Financial advice - where to go?

I just rang http://www.investrcentre.com/

They recommended that I sign up online, 149EURO per year.

They said it's full of info, and there's a blog where they answer your questions.

And then later, get 1 on 1 advice if I need it.

I'm inclined to just go for the 1 on 1 if I'm doing anything at all.... I just need to know what to do with a lump sum.

Has anyone any dealings with them?
 
Personally haven't used them, (yet), but they do hold a good name in the industry, which is alot more than can be said for a number of the very large institutions who simply want you to feed them with money rather than a positive performance.
 
Why would you pick just one name from the list?

Unfortunately at present we don't have independent intermediaries here who act as the agent of the client.
 
Sumatra makes an excellent point. In Ireland in common with many jurisdictions around the world advisers are only required to exercise a suitability standard of care.

This means that recommendations must be suitable for the client. It doesn't mean that an adviser must select the lowest cost option for example.

Conflicts of interest such as commission payments are disclosed but not fully understood by many prospective investors and few advisers operate on a fee only basis as an agent of the client. Furthermore the Central Bank does not currently differentiate between advisers on the basis of their remuneration method.

Investors looking for an adviser who puts their client's interests above their own must seek out an adviser who operates under a voluntary fiduciary standard.

[broken link removed]
 
Marc said:
Conflicts of interest such as commission payments are disclosed but not fully understood by many prospective investors and few advisers operate on a fee only basis as an agent of the client. .

Investors looking for an adviser who puts their client's interests above their own must seek out an adviser who operates under a voluntary fiduciary
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And do you really think that it is possible to find such a person in this country. Take it from me that any level of honesty operating in the Irish market simply does not exist -- and that is from the bottom level to the top. In fact I'd say that one may have a better chance dealing with some of the smaller entities than the larger ones.

On the basis of the name AAM, there really should be a thread if not a complete section where persons can place their past happenings in writing to give the public a display of the meaning Caveat Emptor.
 
mercman said:
And do you really think that it is possible to find such a person in this country. Take it from me that any level of honesty operating in the Irish market simply does not exist -- and that is from the bottom level to the top. .
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Hi Mercman

I am disappointed with the standards of advice and integrity in almost all professions in this country.

But to go from that to "there is no such thing as a competent and honest advisor" is simply wrong.

There are honest advisors who act in the clients' interests.
There are competent advisors who give good advice.

There aren't many, but there are some.

Brendan
 
Brendan Burgess said:
There are honest advisors who act in the clients' interests.
There are competent advisors who give good advice.

There aren't many, but there are some.
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But the problem is they are so hard to find. Why is that? Why does the industry have such a bad reputation.
 
Fee-based advice is a rarity and it is a shame. Commission-based selling is all there is outside accountancy practices. If you are a subscriber to my website www.investrcentre.com then you can avail of my own fee-based advisory service. The webite sub is currently €149 per annum. The one-to-one advisory service costs €399. Both include VAT. Enquiries to [email protected]



Rory Gillen, Founder
 
Slight generalisation there Rory. I for one have been operating as a fee-only adviser in Ireland since 2008.

For an initial second opinion meeting at my expense please feel free to contact me directly.
 
Bronte said:
Why does the industry have such a bad reputation.
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I have only revisited this thread today. I think I might be able to answer this. The reason is quite simple. The Financial Providers are simply unable to accept this and their agents have made vast and massive mistakes.

One reputable international company operating in this country took on new senior staff. They believed what they were told and the person concerned received an accredited managerial position. However the fact that their (person concerned) Financial licence was revoked because of serious breaches of the Consumer Code and the law, and the person concerned has found a loophole in the law. The International company knew nothing about this and they (person concerned) are allowed to continue bluffing the public, the Regulator and the Central Bank.

I know of a number of these cases and in cases the persons concerned are back selling the same Financial products which they were selling prior to their dismissal.

So somebody tell me why are these persons allow to act in the manner they did ? Get their hands slapped and start again in another guise.

Answers please as I would really love to know why and how can they or should they ???
 
onekeano said:
A friend of mine is taking a voluntary redundancy package - I think they are mad as they have no job lined up but the reasons are quite complex so cest la vie!

The amount involved is c.€75k and they have spoken to their bank who needless to say have a very good deposit rate lined up for when the cash comes through :)

I have advised my friend a) to get independent (ie. paid for) advice with what to do with the money and b) no matter what do not put all their eggs in 1 basket.

My friend lives at home is not married, has no mortgage / kids etc.

My questions are:
- where is the best place to go for such independent advice for savings / investment?
- how much are they likely to charge?
- are there any recommendations in the AAM community for investing all or part of this kind of sum?

Thanks
Roy
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If you are a member of GillenMarkets.com you have the option to see myself for one-to-one advice. I am fee-based. You can email [email protected] regarding costs.

I understand one is not supposed to market on this website but a direct question requires a direct answer.

Rory Gillen
 
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