We Irish, seem to have a cultural aversion to talking about money. While Americans and our British neighbours are generally more comfortable conversing about their annual income or how much their house costs, Irish people tend to shy away from such conversations.
However, this natural hesitancy has its drawbacks, especially when you’re looking at investing in your future.
With bank interest rates remaining extremely low, its more important than ever, to look into financial planning and investing.
But where to start? We can’t very well speak to friends or family as any discussion about money will likely be met with a shrug and a swift subject change.
For anyone serious about planning their financial future, it’s important to speak to a dedicated financial planner.
But we understand that the thought of spending an hour discussing money may very well inspire feelings of dread and horror in the average Irish person. So The Golden Pages have teamed up with The Finance Shop to give you four questions to ask a financial advisor. These questions will hopefully ease an individual into the process and help them decide if the financial planner is right for them.
The Finance Shop
The Finance Shop is a financial advisory firm that offers a full suite of financial services to both corporations and individuals. With over 2 decades of professional experience within the Irish Financial sector, the Finance Shop offers salient and up-to-date advice on everything from investing to retirement planning.
Question #1: How and what do you charge?
Simple and to the point. There is no one way for a financial advisor to charge for their services. Some charge by the hour, some charge by appointment. Some charge a flat rate while others charge a percentage based on the investment.
From day one, it’s important to understand how the financial advisor charges and decide if you – the client – are happy to be charged in this way.
Question #2: Ask about clients in a similar income bracket to your own?
It’s important to get a sense of what kind of clients the financial advisor normally works with. The more similar former clients’ finances are to your own, the better equipped the financial advisor may be to advise on the right financial product for your level of income.
Question #3 Do you have any area of expertise?
Although all financial advisors have qualifications related to the full suite of financial products, some may concentrate on certain areas.
If a financial advisor concentrates or has special qualifications in areas related to your finances, they may very well be the financial planner for you.
Question #4 Do you have an investment philosophy?
Although this may be a bit of an open-ended question, it’s key to establishing if you and your financial advisor are a good fit.
Although a financial advisor is obligated to tailor your investments to your level of risk tolerance, a financial adviser with a similar attitude to risk as you, will likely make for a smoother working relationship.
There you have it, four quick questions to help ease you into chatting about money. For more information on how to go about planning a more stable and hopefully profitable financial future, visit The Financial Shop’s website today.
| Address | Old Windmill Court, Lower Gerald Griffin Street, Limerick City, Limerick, Ireland |
| Telephone Numbers | 061 469640 |
| Website | www.thefinanceshop.ie |