Having retired from AIB as Branch Manager in Ballinasloe with 35 years’ service done, Seamus moved into the role of a self-employed Financial Advisor with New Ireland Assurance in July 2015. He provides free consultations on matters relating to life cover, savings and investments, as well as pensions. Everyone’s circumstances are different, so unique solutions are required. “Starting out with life cover, everyone’s priority should be to have enough lump sum on death cover to clear all debts.
Secondly, you need to take into account dependants and the length of time they will remain that way. There are various forms of life cover, i.e. mortgage protection, whole of life cover, income on death, lump sum on death, income protection and specified illness cover,” he explains. With regard to savings and investments, he can offer various solutions for medium- to long-term options, both in the form of regular savings and for lump sum amounts.
“The type of investment recommended will depend on your attitude to risk, the term you wish to invest for and your overall financial situation. You will always need to keep money on demand with your financial institution, but it would be nice to have the potential to earn a decent return to beat inflation with remaining funds,” he states.
“When it comes to pensions, we have seen numerous state interventions over the last 30 years to simplify same, but it just seems to add another layer to complicate them. I advise on all types of personal pension, both before and post-retirement,” Seamus continues. He recommends that it is vital to review same on at least an annual basis to take into account any personal changes and update yourself on market movements.
It is important to have a knowledge of what has been impacting on fund values and what are the indicators that will affect future market trends. We all hear the news headlines of any sizeable daily movement, but it is the longerterm trend that is a better indicator. It is all about time in the market rather than timing. The new “Future Fund” initiative, which started on 1st January, is going to add another 800,000 employees into the private pension fund market to help supplement their state pension.
“It is an excellent initiative but is limited, and I would recommend that you seek advice on additional options open to you. In essence, I am here to help you plan; no matter what age you are. Failing to plan is planning to fail,” he notes. While all insurance providers provide very similar products, how to navigate them is the key, and being able to talk to someone face to face is so important. “I have no doubt you will come away from any meeting with a much greater understanding than when you went in, compared to dealing with someone online. I am very flexible in the locations where I will meet you and times, day or night, weekday or weekend, when we can meet,” explains Seamus.
Please feel free to contact him on 087 2506431 or by email seamus.duffy@newireland.ie.
