At MBC Financial Cork Limited, we will help you make an informed decision, and how can you grow your wealth and achieve your financial goals through financial planning.
Financial Planning is setting out your route to attain your financial goals through savings and investments. A goal could be a post-retirement lump sum, it could be booking an anniversary cruise, it could be savings for your kids’ weddings or college education, maybe buying a second home or retirement property or it might be leaving an inheritance to your family. And we all need a rainy day fund for the just in case moments in life. There are many possibilities. This is financial goal-setting.
Your goals determine the best savings and investment approach for you. It’s also really important that you get good advice. Research in 2018 of over 1,000 people found that people who’ve received financial advice more than doubled their savings on deposit, almost three times as much money invested and almost twice as much saved for retirement.
Once you’ve set your financial goals you’ll need to examine what is needed to attain these goals including the amount needed but also the time to reach them. How many years before that anniversary trip? When will the kids be going to college? What age do you want to retire and how much do you want to have on your retirement and weekly once you do retire.
With your MBC Financial Cork advisor we’ll look at your current financial situation with you and see what financial assets and resources do you have. We’ll look at what are your wages/salaries, rental income and existing investments, what savings do you have and are they on deposit? Putting your money on deposit is not an attractive option if making your money grow substantially is your main aim. Let’s take deposit savers in Ireland today, Irish households have 100 million euro on deposit today with a base interest rate of zero percent. We’ll look at your cash flow and liabilities. We’ll look at the likes of rent or mortgage payments, loan repayments, pension contributions. Are you paying too much out on loans, do you have too much bad debt?
Like having a rainy day fund, we will advise you to plan for the unexpected things life can bring such as medical expenses, a decrease or full loss of income or the unexpected death of you or a loved one. Our Life Cover, Income Protection, Illness cover are designed to ensure you are protected from these losses.
Now that you know your current financial state, MBC Financial Cork will help you identify your savings and investment goals. We’ll prepare a plan to achieve your goals. We can look at ways of streamlining your current situation by cutting down or removing unnecessary expenses, removing bad debt or leveraging the assets you already have. We will talk you through and agree recommendations with you. We’ll advise you where is best to invest your money and we’ll review your investments regularly. So what else does MBC Financial consider? We will also consider when you want to access your savings, how comfortable you are with taking any risk with your money, your financial capability to take risk, and your broader financial circumstances.
You’re now in the hands of an expert. MBC Financial is the best source for savings and investment advice, with access to the widest choice of providers and products. We act in your best interests only. You meet the same person every year, and recommendations are based on achieving your goals. So ask yourself, can you afford not to get advice for your savings and investments. So call us today.
A financial plan will individualise and prioritise your objectives. A Financial Planner in consultation with you can put an individualised tailored plan together with regard to what are your priorities. So whether that is life cover, savings, whether that’s investments or whether it’s pensions. Then we tailor the plan to suit your individual needs. When the plan is then agreed, we then implement it by putting a product in place with one of the insurance companies. Then it becomes reviewed on an ongoing basis, whether that’s a six monthly basis or 12 monthly basis.
Each client is different. Some only want to review once a year or someone wants to do it twice a year. So that’s an individual thing.
Yes, financial planners are worth it.
In terms of what we offer, we offer the experience, we also have access to all of the major investment and insurance companies in Ireland so we are completely independent and impartial. In terms of the advice piece, the setting up piece and in terms of the ongoing advice piece, this is where as financial planners, we help the client. We are not the cheapest in the market on what we do, but we don’t sell ourselves on being the cheapest in the market. You pay for services because we have the expertise. For clients we have the backup, we have the ongoing consultations, we have the ongoing reviews and that’s what you pay a financial planner for.
Yes, different goals for different individuals. So financial planning for one person could be getting a mortgage. For the next person it could be a pension, for another it could be savings, the next person it could be a life policy for their family. So in terms of financial planning, they’re the products of financial planning, there could be other types of financial planning with regard to say, cash flow modelling. So somebody might want to know how much they need to put into their pension in order to get what they’re looking for at retirement. Another person might have a couple of houses and if they sell them in a couple years time, how much would that pay down their mortgage.
There is the whole cash flow modelling from a financial planning piece, but in MBC financial, we encompass all areas of financial planning. So whether that is retirement planning, investment planning, savings, cash flow modelling, we actually encompass so we’ve a one stop shop, tailor made plan, but it’s all individualised for the particular person sitting in front of us.
There’s two types of fees in financial planning. The first fee would be an advice piece whereby we’re just providing you with advice and recommendations and you just take away the plan that we would put together and then you would implement the plan yourself. So we would charge a fee of 250 euros an hour to put that plan together for you to go away and implement that yourself. The second way that we get paid would be via commission from an insurance or investment company. So if we put a plan together for yourself and we would recommend one or two products in order for you to achieve your goals from the plan, the insurance company will then pay us for placing the business with them.
A good financial planner listens to their clients.. This is listening in terms of what the client wants, what the client needs, and then prioritising those needs. A good financial planner will always listen to their clients with regard to their future plans and put a plan in place that is flexible for the client so that if circumstances or life events happen, then the plan can change and adapt to these needs. And then we’ll review it on an ongoing basis
As an example, if somebody lost their job, or they needed access to part of their investment for some emergency or so on, you have to have the plan to be flexible in order to just allow for those unforeseen circumstances.
Try this calculator that will help you figure out how much you need to reach your goals
Financial Planning Standards Board
Certified Financial Planner