I have a lump sum of €10k which I want to invest as it is currently lying in a deposit account doing nothing. I don't have any experience in online trading platforms so I'm looking at managed fund options, the likes of Irish Life Maps 5, Zurich alternatives etc. I'm happy for it to stay in for 7 plus years.
Looking at the Irish Life as I was speaking with a financial advisor there recently, their yearly fees are 1.71% (amc: 1.48% + .23% portfolio transaction fees) plus the gov levy of 1% equalling 2.71% pa if i'm correct and then obviously theres the 41% tax on withdrawal.
IL Maps 5 10k investment example
Taking IL's own example of a 10k investment with 'moderate return' on maps 5 after 7 years on their brochure, i'd get back €15,348 in total (that takes into account all costs/fees deductions). So on withdrawal with the 41% tax on gains, i'd get €3155, this seems a pretty poor 'average' return for 7 years and of course taking into account I could probably get less than that.
I haven't investigated fees/returns with Zurich investments yet, but i'm guessing they would be somewhat similar? Would anybody know of any managed funds that have lower AMCs? There aren't any backdoors to access Zurich funds with low AMC's like there is with PRSA's for example? Or would you have any other suggestions on how best to get a decent return for a 10k lump sum in Ireland without having trading knowledge? Thanks!
Looking at the Irish Life as I was speaking with a financial advisor there recently, their yearly fees are 1.71% (amc: 1.48% + .23% portfolio transaction fees) plus the gov levy of 1% equalling 2.71% pa if i'm correct and then obviously theres the 41% tax on withdrawal.
IL Maps 5 10k investment example
Taking IL's own example of a 10k investment with 'moderate return' on maps 5 after 7 years on their brochure, i'd get back €15,348 in total (that takes into account all costs/fees deductions). So on withdrawal with the 41% tax on gains, i'd get €3155, this seems a pretty poor 'average' return for 7 years and of course taking into account I could probably get less than that.
I haven't investigated fees/returns with Zurich investments yet, but i'm guessing they would be somewhat similar? Would anybody know of any managed funds that have lower AMCs? There aren't any backdoors to access Zurich funds with low AMC's like there is with PRSA's for example? Or would you have any other suggestions on how best to get a decent return for a 10k lump sum in Ireland without having trading knowledge? Thanks!