Fee Based Financial Advisors

R

rebelred

Guest
When seeking investment advise I know that one has to pay for it. I also know that most brokers work on commission and their is always a risk that advise may be geared towards their commission as opposed to what is best for you.

With that in mind how does locate a good independent financial advisor and who have people used that were good.

Also how much does one need before it makes sense to get involved with private banking with one of the banks.

I have come into a large sum of cash recently. I currently have it on deposit with National Irish at 4.54% as I may be relocating to Dublin with work in the New Year and the Dublin Property Market is well capable of consuming the majority if not all off my cash.

Thanks
 
I can't answer your main question, but I do have a question of my own...

I currently have it on deposit with National Irish at 4.54%
Click to expand...

Is this a standard deposit account? I don't see it mentioned on their website. Did you negotiate a non-standard rate?
 
the rate is actually 4.55% on their advantage 30 account

you need more a certain amount on deposit to secure this rate.
 
Ah, that explains it. You meant Irish Nationwide (Building Society), not National Irish (Bank). Just wanted to make sure the Best Buys are up to date!
 
Just tread carefully. I've used paid advisors over the years, as has my wife. While they are mostly honest, knowledgeable and ethical, a lot of the time advisors are only former bank officials or former insurance employees who have gone into business on their own and are no more knowledgeable or cleverer than the average educated person (like me!) who takes time to resaearch all possibilities and make an informed decision. Most of the big brokerages and financial firms, while claiming to be independent and selling products on behalf of numerous companies are not always impartial in their advice! They have one eye on their commission etc.

I have recently come into a lot of money through redundancy. The best advisor I gained access to was through word of mouth through a member of my family who is in financial services. He was very good and laid out numerous options on the table after I informed him of my attitude towards risk.

Take your time, read everything and listen to everybody, get to know the different markets and always, always get second and third opinions. It is hard work, but, remember it's your money! I verified a lot of the good advice by talking with friends who had gone down the investment route before, here on askaboutmoney and on other forums!
 
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