Hibernia Geared UK Property Fund

[fionahere]

Hello,

My apologies if this type of question has been asked on this forum before but I did a search but the search facility does not appear to be working for me... returning a blank page.
Here's my story....
I met with an independent financial advisor today. Independent is what she called herself but I did not pay for the consultation. They recoup their fees on a commission basis from the companies they deal with. I would prefer to pay a truly independent financial advisor as I believe that those paid on a commission basis will tend to recommend those offering best commission rates. However in my area I was unable to find such an advisor.
Anyhow I gave her my details... 29, single, homeowner with <60% LTV mortgage over 25 years. Pension scheme through work.. employer paying 5%.. I contribute 4%. No borrowings. My SSIA recently matured and having cleared my Credit card I am left with 10,000 to invest.
She recommended the above geared property fund along with a regular monthly contribution to continue saving..
I do believe that this is the type of investment that I should make...
However having googled I see that a number of geared property funds are on the market.. including EBS, Canade life, new ireland...
How does Hibernia compare to these products? Has she advised me well?

Thanks for taking the time to read this and for any advice,
Fiona

 

[ClubMan]

I met with an independent financial advisor today. Independent is what she called herself but I did not pay for the consultation.

Was she a tied agent, a multi agency intermediary or an authorised advisor?

She recommended the above geared property fund along with a regular monthly contribution to continue saving..

On what specific grounds?

 

[fionahere]

Hi Clubman,

She told me that she was an independent financial advisor.. not tied to any company.. She did not specify any of the terms you mentioned.

How she advised me on the above product.. as I told her that I was not adverse to taking risks. She discussed with me both geared property funds, propert funds and equity based funds. She also went through cash deposits and bonds. I ruled both of these out.. I am hoping to make the most from the investment.. I am also aware of the risk involved...
Having gone through all of the above I told her that the geared property fund was of most interest to me..

She did however seem to be pushing the Hibernia products. I questioned her on this and she said that with Hibernia, whilst choosing the monthly deposit option that after a year there were no exit fees. However only 97% of the monthly contribution is invested. the other 3% is taken for administration costs. 100% of lump sum is invested.

I am just wondering how this compares with other geared property funds.. and is this a good investment product for my money.

Thanks,
Fiona

 

[ClubMan]

She told me that she was an independent financial advisor.. not tied to any company.. She did not specify any of the terms you mentioned.

She has to be one of the three types of advisor that I mentioned - assuming that she is regulated by IFSRA. You should check.

How she advised me on the above product.. as I told her that I was not adverse to taking risks. She discussed with me both geared property funds, propert funds and equity based funds. She also went through cash deposits and bonds. I ruled both of these out.. I am hoping to make the most from the investment.. I am also aware of the risk involved...
Having gone through all of the above I told her that the geared property fund was of most interest to me..

What potential risks did she outline to you about this product?

However only 97% of the monthly contribution is invested. the other 3% is taken for administration costs. 100% of lump sum is invested.

How can 100% be invested if they are taking a 3% cut!?

I am just wondering how this compares with other geared property funds.. and is this a good investment product for my money.

Surely she should have been telling you this?

 

[fionahere]

Hi Clubman,

I have checked. Her company is regulated by the IFSRA as a multi-agency intermediary.

100% of the lump-sum, 10,000, is invested. 97% of the regulary monthly amount, 250 per month, is invested. After a year there are no exit penalties having taken up the regular monthly contribution.

Fiona