# Independent Financial Advice



## bricksguy (6 Dec 2005)

is it possible to get a totally independent review of your complete finances so as to decide what best to do in planning for your future, I think my bank will give maybe advice in favour of their products, obviously this advice will cost money but hopefully will be worth it, living in Limerick


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## Marion (6 Dec 2005)

Hi bricksguy

Why don't you just outline your financial position here on Askaboutmoney. 

You will certainly get a more independent review of your financial position than from a bank.


Marion

Ps: Nobody will know who you are, here, on AAM.


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## Vanilla (7 Dec 2005)

Alternatively, there is a very good tax consultant by the name of James Mulqueen in Newcastlewest who works for FDC Accountants who I would highly recommend.


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## Marianne (17 Dec 2005)

See http://www.askaboutmoney.com/showthread.php?t=18855


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## Financehelp (6 Jan 2006)

Hi Bricksguy

I'm an independent financial advisor, I would advise you to definitely go to an independent advisor banks will only sell you their products which are framed more with maximising their buck rather than yours! We provide free financial reviews with no obligations, I'm sure this service is available in other areas too.

Happy hunting!


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## pAnTs (21 Oct 2009)

I was looking for independant advice because I have no idea whether it's stupid to still be paying money into my Arklife PIP SSIA. 

I pay 50% into on both of these funds, 

AIB Multi Track Fund
Invests in widely diversified portfolio, which spans all major world stockmarkets and also provides exposure to Eurozone bonds.
The fund holds a portfolio of securities that provides exposure to more than 1700 companies.

AIB Managed Fund Series 2

Designed to invest in a carefully monitored portfolio of international shares, fixed interest securities, properties and cash deposits.
Profit through capital growth potential and reinvested income

Should I leave the money in the funds but stop paying into them or should I continue as I am. I don't need the money for the forseeable future so am just looking for the best long term return. 
Thanks in advance


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## Sumatra (3 Nov 2009)

In finance you cannot find advice that is free from influence or control of others so I'm sorry to tell you that true independence does not exist. However, if you can find someone with qualities like scrupulousness, incorruptness, truthfulness, honesty and integrity you'd be doing well but they probably wouldn't.


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## mercman (3 Nov 2009)

There is one thing getting advice free of charge which does not necessarily mean free of charge advice.

There are many persons out there who will offer you the best of opinions free of charge, but when it comes down to using the information it does not make out to be free of charge advice.  

Example. I made large lump sum Investments in 2006 based on a best offer from a Financial Provider. - made the investment and the offer was not free of charge as the best offer was withdrawn once my cheque was cashed.

Once I have the time I intend to make up a POST advising investors what to watch out for. My case has been to the Financial Ombudsman who determined partially in my favour and is now under Appeal by the FP for a point of principle by the Ombudsman rather than adhering to the original offer which has been simply brushed under the carpet, even though I have every single piece of the jigsaw in writing.   

One thing I do know is that, as soon as the funds recover to the amount which I invested in to the funds, I will never ever invest a single cent with Irish Financial Providers.


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## Sumatra (4 Nov 2009)

Mercman, personally I thought it was strange that the financial regulator felt it necessary to produce a handbook for financial advisers entitled the 'consumer protection code' Aug 2006. Goodness, correctness of character and behavior are thought at an early age and are carried through life. Now apparently it is old fashioned? Unfortunately recent financial events only illustrate how few role models there really are for those coming up in the industry and at present immorality (as indeed is apparent in your case) appears to be rewarded and profitable for the individuals concerned. It is top-down but I'm afraid thats no excuse.


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## mercman (4 Nov 2009)

Even more strange the persons concerned are allowed carry on regardless. They could not give a damn where the persons concerned made efforts to blackmail me, withold my proposed encashment and their seniors provided false figures to distract me. And the Institution concerned keep on wanting to fight me although I hold every piece of the jigsaw in writing, where from the top down they have tried in vain to wear me down.


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## Sumatra (5 Nov 2009)

Have there been any surveys done in Ireland to gauge the level of consumer trust in the financial services industry? I know one survey in the UK established a trust rate of 81.6% for brokers and financial advisers and only gave 71.5% for credit card companies.


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## mercman (5 Nov 2009)

Sumatra said:


> Have there been any surveys done in Ireland to gauge the level of consumer trust in the financial services industry?



Do you actually believe that the results would be brought into the Public Domain ?? And if so the results would be challenged through the Courts. Look let's have a look as to who are the big players in the market in this country. Now do you think the results would be published.They have gained market share when the country was a flush with cash.How many people read the small print and know as to what they are invested in. Just read the results of the Financial Institutions and especially the profits alligned to Investments income. Then you will be able to perform your own synopsis.


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## Sumatra (5 Nov 2009)

What is the point of regulating and bringing out consumer protection codes if you can't measure how effective the measures have been?


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## mercman (5 Nov 2009)

Exactly what is the point ? The Consumer Codes are being broken by the Financial Providers. There is no one to police them and if a consumer wishes to they have a choice of the Ombudsman (which is been funded by the Finasncial Providers which they are there to Police) or the Courts whiuch takes an eternity and costs a small fortune. Win or Lose the Providers get a prize.


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## Sumatra (5 Nov 2009)

You ask me what is my point and I can see from your reply that you seem to have grasped the point perfectly. 

Only if you have information can you have a benchmark to improve performance. At present in the financial services industry we don't have any such information. All we have is a code of conduct that was published three years ago and since its introduction we don't know if the industry has improved or disimproved since its introduction because no one has bothered to measure performance. Obtaining accurate, credible data would be a challenge but wouldn't it be of enormous benefit to both industry and consumer?


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## mercman (5 Nov 2009)

Interesting to say the least the Financial Services Industry have chosen to bury their heads firmly in the sand. As an indication from Joe Public, I made quantitive investments in '06 and '07, and whilst offered certain market incentives, I have been subjected to Blackmail, Lies and Irregular and false Financial examples and a request not to encash in order not to effect commissions. And they are just a few occurrences which happened to old Joe here. 

So imagine the on goings throughout the market. I'm not sure is it market ignorance or simply an excess of money in the system. One thing certain is that Investors should do and be well advised to check their investments and policies in the case of error, fraud or deliberate mis-selling.


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## Sumatra (6 Nov 2009)

Your experience is a prime example of the need for benchmarking. Perhaps morals are something you inherit and cannot learn from a code of conduct. I hope you find an equitable solution to your case Mercman.


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## mercman (6 Nov 2009)

I wish my God I wish. I have now spent over three years dealing with this madness. Madness of myself doing absolutely nothing wrong -- just investing a large amount of money in funds run by an Unsruplous Financial Provider. 

It is a prime example due in the High Court in two weeks time, as the provider deems it neccessary to appeal the Ombudsman's determination.

My case might just be a prime example which will hit the Public good and hard as to what to check and to look out for. It is a bit more than morals - just common decency as to how offers in writing should be adhered to and a Consumer Code which should be honoured and policed. I do not have many enemies but if I did I would never put anybody through what I have been subjected to.


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## auckland79 (15 Feb 2010)

I need some financial advice or guided in the right direction. As the financial advisor we went to didnt advise us of our position and left us with more questions.

Here is our situation:

My husband is living in Ireland 2 years and has 2 properties both with mortgages of £40K and £70K (Total £110K) in the UK as that is where he is from. They are both rented.

We are looking to buy next year in Dublin, both of us are in full time permanent positions. I want to know what are our options. If NO. 1 we cant sell either of the houses or just one, what would the Banks stance be on giving us a mortgage. Can they be used as security or would they run a mile. Also what would be the situation, would he be considered non-resident as he has only be living in Ireland two years, although he has an Irish passport. Ideally getting a mortgage together would allow us to get a bigger mortgage and give us more options for buying in Dublin.

Would it be better if I applied for a single person mortgage....without having to declare my husband's finances??


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## mercman (15 Feb 2010)

What are the current values of the two properties in the UK ? A lender would wish to see that the rent is covering the Mortgages and if there is equity, by how much. You would be better placing your two salaries together for the purpose of getting a mortgage.


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