It depends on whether the Financial Planner is providing advice only or advice coupled with a recommendation of a product. The cost of providing advice only could be approximately between €250 to €400 per hour. However, if it’s a case that the Financial Planner is putting together a financial plan in conjunction with recommending a product with a company, the insurance or investment company may pay the financial planner, so therefore there is no cost to the client. There are two ways that Financial Advisors/Planners can be paid. We either charge fees for the services that we provide and that would be an hourly fee or we are paid a commission for placing the business with the insurance/investment company which is all declared to the client prior to engaging with the Planner. The fees are disclosed on our Terms of Business/website and a full list of the potential remuneration is disclosed on our website.
Some accountants maybe qualified as financial advisors. If not, accountants may refer a client to a financial advisor or some large accountancy practices may have their own in-house financial advisors that they would refer clients to them.
Yes, so if you are company director and I am charging you a fee for services that I provide. It is an allowable expense against your company income.
As a minimum competency, the financial advisor would need to have obtained the QFA (Qualified Financial Advisor) designation, that is the minimum competency requirement for a face to face financial advisor. A Financial Planner may also hold other qualifications such as an SIA which is a specialist investment advisor and/or a CFP which is a Certified Financial Planner. Every QFA/SIA/CFP is required to do a minimum number of CPD (Continuous Professional Development) hours on an annual basis to keep their knowledge in line with current regulatory and compliance standards as set out by The Central Bank.
Most people would see insurance as protecting something physical i.e. car/house or buildings. Financial Advisors typically provide advice on protection in the form of life cover, serious illness cover, mortgage protection, income protection for families/individuals. Business protection would be provided with Keyperson Cover or Company Director Cover.
One way is to check to see how many years experience the staff have as financial advisors. Look for real reviews by customers. Make sure that they have a real address and a local phone number. Look at the qualifications of the staff.
We think so. Not many people are naturals with their financials and life is becoming more complex when it comes to planning your finances and allocating resources while attempting to save some money.
As per our answer above. It depends on whether the Financial Planner is providing advice only or advice coupled with a recommendation of a product. The cost of providing advice only could be approximately between €250 to €400 per hour. However, if it’s a case that the Financial Planner is putting together a financial plan in conjunction with recommending a product with a company, the insurance or investment company may pay the financial planner, so therefore there is no cost to the client.
It is in the best interest of financial advisors to give you honest independent advice. We are regulated organisations and under regulations we have to be transparent with you and our charges.
The best financial advisors are those with many years of experience who have the right qualifications, who have a good reputation, have clients for years or even decades and have your best interests in min.
A financial advisor is someone that you consult about all types of financial issues and gives you independent advice about how to get your finances in order. A financial planner is someone that helps you execute a financial strategy based on your financial goals.
Financial Planning Standards Board
Certified Financial Planner