By way of background our position is:
we're a married couple (earner is 41 and I'm 39)
one earner (75K pa)
with 3 kids under six
expecting inheritance on sale of house of (conservatively) 350K
one old banger of a car (needs to be upgraded in a few years or sooner)
mortgage of 27 yrs left owing E195,000
need to build onto our house or move house (more space needed)
only debt is the mortgage
Savings E10,000
Regular savings - child allowance to an post monthly.
We're clueless about finances so it's been suggested to us to consult with a financial advisor.
Have looked at the key posts and see that a fee-based financial advisor seems to be the mainly advised for logical reasons.
Understand that fee-based might be the better way to go but looking at websites don't get any idea what kind of fees would be applied. Given that we're not looking into anything fancy (stocks, equities etc) but just want a financial makeover and advice on financial security (pension, life insurance, savings for 3rd level education, a little more money to hand) is fee-based the best for us?
I googled and came across just one organisation quoting fees :
[broken link removed]
The following struck me:
'In order to establish and maintain a client fee account, generally a minimum fee income of E1,200 per annum is required. For smaller porfolios, this may be less cost effective than a traditional commission based product'.
Two questions -
-fee-based best for us (given that we're probably a 'smaller portfolio'?
-what kind of fees are charged?
Many thanks
we're a married couple (earner is 41 and I'm 39)
one earner (75K pa)
with 3 kids under six
expecting inheritance on sale of house of (conservatively) 350K
one old banger of a car (needs to be upgraded in a few years or sooner)
mortgage of 27 yrs left owing E195,000
need to build onto our house or move house (more space needed)
only debt is the mortgage
Savings E10,000
Regular savings - child allowance to an post monthly.
We're clueless about finances so it's been suggested to us to consult with a financial advisor.
Have looked at the key posts and see that a fee-based financial advisor seems to be the mainly advised for logical reasons.
Understand that fee-based might be the better way to go but looking at websites don't get any idea what kind of fees would be applied. Given that we're not looking into anything fancy (stocks, equities etc) but just want a financial makeover and advice on financial security (pension, life insurance, savings for 3rd level education, a little more money to hand) is fee-based the best for us?
I googled and came across just one organisation quoting fees :
[broken link removed]
The following struck me:
'In order to establish and maintain a client fee account, generally a minimum fee income of E1,200 per annum is required. For smaller porfolios, this may be less cost effective than a traditional commission based product'.
Two questions -
-fee-based best for us (given that we're probably a 'smaller portfolio'?
-what kind of fees are charged?
Many thanks