Posted by Nick Lawlor on March 31 2017 @ 10:15
In Canada 68% of people have their own financial advisers. It’s just what they do. They have a qualified expert that guides them on the various protection, savings, investment and pension needs they encounter. They make informed decisions. They pay for it and it pays them back 10 fold. They end up with better protection in the event of illness or worse, with more short term provisions in the event of an emergency, longer term savings for their children's education and significantly more retirement savings than we seem to be able to muster as a nation here at home.
83% of the people who use a financial adviser regularly consider themselves better off for having done so.
So where do I, as a biased financial planning professional, feel that I, or my kind, can help people. So I thought I’d try to summarise the outcomes our clients achieve having used our services.
On our watch, our clients will have the right amount of the right type of insurance with the best provider at the cheapest premium possible. Tax relief will be utilised if available.
Our clients will aim to have structured savings, addressing their emergency needs in the short term, future education costs and longer term savings and investments which aim to earn better then deposit rates of return.
Our clients will know how to save tax.
Our clients will know what the tax benefits are to saving for retirement. They will know how to maximise their tax free cash at retirement. They will be invested in funds they understand. These funds will match their attitude to risk and be monitored for them. They will know how they are being charged for their funds.
Our clients will understand the value in inheritance planning.
Our clients will simply be better off.
The financial planning ethos in Ireland is very reactive and I think everyone should take more control than that. Dealing with something when it comes up is simply too late. It's probably a little late to start saving for retirement at 60. There is no point trying to take out insurance after you get sick. There is no point starting an emergency fund when the emergency happens. You don't buy into a market at the top.
Be proactive, not reactive. I know I am biased but don't wait around, engage a financial adviser you like, that is well qualified and most importantly not tied to an individual product provider.