Hi,
All I can say is that you need to place a premium on impartial independent advice.
From, what you telll us, the initial adviser did a thorough assessment on your current needs and circumstances.
The second BOI “adviser” by all accounts took a piecemeal approach to his advice.
I’ll let you figure this one out for yourself when I mention that the BOI adviser is in fact a tied agent for New Ireland and can only advice on New Ireland products. And guess what funds New Ireland like to promote? You guessed it! Passive Funds!!!
Don’t get me wrong, I’ve nothing against passive funds, New Ireland etc. I believe they form an integral part of a clients portfolio if that is what they are comfortable with.
However, it infuriates me that the value of sound financial advice is muddied with some general sound bites that other so called advisers use. Good quality financial advice is worth its weight in gold...pardon the pun.
Often we look,for cheapest option and that sometimes isn’t the best way forward.
Hope this helps.
It is however mentioned repeatedly on AAM that one should pay for financial advice (over the broker model) if possible.
Hi ITGuy,
You might well think that but that, funnily enough, has not been my experience.
What "fee" advisers seem to do is charge you a % of your assets as an Asset Under Management (AUM) fee. It really is the same as the "broker" taking a trail commission, but "fee" advisers think that by calling it an AUM FEE, all is good. A "broker" saying that he gets paid a commission seems more genuine to me.
My idea of a fee is that you pay someone for an explicit amount for his advice/services. Where the payment comes from is a secondary matter. In the link below, I was looking for someone to set up a pension for a fee. It proved a fruitless and frustrating search.
You will need to validate my hypotheses so have a squint at this link to judge for yourself.
https://www.askaboutmoney.com/threads/when-should-i-think-about-retirement.210617/page-2
If you can find someone who can set up a pension for a fee, please let the AAM community know!!
I set up pensions for a fee but you said I was too expensive!!
Actually, Steven - I believe you set up pensions for a commission payment as per your site.
[broken link removed]
Let's agree to differ on what we call a fee. To me, this is unquestionably a commission. YMMV.
Anyway, if you are genuinely happy to be paid a fee by cheque:
1. How much would you charge to set up a reasonably standard pension?
2. How much would you charge to set up a pension on an execution only basis?
- Monthly premium payments – The initial set up charge if 10% of the first year’s contribution.
- Fees are subject to a minimum set up fee of €500.
My personal view is that fund managers are unlikely to beat the market, even if some do, choosing those will not be easy.
….passive investment is definitely is the smart play for most people.
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