# Can anyone recommend a financial advisor



## missey1977 (27 Aug 2015)

Hi all, 
I have read through the key post "Where can i find a financial advisor", and the one company i saw mentioned was Bluewater Financial Planning, so i was thinking of trying them.  I have about £30K and about €20K to invest, so was hoping for an advisor that could advise for the UK as well as Ireland.  I could also do with some pension advise.

If anyone out there has anyone they'd recommend i would be grateful.  I don't want to just invest myself, i really want an advisor to take a look at my finances.

Thanks all.


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## PMU (28 Aug 2015)

I personally have dealt with Michael Kiernan trading as MyAdviser http://www.myadviser.ie and would recommend him to anybody.  Before you go to any adviser you should try to develop some idea of what you want to do with your money (i.e. do you want pension advice or an investment plan or what?), how long you want to leave it invested, some idea of your attitude to risk etc.  The more specific you are in your request the better an adviser can advise on meeting your investments objectives.


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## missey1977 (10 Sep 2015)

Thanks PMU, 
I'm just waiting to hear back from him.  I'm also looking at Orca, Dave Kavanagh and Michael Dowling.  
I was put off Bluewater by their set 2% fee which didn't sound too good to me.

Cheers


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## Dan Murray (11 Sep 2015)

missey1977 said:


> Thanks PMU,
> I'm just waiting to hear back from him.  I'm also looking at Orca, Dave Kavanagh and Michael Dowling.
> I was put off Bluewater by their set 2% fee which didn't sound too good to me.



Hi missey1977

What fees were Orca, Dave Kavanagh and Michael Downing looking for?


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## missey1977 (11 Sep 2015)

Orca and Dave Kavanagh both said that the companies that i invest with you pay them, so there is no actual fee.  Would you know if this is a good option or not?  Does it perhaps mean that they are biased towards certain companies?

Michael Downing was looking for a flat fee of 250.  Both Dave and Michael were recommended to me by friends who had done business with them


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## Steven Barrett (11 Sep 2015)

Hi Missey

I remember talking to you yesterday. 

There are numerous of different charging methods when you invest money. If the insurance company pays the advisor fee, you pay a higher annual management fee, there are early exit penalties in the first 5 years and a 1% government tax on your premium. The structure I prefer has lower annual management charges, no early exit penalties and no government tax. 

You also have to look at what level of advice you get for your money. While some have tried to commoditise financial advice, not everyone gives the same level of advice; taking time to assess your goals, your risk profile, capacity for loss and assessing whether you can achieve your goals within your comfort zone. if not, this is made aware to you at the outset so you can make some trade-offs. That is before I have to do any compliance work for you. 


Steven
www.bluewaterfp.ie


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## missey1977 (11 Sep 2015)

Thanks Steven, 
I will definitely ask Orca and Dave Kavanagh about the annual fees, exit penalties and government tax before i make any decisions.  Like i said i am just asking around lots of companies at the moment, trying to get a feel for this before committing to anything.  I don't have a lot to invest, but it's a lot to me


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## Steven Barrett (11 Sep 2015)

Sure, no problem Missey.

It's no problem that you prefer other charging structures, just make sure you are aware of all charges.

An insurance company can pay an advisor 4% of your investment value. They have to recoup the money somehow and it's through the annual management charge. Also make sure you are told of the potential downsides to your investment strategy. You worked hard to accumulate that money, you don't want any surprises. 

Steven
www.bluewaterfp.ie


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## mercman (4 Oct 2015)

One needs to be very careful when picking a Financial Adviser. This business is so unregulated and without you realising it your money has the possibility of disappearing in front of your eyes. There are some good advisers and companies, not many, but personally after finding how crooked the industry in Ireland have vowed I will never invest a single cent in Ireland ever again. Bear in mind I'm down a seven figure amount by the dishonesty of Irish Banks and Assurance Companies.


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## Fella (4 Oct 2015)

Seven figure loss , care to elaborate ?


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## mercman (5 Oct 2015)

I'd love to, but at present it's sub judice. 2 separate cases, but connected with same Financial Institution.


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## Sarenco (5 Oct 2015)

That's certainly a story I would want to read.  Seven figure sum - wow.


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## mercman (5 Oct 2015)

Opportunity loss is calculated and awarded in Court settlements.


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## 44brendan (5 Oct 2015)

Sarenco said:


> That's certainly a story I would want to read. Seven figure sum - wow.


Nowhere near unique given the sales approach of most banks who effectively lent the money to the clients to invest in their own financial products. In other words they acted for the client on both sides of the transaction.
Salutary lesson for many. If you need to borrow money go to your bank. If you need to invest go to an independent advisor. Why anyone would take invest advice given by their bank, I just can't understand.


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## Sarenco (5 Oct 2015)

44brendan said:


> Why anyone would take invest advice given by their bank, I just can't understand.



Amen to that. 

It always amazes me that people feel they can trust their bank to look after their interests when the bank is invariably conflicted.


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## mercman (1 Nov 2015)

Sarenco said:


> That's certainly a story I would want to read.  Seven figure sum - wow.



Just picked up this reply, albeit a few weeks too late. It's all down to 'Opportunity Loss', which the courts realise is surmountable in cases, as long as the plaintiff can display past history.


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## Gordon Gekko (1 Nov 2015)

Personally I would avoid anything with lock-in periods or exit penalties. All investments should be liquid and accessible. I would also avoid financial advisers who are not fee based. Intuively one wants an adviser who is agnostic (financially) regarding where you place your funds.


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## mercman (1 Nov 2015)

Gordon Gekko said:


> I would also avoid financial advisers who are not fee based.



Gordon, did you mean fee based Financial Advisers ?

It really is simple, despite the CB saying they will clean up the business, nothing has been done and the way it looks nothing will be done in the foreseeable future. If persons wish to make an Investment in Financial Product in Ireland, keep your money in your pocket.


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## frankde (4 Sep 2016)

Sarenco said:


> That's certainly a story I would want to read.  Seven figure sum - wow.




Hi All

Here is a couple of articles that describe the un-professional behavior of financial company here in Tokyo, that caused some clients to lose seven figure sums of money. At the time this was seeminlgly one of the respected/well known financial companies here, not any more...

The fund in question was hosted by Friends Provident Isle of Man

If anyone has friends/family working abroad be sure to warn them to be very careful of using financial advisors, best to avoid them and manage your own money. Especially advisors who receive commissions on the products they sell


[broken link removed]

http://www.scmp.com/magazines/post-magazine/article/1558078/when-investment-fund-goes-bad


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## MrEarl (4 Sep 2016)

Hello,

Independent advisors who are only paid by way of a professional fee from the client are the way to go in my view - they don't have the same potential conflict of interest as those paid commission by the various investment companies, life co's etc.

Thereafter, do your research and see what the advisors reputation is like with people he/she has dealt with previously.


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## monagt (31 Oct 2016)

missey1977 said:


> Thanks PMU,
> I'm just waiting to hear back from him.  I'm also looking at Orca, Dave Kavanagh and Michael Dowling.
> I was put off Bluewater by their set 2% fee which didn't sound too good to me.
> 
> Cheers



Is this 2% of ones total assets?


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## Steven Barrett (31 Oct 2016)

monagt said:


> Is this 2% of ones total assets?



Total assets invested. I had asked her how much she was investing and priced the work accordingly. Missey told me other advisors told her there would be no charge to her. Were they doing it for free?


Steven
www.bluewaterfp.ie


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## monagt (31 Oct 2016)

SBarrett said:


> Total assets invested. I had asked her how much she was investing and priced the work accordingly. Missey told me other advisors told her there would be no charge to her. Were they doing it for free? Steven www.bluewaterfp.ie



Question not related to Missey 

Say one has PPR, Property X, Equities Y, Cash Z, Income I, is it PPR+X+Y+Z+I x 2% as a fee for a Financial NCT & Plan?

Or is a separate Fee?

Thx, M


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## Steven Barrett (1 Nov 2016)

monagt said:


> Question not related to Missey
> 
> Say one has PPR, Property X, Equities Y, Cash Z, Income I, is it PPR+X+Y+Z+I x 2% as a fee for a Financial NCT & Plan?
> 
> ...



God no! Missey wanted investment advice on the implementation of an investment for a sum of money. 

A financial plan is completely different. I charge a fee of €1,500 for a financial plan. If you require me to do any work afterwards, there is a charge for that as it is separate work. 

Steven
www.bluewaterfp.ie


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## monagt (12 Dec 2016)

SBarrett said:


> God no! Missey wanted investment advice on the implementation of an investment for a sum of money. A financial plan is completely different. I charge a fee of €1,500 for a financial plan. If you require me to do any work afterwards, there is a charge for that as it is separate work. Steven   www.bluewaterfp.ie



OK got it for the Financial Plan, then is it 0.5% of all assets, investable/invested assets, equity, Income stream or *is there a quoted fee for advice?
*
If I am not asking the right questions, please enlighten me.
*
Thx. M *


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## Steven Barrett (12 Dec 2016)

I'm not sure I'm following you correctly. 

If someone comes in for a financial plan, the cost is €1,500. 

If they have work they want me to implement afterwards, I charge for that separately. 
If some of that work is investment, pension business, there is also 0.5% charge on the assets I manage. There is no charge for assets outside of my management. 

Steven
www.bluewaterfp.ie


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