Anyone any dealings with Fisher Investments?

[Rescueme]

Thanks - appreciate the advise... Quick summary:
Age: Partner and I - 51

Number and age of children: 2 children (13 and 17)

Income and expenditure
Annual gross income from employment or profession: 130k - self employed
Annual gross income of spouse: 80k – private sector

Summary of Assets and Liabilities
Family home worth: €530k with no mortgage
Cash in bank of €200k
Money in bonds / funds of €200k (Prisma ( Risk Level 4)
Combined Defined Contribution pension fund: €500k

Other borrowings – car loans/personal loans etc
No other borrowings or debt

Other savings and investments:
Do you have a pension scheme?
Yes – 500k apprx combined. ( L & G multi index)

What specific question do you have or what issues are of concern to you?

Looking to retire early 60s if possible – wondering what we should be doing to maximise return…At times I panic over how this all looks – so looking for advice and reassurances.

 

[ClubMan]

Do you have a pension scheme?
Yes – 500k apprx combined. ( L & G multi index)

What specific question do you have or what issues are of concern to you?

Looking to retire early 60s if possible – wondering what we should be doing to maximise return…

Maximise your respective contributions to your pensions up to your age related tax relief limits (30% at your ages) if you're not doing so already. You don't clarify if you're doing so already. You also don't clarify what charges currently apply to your pensions and what type they are - e.g. occupational, PRSA, personal pension plan etc. Or what asset mix they're invested in. If the charges aren't competitive (e.g. 100% allocation and AMC of under 1%, maybe aiming for c. 0.5% if execution only, no other charges) then you should consider moving the pensions (not to Fisher Investments at the charges mentioned above). You should also almost certainly be in a high/all equity asset mix, maybe a passive index tracker.

This thread might be of interest to you especially if you're already in a PRSA:

Probably the best (cheapest) PRSA in the world?

The launch of Royal London Ireland's new pension product in late November 2024 seems to have finally offered customers accessible, lost-cost PRSAs. Through an execution-only broker, it is relatively easy to access a passive fund AMC of 0.55% or significantly lower on larger transfers. Taking...

www.askaboutmoney.com

 

[GSheehy]

€200k (Prisma ( Risk Level 4)

What are the current charges (AMC) on this contract? How long is it in force? Is the broker actually telling you to cash this in and set up a new contract with them? If so, what charges will be on it? Is the 1% entry charge tge Government Levy? Or, what exactly do you mean by "..for them to take over your funds.."?

500k apprx combined. ( L & G multi index)

Again, what are the current charges on these contracts? Did you buy them through another broker? What types of pensions are they? The new broker is suggesting AMCs of 2-2.25%.?

I doubt you have enough knowledge to do a DIY transaction but why are you panicking? What exactly do you need reassurance on? Products? Providers? Intermediaries? Funds?

Gerard

www.prsa.ie

 

[Rescueme]

Thank you all for your feedback - honestly, am a little bit naive on alot of this - so appreciate your advice. Decided not to go with Fisher - the bit of research I did certainly didn't put their fees in an 'average'.

Bit more on where we are at....

Age: Partner and I - 51

Number and age of children: 2 children (13 and 17)

Income and expenditure
Annual gross income from employment or profession: 130k - self employed
Annual gross income of spouse: 80k – private sector

Summary of Assets and Liabilities
Family home worth: €530k with no mortgage
Cash in bank of €200k
Money in bonds / funds of €200k (Prisma ( Risk Level 4)
- These bonds carry AMC of .45%. Invested mostly in the N America, European(not UK) markets
Combined pension fund: €500k
- Circa 400k of this in a BOB. AMC - 0.7%. Invested mostly in the N American, European (Not UK) markets. In force circa 6 years
The remaining 100k in a PRSA - Annual Fund charge of 1.25%. I am contributing 2k a month ( through my Umbrella Co 'Employer).

Other borrowings – car loans/personal loans etc
No other borrowings or debt

Other savings and investments:
Do you have a pension scheme?
Combined pension fund: €500k
- Circa 400k of this in a BOB. AMC - 0.7%. Invested mostly in the N American, European (Not UK) markets. In force circa 6 years
The remaining 100k in a PRSA - Annual Fund charge of 1.25%. I am contributing 2k a month ( through my Umbrella Co 'Employer).

What specific question do you have or what issues are of concern to you?

Looking to retire early 60s if possible – wondering what we should be doing to maximise return…At times I panic over how this all looks – so looking for advice and reassurances. My 'panic' is more around, if we have enough to 'retire' when we plan to ie to survive on a combined income of eg 100k. Should we be doing more? Should we be investing elsewhere? We have circa 200k in 'cash' - conscious that may not be the best place for it.

Any advice on what you would do in our situation would be much appreciated....

 

[ClubMan]

1.25% AMC on the PRSA(s?) seems high.

 

[conor_mc]

Looking to retire early 60s if possible – wondering what we should be doing to maximise return…At times I panic over how this all looks – so looking for advice and reassurances. My 'panic' is more around, if we have enough to 'retire' when we plan to ie to survive on a combined income of eg 100k.

At a high level, I wouldn't be at all panicked. To retire in 9 years time, your kids will be 26 and 22 so likely through college and paying their own way.

You are already mortgage-free, and your 900k plus current contributions of 2k a month compounding at a conservative 4% in real terms would give you a pot of over €1.5m at the age of 60. As others have suggested though, you have quite a bit more headroom for AVC's and probably the means to do so given your salaries.

The main question I think you need to ask yourself though is whether you will really need 100k per annum between two of you - I think most retirees would be aiming for maybe 60-80k (in today's money). I would recommend pulling together an annual budget as if you were retired today to see where you're at.

It would also be good to understand who owns the different pension pots - this is important from a tax-planning perspective as you will want to optimise money on the way in (AVC's) but also money on the way out (tax credits x2).