How to find a financial advisor?

Richards1983

Hi all --

How does one find/choose a financial advisor? 

Surely the kind of thing where you want the person to be thoroughly vetted and well referenced. I've some savings I'd like to invest and a good steer from a professional is required.

Thanks,
Con

Frogdog

Where are you based? I know a good one in Kerry, not sure if he'd travel though.

Richards1983

Thanks Frogdog. I'm based in Dublin. Might not be ideal for him!

I'm actually just seeking an initial steer on what to do with some savings. So I probably only need a session or two, and from there I'm happy to do the execution.

ronn

Richards1983 wrote: »

Thanks Frogdog. I'm based in Dublin. Might not be ideal for him!

I'm actually just seeking an initial steer on what to do with some savings. So I probably only need a session or two, and from there I'm happy to do the execution.

http://www.pmfs.ie/

Richards1983

Thanks ronn -- I'll check it out.

garrettod

Hello Con,

I may be a little late onto this thread for you, but anyway....

I'd suggest that you select an advisor who works on a fee basis, rather than commission basis. Ask what the hourly rate is and if it includes vat. This should assist with ensuring that the advisor has no potential conflict of interest (not that all commission based advisors are bad, but better to know the detailed arrangements from the outset and fee based advise removes all possible risks).

Knowing the type of advice you want is essential, as there are good commercial advisors out there who can help with commercial debt issues for example, but would not be in any way suitable to advise on personal investments (and vice versa, etc.)

Try to get some personal recommendations from existing customers. Easier said than done sometimes, but if you ask for referrals from friends and family, colleagues perhaps, or check on the likes of this website and AskAboutMoney.com you should quickly get some help and find yourself with a few contacts to select from.

Don't be shy about asking the advisor a few preliminary questions before committing to them.

• You want to know that they are qualified (QFA is the bare minimum really, but often you will want to also see other specialist qualifications depending on the type of service you require).
• Many types of advisors need to be Central Bank approved (primarily those giving advice to consumers, rather than large businesses for example).
• Find out where they are located and how long they have been trading from that location.
• Get an estimate of how many clients they have.
• Ask them for some examples of the type of clients they work with and if they would be prepared to put you in contact with one or two, as references.
• Also ask them how many agencies they have (if the are commission based) and ensure some are "household names" etc.

Hope this helps (if not you, then perhaps someone else )

Richards1983

Hi garrettod -- thanks so much for all of that excellent advice. I'll follow it for sure!

garrettod

Anytime

Richards1983

Hi again, garrettod -- I've a currencies question that you might be able to steer me on. I've some cash in CHF and want to buy a property in EUR in the coming weeks. I'm unfortunately getting killed on it at the moment as the EUR is getting really strong vs the CHF.

Before I make any moves, I want to analyse my options, see some potential future projections etc. Any idea where I can get some good info/analysis on currency markets? 

I've looked online of course and most of it is pretty hard to decipher. Happy to pay someone of course, but just want to be steered in the right direction first. 

Many thanks,
Con

garrettod

Hummm....

I would be very slow to pay anyone for this to be honest, as there are absolutely no guarantees with regards to future FX movements.

In principal, we know that the Swiss Franch (CHF) is more of a safe haven currency, so tends to be influenced more by people exiting other currencies, than what is going on in Switzerland for example. We also know that there's some good news about the Euro doing the rounds these days, with economic growth projected, some relaxing of the aggressive quantitative easing that he EU has been involved in over recent years etc.

If you want the view from my own crystal ball, I don't see any significant movement over the next few months, unless there's an unexpected war somewhere, or other Act of God etc. I certainly don't see any massive jumps in interest rates etc. Even if Mr. Trump manages to get the US into a war, the odds are both the Euro and CHF will strengthen, while we see the US$ and most likely also the GBP£ ease (given the UK will probably ride along on the coat tails of any significant "conflict" that the US gets itself involved in).

If you want my suggestion, I'd propose you pick up the phone and ring the treasury department of a few of the bigger banks, have a quick chat with some of their FX dealers and get their opinions. It's easier to get in contact with some than others, but generally you'll be put through if you indicate that you've got CHF to sell and it's of a reasonable size (which I'm assuming it is).

You can obviously go and look at Forward FX rates for the currencies and see what they are projecting, but you'll be quicker picking up the phone and asking them treasury guys given they work in the markets so will know this stuff and be able to comment on it, without you investing much time yourself. LIkewise, if you wanted you could look at financial futures (see CME Group for example), but same story as with FX Futures, just make a few calls and you'll save yourself some time.

Richards1983

Hi garrettod -- apologies for the late response. Thanks again for even more insight.

I'm in email contact with one bank's treasury dept so they are getting me some analysis on EUR/CHF.

Given that the EUR is strengthening against the CHF, does that mean that (i) people are selling CHF and therefore creating excess supply, (ii) and buying EUR and decreasing its supply, and therefore pushing up its price relative to CHF?

garrettod

Richards1983 wrote: »

.....
Given that the EUR is strengthening against the CHF, does that mean that (i) people are selling CHF and therefore creating excess supply, (ii) and buying EUR and decreasing its supply, and therefore pushing up its price relative to CHF?

Hi,

It can mean one or both of those things are happening, but it can also mean those currencies are in greater or less demand against other currencies (i.e. people may be selling GBP£ and buying Euro, so that would also increases demand for Euro).

Good to hear that you are getting some info from one of the Treasury Departments, I would guess that many of the large banks produce some form of research for their clients so could share it - but would also expect many of them, if not all of them, to be saying very similar things. Out of interest, you might please let me know what they conclude.

Richards1983

I will indeed -- thanks so much.

Richards1983

Hi Garrett -- no idea why, but PMs from my account always seems to deliver as blank messages. Just tried replying to you again but got a server error.

The two point were:
1. The Irish bank replied to my question re EUR/CHF and echoed what you said: EUR improving is to do w/ Eurozone political risk diminishing and no risks foreseen on the horizon at the moment.
2. I haven't yet gotten a financial advisor. I'll try carve out some time to look into it over Christmas.

garrettod

Hi,

Yes, noticed the second one came through blank also ... might be:

A) if you are copying a response in from another source (ie MS word, email etc) that Boards can't cope with the format
or
you may need to delete some old sent messages to free up capacity

Many thanks for the reply here btw.