Dublin Looking for a Financial Advisor / Financial Review

T

The Messer

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Hi All,

Firstly I'm not loaded, so I don't need a wealth Manager.
But I do have some assets, but they are all over the place financially.

I'm in negative equity on my home, and do need to move medium term, family bigger than the property can handle.

I do have a couple of buy to lets, preforming very well, not in negative equity, but the income is worth far more than the equity.
I have shares, some doing better than others.
Some savings, c. 10k
Developing a decent lump of a pension.
Invested in wine, prizebonds, and a few other wacky things.
Also have a car loan but no other debt so to speak.

I need to put a strategy in place to make my circumstances acceptable to a bank, but need to start working on it now rather than when I need to move. My income stream has improved considerably over the past 18 months so I need to get this plan in place ASAP, before I do something stupid.

So I'm looking for a financial advisor to help me do this. I'm not looking to buy any products so I appreciate I will have to pay for the service, but would like to get a feel for how much this would cost before starting the process.

Any recommendations on an advisor and ideas on potential costs would be greatly appreciated.
 
89 view and not one opinion.

Am I seeking the impossible or looking for something that doesn't exist, or worse am I a hopless case :-(
 
The Messer said:
89 view and not one opinion.

Am I seeking the impossible or looking for something that doesn't exist, or worse am I a hopless case :-(
Click to expand...
There are plenty of poor advisors, the good ones are expensive. Suggest YOU do a disciplined Income & Expenditure for one month. You will get a handle on money in V money out.
Also CLINICALLY list your assets and liabilities,
Be defensive ie lower value on assets and include ALL potential liabilities.
YOU NEED CLARITY BEFORE APPROACHING ANYONE .

From what you say , you look like a dis-organised successful case !!!
 
salmon9077 said:
There are plenty of poor advisors, the good ones are expensive. Suggest YOU do a disciplined Income & Expenditure for one month. You will get a handle on money in V money out.
Also CLINICALLY list your assets and liabilities,
Be defensive ie lower value on assets and include ALL potential liabilities.
YOU NEED CLARITY BEFORE APPROACHING ANYONE .

From what you say , you look like a dis-organised successful case !!!
Click to expand...

Thanks Salmon9077

to say what I have is disorganised is an understatement. Some of the things I have money tied up in would make you cry with laughter. I know it cracks my friends up. I'm bad with money - hence every time I got a few quid I invested it to put it out of easy access.

I think I have everything in place on my side, I have excel sheets outlining:
All assets
All Liabilities
All expenditure, down to and including my lunch
All incomes - gross and nett

What I need advice on is how to set myself up to be seen in the best light by a bank.

I have a number of options open to me over the next 12 months such as:

a - Pay off one of the buy to let mortgages.
b - Sell one of the buy to lets - stupid idea in my opinion as the income is worth far more than the equity, even before the property crash.
c - save up every penny I can in cash.
d - clear as much Negative Equity as I can - again another stupid idea in my opinion as I can get more on deposit than I pay in interest.
e - clear the car loan immediately - seems like the right thing to do to me but I believe (rightly or wrongly) that banks like to see repayment discipline.
f - cash in all the investments (outside of property) and lodge the cash.
g - cash in all the investments (outside of property) and pay off debt.

As you can see I need advice - I only get one hit at this and need to do it right, hence my willingness to pay for the right advice "within reason"

I met an advisor about seven years ago - a free one - he pitched me all sorts of products, mortgage consolidation, equity releases, apartments in eastern europe, cyprus and some island off the cost of Africa - tried to convince me that I needed to get "my tied up equity working for me". It felt all wrong - and it turns out it was. If followed that advice I'd be in a hole over a million euro deep and probably closer to €2m.
 
Hi 'The Messer'

As no one has responded to you to date, we would be happy to have a discussion with you re your options. As independent advisers we normally charge a fixed rate fee for our advice/review and this would always be agreed in advance. However before we get to that point we will have an introductory conversation with no charge and no obligation. Please send me a pm for my contact details if you want to proceed. In the interest of balance I can also recommend 2 other advisers who I know and respect ( no financial connection). If you want you can talk to us all and then see who you think is best suited for your particular needs/requirements.

Regards Vincent
 
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