BOI Smart Funds - What to do

mercman said:
Stevie, you have your taxes mixed up. You mean CGT not DIRT tax. CGT is applicable to Capital Gains. DIRT is applicable to monies on deposit.
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Thanks for spotting that error on my part mercman.


mercman said:
Nobody can say which funds will outperform others, so you are wrong to advise on these matters.
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Granted, at best we can only make a prediction on how a particular investment fund is going to perform and even so such a prediction could be viewed as a pointless exercise given the way Funds and markets have behaved and performed over the past 18 months or so for example. I did not advise the OP to invest or not invest in a particular Fund, I merely pointed out a potential pitfall of moving from a Fund where they would realize a capital loss to another Fund. It may well be worth the OP's while moving in their current situation regardless of this pitfall but the reason for my post was to ensure they were fully aware of this pitfall first.
 
Stevie, my post was to warn those that choose to invest in BoI Smart funds that whilst their funds maybe Ok, the problems that could exist far will supersede any gains you might make. A nightmare of a company, and after being to the Ombudsman and the High Court, winning on each occasion, it just does not get any easier. The easiest and best approach for those wishing to invest is to go with a Financial Provider that won't cause you grief especially when it is of their making. We have all seen the greed of the FPs in this country. It is not just banking; it remains in every aspect of their business.
 
I have 2 of the BoI smart funds. I got a letter saying that they come under the 1% Gov levy regarding Life Assurance products. I made a few phonecalls. Although I took the product understanding it was for 7 years (loyality bonus), according to BoI its open ended for 67 years- hence considered as a life assurance policy. Meeting with an advisor next week. I asked for a review of my management fees (thanks to the above thread) but another other things I should put on the agenda? Thanks
 
Galley, if you are meeting with an official from BoI ensure that you have everything mentioned in at your meeting placed in writing and signed before the meeting ends. As for the Management Fee, there will be a product on the market, quite soon, offering Investors a Management Fee with a fraction of the normal M Fee. Just be careful because their antics are disgusting at its best.
 
Hi guys
I am the OP on this thread: am back in a state of confusion re my money, as is the whole country I am sure! At the moment I still have money invested in BOI Smart Funds ; Evergreen and Innovator funds. Since my original post I decided to leave the funds in the hope that they would come back up and they rose marginally to €25,000. Considering the impending bailout I am just wondering now are these funds going to be affected? If I leave them there is there any guarantee for my money? I'm really sorry for the questions but am just concerned about my hard saved dosh! If I were to pull them out and stick them in a UK based bank with branches in Ireland, is that any safer?
Many thanks for all your help
 
There are simply no funds that will beat the market. It is impossible. As for what others have pointed out the operators of the fund are simply money hungry and in essence the fees appropriated are huge. Have a read at this thread which is based on an independent report from the UK, http://www.askaboutmoney.com/showthread.php?t=144230. The fees that these companies take are completely out of order. Your best bet is to start investing in ETFs which are specific funds and have minimal expenses.
 
Any other opinions on what the recent bailout will do to these funds does anyone know?
 
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