products that weren't suited to them or because they never read the terms and conditions properly.Can anyone give us some educated opinion on what you would do in our position? We're not big risk takers or seasoned investors, but we don't want to leave it all on deposit at below the rate of inflation or in a guaranteed 'safe' non-money-making fund.
I agree that its not a good idea to try to time the market, but do you concede that it is a poor idea to enter the market without regard to short-term prospects?Timing the market is a mugs game. Don't do it. You should stick the money on deposit at the highest rate possible (see the Financial Best Buys forum lists of best deposit rates on offer and see if you can negotiate an even better rate for your large lump sum) until you get independent, professional advice along the lines that I mentioned and the work off that.
Balanced managed fund appears to us to be best.
Prevailing/short term market fluctuations are irrelevant if you are investing for the long term in my opinion. It's time in the market that matters not timing the market. Long term investing is done with a view towards such volatility smoothing out.I agree that its not a good idea to try to time the market, but do you concede that it is a poor idea to enter the market without regard to short-term prospects?
If you buy from a discount broker
103% of your money will be invested
1% annual managment charge
I[broken link removed] will give you 5.1% AER on balances up to €200K. There are other similar rates on offer albeit some with much lower than €1M limits on the balance.I have just recently come across an investment bank called Investec. They are one of the very few that offer you 4.59% CAR which is one of the most competitive in the market for a 30 day notice account.
Why would a deposit account ever have a management fee?No management fee.
I would be more circumspect. No management fee means little when the 80% capital guarantee is arguably a 20% charge up front and tracker bond pricing and likely/maximum returns are often difficult to figure out due to the arcane and complex way in which such products are structured.They also have a tracker bond launching soon that guarantees 80% of your money and offers 130% of the upside. No management fee. The bond will be tracking 3 banking stock AIB, BoI and Anglo. Money has to be invested for 3.5 years. Well worth looking into.
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