T McGibney
Registered User
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- 7,028
No. Where did you get that from?
Likewise.
My point was in support of Brendan's reasonable point that
Pensioners should have 100% equities - side issues
- Thread starter Brendan Burgess
- Start date
My point was in support of Brendan's reasonable point that
This is a damning statement.
You are inferring that the whole financial advice profession in Ireland is less well positioned to guide someone than your website which isn’t regulated, carries no PI insurance, isn’t required to compete a fact find, has many anonymous posters and some conflicts of interest and which frequently defaults to ignore advisers and go for a discount execution only service as often the default response @ClubMan et al without first even assessing the poster’s knowledge and experience.
As they say in Dragons Den, I’m out.
SquirrelChaser
Registered User
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- 137
It's pretty simple. People tend to trade certainty for opportunity. It's been discussed to death already, but some people prefer the former while others prefer the latter. Everyone has a spreadsheet or graph (and usually some ridiculous straw man) to support their perspective.
The correct choice is only ever fully apparent in hindsight, because nobody can predict the future. You pay your money and you take your chances.
I generally suggest that to somebody who is already looking for that sort of service and/or the lowest charges and always endeavour to qualify it with "if in doubt, get professional advice". And in very many cases I suggest to people that they at least post a Money Makeover here in order to allow others to provide better specific feedback. I resent the implication that I somehow give people misleading or inappropriate feedback based on what they post.
Post in thread 'Setting up a PRSA - Fund Management Charge 1.4%'
I generally suggest that to somebody who is already looking for that sort of service and/or the lowest charges and always endeavour to qualify it with "if in doubt, get professional advice". And in very many cases I suggest to people that they at least post a Money Makeover here in order to allow others to provide better specific feedback. I resent the implication that I somehow give people misleading or inappropriate feedback based on what they post.
https://www.askaboutmoney.com/threa...und-management-charge-1-4.238753/post-1914294
No attempt to ask questions. Straight to discount broker
I should've stuck a few charts in to mask my master plan of misleading the pension investing public...
In any case, I also qualified my comments...
And the original poster's query was specifically about charges.
I should've stuck a few charts in to mask my master plan of misleading the pension investing public...
In any case, I also qualified my comments...
And the original poster's query was specifically about charges.
You made no attempt to justify the cost of advice.
You defaulted to DIY investing and execution only with no attempt to either understand the posters knowledge or experience or assist the poster to understand why one might pay for advice.
That is the bias of this site.
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And you wonder why some people don't take intermediaries at their word?
You can’t deflect your inappropriate position by personal attacks
It would be good advice in the opinion regulators (see FCA position on capacity for loss)
, the professional indemnity insurers( significantly reduced risk of claim for professional negligence), the client ( no longevity risk) the adviser ( no sequence of return or market risk) and society at large (less risk of claiming benefits) but you cling to your minority opinion.
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You are free to post as many times as you want to correct any bias.
After another 49000 posts you will cancel out any bias in favour of Clubman.
Second opinion - Marc Westlake CFP, TEP, APFS, EFP, QFA
Please use this link to book a time for a quick assessment of financial advice you are taking or have received to establish if further investigation may be beneficial.
calendly.com
Is HELOC readily available to most people in Ireland?
You mean an equity release "life loan"?
There's only one such lender these days.
Brendan Burgess
Founder
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Hi Jimmy
Now that I have moved a lot of the interesting but distracting stuff to a new thread, I can discuss your questions without derailing the main thread.
Yes. And it's a good idea to sit down and think through what your investment objectives are.
What should the investment objectives of a 66 year old retired person be?
1) Avoid destitution. They should give up the prospect of some higher return to make sure that they don't end up their lives queuing at foodbanks.
2) Have a good income in retirement to allow them do what they want to do.
Depending on how much cash they have to invest, there might be a conflict between these two.
But as most people with money to invest own their own home and have the COAP, they will always achieve their first investment objective.
So their focus should be on having a good income.
Investing 100% in equities maximises the chances of a good income in retirement. They could be unlucky and run out of money. But if they invest 100% in bonds or buy an annuity, they could have their spending power seriously reduced by inflation.
Now that I have moved a lot of the interesting but distracting stuff to a new thread, I can discuss your questions without derailing the main thread.
Yes. And it's a good idea to sit down and think through what your investment objectives are.
What should the investment objectives of a 66 year old retired person be?
1) Avoid destitution. They should give up the prospect of some higher return to make sure that they don't end up their lives queuing at foodbanks.
2) Have a good income in retirement to allow them do what they want to do.
Depending on how much cash they have to invest, there might be a conflict between these two.
But as most people with money to invest own their own home and have the COAP, they will always achieve their first investment objective.
So their focus should be on having a good income.
Investing 100% in equities maximises the chances of a good income in retirement. They could be unlucky and run out of money. But if they invest 100% in bonds or buy an annuity, they could have their spending power seriously reduced by inflation.
Brendan Burgess
Founder
- Messages
- 53,961
What sort of a question is that?
Of course it is possible.
Some people would be happy to put all their retirement savings into one company because they think that AI is going to be the best thing ever. That would be stupid, but it's possible to have that preference.
Others would be happy to watch their wealth and spending power being gradually eroded by inflation rather than face the risk of their investments falling suddenly in value.
But your preference or mine is not as relevant as what is the right thing to do.
I have never liked the question "What is your attitude to risk?" . I much prefer telling the person "Given x, y, and z, you can tolerate risk in exchange for the expectation of a higher income" or "Given your circumstances, you have no tolerance for risk and accordingly should do ..."