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A study carried out by Royal London found that customers who took financial advice were €55,000 better off after 10 years. Brokers Ireland carried out a similar study and found that people that took financial advice had an average pension pot of €128,933 compared to a pension pot of €62,600 for those that did not take advice.

The Royal London report found that customers who talk to their broker regularly are up to 50% better off. It also found that the main barriers stopping people from getting financial advice were the belief it is too expensive; it is only for wealthy people; they can look after their own finances; they never thought about taking financial advice; they are unsure how to find a Financial Broker and, finally, that they are too embarrassed to talk to someone about their financial situation.

It is important for Financial Brokers to make it clear to people that it pays to get financial advice and you certainly do not have to be wealthy to benefit from it. It is also important to understand that there is no reason to be embarrassed to ask for advice. You can pay as little as €25 a month towards a pension, €100 a month towards a savings plan and €10 a month towards life cover. We are here to help no matter what your personal circumstances are. We aim to help protect families in the event of a tragedy, save for retirement and build some wealth. Financial planning is a long term strategy for managing your money to help you reach your goals while preparing for any financial roadblocks that might get in the way.

Meeting with a Financial Advisor helps make your dreams a reality; whether you want to pay your mortgage off early, save for a holiday home in Spain to enjoy when you retire or save for your children’s education. The financial planning process is essential as it can help you achieve your goals and bring you peace of mind. It will give you direction and will also make you more disciplined towards spending money.

A good Financial Advisor will always have the best interests of the client and will act with integrity and objectivity while being competent and fair. Any information given will be completely confidential. Your current financial position will be reviewed and while doing this, short term and long term financial goals will be identified. Different options will be considered to help you reach your goal and a sound financial plan will be created. Finally and most importantly this financial plan will be monitored regularly to ensure that you are still on track to reach your goals. It is unlikely that a bank is going to sit down with you on a regular basis to review your plan and this is why it’s important that you use a Financial Broker.

Do not feel you must be wealthy to get financial advice or be embarrassed about approaching a Financial Advisor for some help to reach your financial goals. Reach out to your local Financial Broker and they will be happy to talk to you.

Marie Carr, CFP^® MSc BBS QFA RPA SIA is a CERTIFIED FINANCIAL PLANNER. You can contact her through John F. Loughrey Financial Services by telephone on 074-9124002 or by email on marie@jfl.ie