How often does your financial advisor contact you?

T

thecoffeepod

Registered User
Messages
261
I'm studying for the QFA's at the moment. One of the things I've noticed is it's a regulatory requirement to do a review under a periodic frequency, and the reasons can be under the client's wishes, which makes sense, the extent and scope of the initial advice provided, which is subjective at times, the likely rate of change in the client's circumstances, which would lead to the client contacting the financial advisor themselves, or alternatively, it should be a set time period from the financial advisor. But more importantly, the change in external developments such as tax law or product developments.

I've had a pension for over 15 years, and all I get is my annual statement and reasonable projections. I don't think my advisor has ever even reached out to me at all. I am with Zurich. And it just got me thinking, is it a very reactive business? It is meant to be a regulatory compliance according to the material. I know in the Finance Act for 2025, the rules around the contributions to the PRSA has changed. And there was absolutely no information sent out by the financial advisors on this, well not to me anyway. Just curious about other people. Does your advisors ever reach out with proactive advice or change in the regulatory landscape?
 
cally1990 said:
I've had a pension for over 15 years, and all I get is my annual statement and reasonable projections. I don't think my advisor has ever even reached out to me at all.
Click to expand...
Is it a personal pension or an occupational pension?
 
occupational pension, self selected funds. I'm actually just after moving it from pisma 5 to prisma max actually

I also have term assurance life cover, mortgage protection , income protection and specified illness products
 
Last edited:
But the advisor still advises the employees? My occupational pension benefit statement gives QFA contact details and says:

"It is important that you review the way in which your pension funds are being invested on an ongoing basis with your advisor. This is to ensure that the investment strategy you have chosen is suitable for whichever option you may decide to select when you retire."
 
cally1990 said:
I'm studying for the QFA's at the moment. One of the things I've noticed is it's a regulatory requirement to do a review under a periodic frequency, and the reasons can be under the client's wishes, which makes sense, the extent and scope of the initial advice provided, which is subjective at times, the likely rate of change in the client's circumstances, which would lead to the client contacting the financial advisor themselves, or alternatively, it should be a set time period from the financial advisor. But more importantly, the change in external developments such as tax law or product developments.
Click to expand...

Corola said:
"It is important that you review the way in which your pension funds are being invested on an ongoing basis with your advisor.
Click to expand...
apples and oranges
 
But I could still contact my advisor for any of the other reasons, if I so wished.
 
Don't have an advisor and nor would I want one. I'm contrarian in my investment approach so we'd only argue. Educating yourself is far better and allows you to avoid the charlatans in the industry IMHO. Not many so called financial advisors in Ireland are independent. Most are brokers for investment products or are tied agents so how can their advice be independent ?
 
Last edited:
Marsupial said:
Contacted me to apologise for advising me to invest in Dolphin Trust.

Contacted me to apologise for advising me to invest in Blackbee.

Contacted me to apologise for advising me to invest in Solar 21.

Contacted me to wish me a Happy Christmas.

Other than that, zilch.
Click to expand...
You must be joking :eek:
 
I'm back with Zurich about 5 years now and haven't got an annual review call at all
I'm not to bothered as I am not contributing to it, it is growing quite nicely and I'm happy enough to let it do that in the background
But I did have a €100k to invest early in the year and rang my advisors phone at least 5 times and he didn't pick up so I invested elsewhere.
Not happy with that service but so far it seems to have been a blessing in disguise
 
Cervelo said:
I'm back with Zurich about 5 years now and haven't got an annual review call at all
I'm not to bothered as I am not contributing to it, it is growing quite nicely and I'm happy enough to let it do that in the background
But I did have a €100k to invest early in the year and rang my advisors phone at least 5 times and he didn't pick up so I invested elsewhere.
Not happy with that service but so far it seems to have been a blessing in disguise
Click to expand...
What fund(s) are you invested in?

I requested a change yesterday to move mine to PRISMA MAX , I'll be working for another 31 years

Zurich sent a quick email back to confirm I'm happy to purchase all units in the new fund by selling all units in the old fund

I tried to ring first to speak with an advisor and she said " we don't do that over the phone and send an email to XXX"

I couldn't even speak to an advisor about my pension fund with Zurich

Weird

Maybe because it was a change request but not even having the option to speak

What if I was an idiot or ill informed , I got no advice or discussion

Just a " we are happy to change it , just send an email"

I get some people might like that (less hassle)

but I would have "appreciated" some discussion around it incase there was information unknown to me.

A 5 minute chat wouldn't go astray is all
 
Last edited:
Off the top of my head Prisma 5 and 6 (think 6 is max) with 6 slightly out performing 5
And about 7 to 8 years till I cash in
 
Last edited:
You must log in or register to reply here.
Back
Top