Choosing the right financial adviser can save you a lot of time, money and hassle. Here’s Moneycube’s 5 point guide to getting the help you need, the way you want it.
1. Who needs advice?
Before you jump in, think carefully about where advice will really be valuable. There’s no point in paying for something you don’t need.
If you’re comfortable dealing with your finances day-to-day, you may simply want help to put an investment plan in place or get a mortgage. There’s plenty of practical guidance available for free, for example, from the government’s CCPC.ie site, and on blogs like this one.
On the other hand, detailed financial and tax planning might be what’s needed if your affairs are complex, or you are at a major decision point, such as how to take your pension benefits. In that case, you’ll want to talk to a human.
2. What kind of service do you want?
It’s worth thinking about how you want to work with your financial adviser.
Is face-to-face advice important, or would you prefer an online-first service?
Do you want an ongoing relationship with your financial adviser over the long term, or simply to sort things and move on?
Sometimes local knowledge of your situation can really help when it comes to financial planning.
At other times, it pays to use a technology-led adviser, where much more information and transparency is available to you online, and retaining an ongoing connection doesn’t cost you a fortune.
3. Is your financial adviser independent?
In Ireland, many financial advisers can only sell the products of one company.
All banks in Ireland, for example, can only sell the products of a single life assurance company (here’s a list – scroll to the investments and pension section).
In contrast, Moneycube and many other advisers can compare financial products from numerous sources. That means you are getting independent advice.
Advice ain’t free – so it’s vital to understand how you are paying for it. Good advisers will give you a choice between paying for their advice directly, and a commission-based fee. The best financial adviser will spell out their fees in public.
At Moneycube, we strive to be as open as we can about our fees – you can read all about them here.
5. Finding an adviser
The good news is you’ve made it to the Moneycube website, so you’ve already found one. We’d love to stay in touch!
If you’d like some other options, the Brokers Ireland website lists all its members, including Moneycube, here.
Whatever route you choose, it’s worth being sure your adviser is providing regulated advice. You can quick confirm that with the Central Bank of Ireland’s register.