Meeting a Financial Advisor
Recently I met with Margaret Conmy QFA, a financial advisor with Allied Financial (margaret@alliedfinancial.ie) and we discussed the importance of regularly reviewing your financial products to take account of new products and offerings.
She told me about a client of hers, John a Pharmacist, who owns a number of pharmacies. They sat down and discussed his pensions and he gave her authority to find out from his pension providers the breakdown of fees and charges on his pensions.
Case Study
Margaret noted that he had an executive pension which commenced 10 years ago. Margaret knew that the market had become more competitive and fees had reduced since then.
While his monthly contribution was €3,000, €100 of this was fees going to the insurance company. This meant that the aggregate combined fees were over €10,000 over the past 10 years.
Margaret was able to source and transfer this pension into a new contract with another insurance company, where there will be no monthly policy fee so that the full €3,000 can be invested in his pension.
It was a win- win outcome for John saving him just over €1200 p.a. and demonstrates the importance of regular annual reviews of all insurance products.
Take away:
Regularly review your financial products to ascertain if better and more cost effective products have become available since you purchased your product.
Ring your financial broker or contact Margaret today.
Disclaimer
The material in this article is for general information purposes only and does not constitute pension, legal or taxation advice. Specific legal and taxation advice should be sought before acting. All information and taxation rules are subject to change without notice.
No liability whatsoever is accepted by Train With Us Limited for any action taken in reliance on the information in this article.
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