# Has anyone used Goldcore for investment advice?



## ATC110 (8 Jun 2011)

Has anyone used GoldCore for investment advice? If so, would you recommend them? 

Are they classed as a low-cost fee-based broker?

Thanks in advance


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## farmerette (9 Jun 2011)

I would recommend them, I own gold through them and thought about investing in a fund but didn't as the ones they were pushing were very long term, i found them to be a very clued in outfit however, very professional, far as i know, Constantine Guirdieve is now working for them in some capacity.


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## ATC110 (9 Jun 2011)

Thanks Farmerette. Is their primary focus on gold investment or do they offer comprehensive advice? Also, regarding their charging structure, are they low-cost?


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## Marc (9 Jun 2011)

Goldcore sold its Wealth Management dept in July 2015 in a management buyout


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## ATC110 (10 Jun 2011)

Thanks Marc. 

Considering the average investment figure mentioned above,  do you cater for clients with a five-figure sum to invest? Also,  considering the potential collapse of the euro, would it be possible to  invest in funds of another denomination (the obvious disadvantage being  the inherent FX risk) or at least euro denominated of a stable eurozone  state such as Germany?


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## Marc (11 Jun 2011)

Goldcore sold its Wealth Management dept in July 2015 in a management buyout


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## ATC110 (11 Jun 2011)

With the exception of a pension /PRSA fund, how liquid would these funds be for someone who wants to get out of cash but may need access to funds?

Thanks again


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## Marc (11 Jun 2011)

Goldcore sold its Wealth Management dept in July 2015 in a management buyout


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## Brendan Burgess (15 Jun 2011)

> Our initial fees for portfolio advisory services are typically around  1.5% for an average client (based on an average investment of  €1,000,000) but since we do not use Insurance company structures there  is no insurance company levy to pay so you avoid a 1% tax payable on  most other investments in Ireland making the effective cost payable  around 0.5%.



Hi Marc

I don't fully understand this. If I say to you that I have €1m to invest in a fund, I can understand that you might set up a fund for me and charge me €15,000 for doing so and that would be a lot cheaper than the initial charges and ongoing mangement charges of the life companies.

But let's say I go to you saying - I have €500k  in cash, €500k in an Irish Life fund, €500k in self administered pension fund and a few properties and a few mortgages and I want a general review of my finances. How do you charge for this service which may or may not lead to investing in one of your funds?


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## pbyrne (15 Jun 2011)

Hi Brendan,

I'll let Marc reply to your second question, but your first point is interesting and worth discussing further in relation to charges.

I am also trying to get a handle on what the initial and ongoing charges would be if I setup a portfolio with goldcore. (Can I firstly say they deserve great credit for listing their charges on their website so you can get an idea of the cost).

Let's pretend I have 100k to invest, from what I can see it would work out as follows:

[broken link removed]

Initial Setup Cost
3% / €3000

Annual Costs
0.74% (goldcore review + balancing)
0.48% (underlying fund charges)
= 1.3% per year

While this is cheap compared to the unknown total cost of going down the life company route (anything between 1.5% and 3% from various bits of reading) it should be also compared to a simiar service available in the US where the cost is a nice 0.25%:

[broken link removed]

(They have an eye opening graph showing the impact of 0.25% Vs 1.0% annual fees over 10 years showing showing 100k of additonal cost assuming 1M fund with 7% growth)

So costs still matter, GoldCore I think are ahead of the game in Ireland for their approach and transparency but I still feel their ongoing costs are too high. 

I would welcome a debate on the need for ongoing management of a fund on an annual basis once it has been setup and you have set your own rebalancing rules.


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## Marc (15 Jun 2011)

Goldcore sold its Wealth Management dept in July 2015 in a management buyout


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## ATC110 (15 Jun 2011)

Marc said:


> We tend to work on the basis of a fixed fee for the preparation of a comprehensive financial plan which ranges from _*€2,000 plus VAT depending on the complexity of the plan. *_
> 
> A credit for the financial plan may be given against the implementation fees charged.
> 
> ...




The above-mentioned charge of €2000+VAT (in bold & italics) equates to approx. 5% of a €50,000 investment.

Does this represent good value? Would appreciate some opinions


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## Marc (16 Jun 2011)

For clarification we have two distinct services here which are being mixed up.

We offer a financial planning service which looks at financial goals and objectives, risk assessment of income replacement and life assurance, pension provision, financial management looking at budgeting and lifetime cash flows, tax planning, Investment planning, debt management, estate planning and philanthropy. The fee for this is independent of the fee charged for an investment portfolio. However, we typically offset financial planning fees against portfolio implementation fees.

We also offer a stand alone portfolio service with fees starting at 2.5% rather than the 5% stated in the post above.

Equally, where we charge a planning fee and the client uses our portfolios we give a credit for the planning fee already charged so most clients do not pay both fees but rather just the implementation fee.

Hopefully that clears up that misunderstanding.


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## Brendan Burgess (16 Jun 2011)

I am more confused than ever now Marc. 

Is this explained on your website. If someone goes in for a general financial planning service, what is the fee? I presume you charge an hourly rate lilke other professionals? If so, what is that rate?


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## Marc (16 Jun 2011)

Brendan,

No we tend to charge a fixed fee so that there is total clarity about what a job will cost. With an hourly fee this is not possible.

However, where we do work on an hourly fee basis, our fees are as follows:

Head of Department - €300 - €400 per hour 
Adviser / Technical Assistant - €150 - €250 per hour
Para planner / Technical support - €100 - €200 per hour  
Personal Assistant / Business co-coordinator - €50 - €100 per hour


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## Brendan Burgess (16 Jun 2011)

Thanks Marc.


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## ATC110 (16 Jun 2011)

Could you clarify your post above please Marc.

What's the difference between the financial planning service and stand alone portfolio service? 
Is the former priced at €2000+VAT? 
If only certain aspects of the financial planning service were applicable, would a reduced rate apply?


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## Marc (16 Jun 2011)

The stand alone portfolio service relates to those investors who simply wish to purchase a portfolio of investments. For many prospective clients this will be offered by our network of strategic partners. These are a select group of independent financial advisers who share our philosophy of doing what is best for the client.

The financial planning service tends to be more appropriate for those with more complex financial affairs so recently we have incorporated businesses as limited companies in order to be able to avail of the more favourable tax treatment. 

Another popular area is Approved Retirement Fund ARF drawdown strategies or estate planning strategies. 

We don't tend to offer a transactional based service for someone who wanted to arrange a mortgage for example. Although if as part of the plan an insurance policy is called for we can arrange it but it isn't our sole reason for being in business if that makes sense. We are not a traditional product broker.

The way we describe it is that we provide what the client needs rather than what they think they need.



I hope that clarifies the position.


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## Dave Vanian (17 Jun 2011)

Marc said:


> The way we describe it is that we provide what the client needs rather than what they think they need.


 
This could be perceived as arrogance. Or a somewhat patronising belief that your investment decisions are invariably going to be better than those of a mere client.



Marc said:


> For clarification we have two distinct services here which are being mixed up.
> 
> We offer a financial planning service which looks at financial goals and objectives, risk assessment of income replacement and life assurance, pension provision, financial management looking at budgeting and lifetime cash flows, tax planning, Investment planning, debt management, estate planning and philanthropy. The fee for this is independent of the fee charged for an investment portfolio. However, we typically offset financial planning fees against portfolio implementation fees.


 
From reading this and other posts here on Askaboutmoney.com, it occurs to me that you seem quite fond of a small number of financial fund providers e.g. Dimensional & Vanguard. These cannot be accessed easily by an Irish retail investor anywhere outside of Goldcore. 

So is it fair to say that a client pays from €2,000 + VAT for a financial planning service and then the investment recommendations within the financial plan will tend to be steering him into funds that he can only then buy from Goldcore at additional cost?


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## Marc (17 Jun 2011)

Goldcore sold its Wealth Management dept in July 2015 in a management buyout


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## ATC110 (19 Jun 2011)

Marc said:


> We advise investors. Investors have clearly defined *goals* like I want to educate my children in x years time, I need a retirement fund of y when I am 60 and I would like a second home in z years time.
> 
> These financial *goals *are SMART
> Specific
> ...



With regard to "goals", this article may well apply to some potential clients [broken link removed]

From reading all the posts on this thread, a potential client could need a service _between_ stand alone portfolio service at 2.5% and the financial planning service at €2000 + VAT ie they need advice but their situation is not as complex as the examples used to illustrate the financial planning service.

Is there such a service available and if so at what cost?


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## Marc (19 Jun 2011)

Goldcore sold its Wealth Management dept in July 2015 in a management buyout


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## Marc (19 Jun 2011)

Goldcore sold its Wealth Management dept in July 2015 in a management buyout


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## ATC110 (20 Jun 2011)

*Another thought..*

Hold cash and wait for Cinderella to come along??

[broken link removed]


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## Marc (20 Jun 2011)

Goldcore sold its Wealth Management dept in July 2015 in a management buyout


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## ATC110 (24 Jun 2011)

*Cash is king at Irish Stock Exchange*

The Cantillon Business column in last Saturday's Irish Times makes interesting reading.. It's the second article in the column.



Any thoughts?


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## Marc (24 Jun 2011)

Goldcore sold its Wealth Management dept in July 2015 in a management buyout


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