Irish Pension Information


I can see you now…sitting there thinking Free Financial Advice that makes no sense. So let me explain Why Financial Advisors are Free.

I’m about to let you in on a little-known secret about financial advice. If more people knew about this then we all would get financial advice but we don’t.

Why you don’t get Financial Advice?

I’m going to take a wild guess and say that the reason you have not got financial advice before is one of the two reasons below. You think…

I’ve worked hard enough for my money. I’m not paying a fortune to a financial advisor.


You think sure I’m only an average Joe Soap. A financial advisor would laugh at me and my few pennies.

Now let me tell you the truth…financial advisors are happy to work with you regardless of your wealth. Why? Because if your plan your finances correctly, it’s likely that even if you are not wealthy now you will be in the future.

How much will I be charged for “Free Financial Advice”?

Here is the funny part…you shouldn’t be charged. I know I know your thinking… they’re not doing it for the good of their health. AND yes, you would be right they don’t do it for the good of their health. Of course…they get paid. They might give out free financial advice but they get paid too. Here’s how…

Calculator and some coins. Demonstarate what free financial advice can do.

Have you ever heard of an affiliate scheme? If not let me fill you in. An affiliate scheme is when a person refers someone to a business and if that person buys something then the business gives the person who referred them a percentage of the sale. So for example, I tell you to go down to John Auto’s and buy a car. You buy the car and John gives me a percentage of the sale.

Do you pay more? NO, because John really wants your business and he is happy to get the sale. So how does this work with financial advice?

Let’s say you want to start a pension. You go to a financial advisor and they recommend Scheme 123 with a provider/company. Well, that company wants your business so they say to your financial advisor if you bring a client to us then we will pay you X. You don’t pay any more to the company and you don’t pay the advisor. The company does. So you get Free Financial Advice.

Where can I get the best deal?

When you work with a financial advisor who only works for one company, you only have access to that company’s deals. But where things get interesting is when an advisor has access to many providers. So say… you go to your advisor and they have access to Irish Life, Zurich, Aviva, and Royal London. Now things are heating up. Why? Because all of these companies are in competition.

So normally, what would happen? The Company would say to the advisor, we will pay you more money than the other companies do if you start that pension with us. HOWEVER with financial advice that can’t happen. Why? Because with every policy an advisor sells they must be able to justify the sale to the Central Bank. To do this they must provide you with a Statement of Suitabilty which outlines why the product is right for you. If they can’t justify the reason for the sale they can lose their qualification and right to work in the industry.

So what other ways might the providers legally try to win more clients…Yes! You guessed it…they offer incentives to you. So providers know advisors are legally bound to sell you the best product. So they use promotions to try and offer you the best value deal so advisors literally HAVE to sell their products over everyone else’s.

What this means for you?

When you use a broker who has access to many markets you are almost guaranteed to get a better deal than going direct to an advisor who only deals with one company. So an advisor who only works with Aviva is legally bound to give you the best Aviva product available BUT NOT the best product on the market. AND if they don’t have to compete with other companies they don’t have to offer their best deals.

Female Financial Advisor pointing to a screen and explaining options to a client.

So technically a provider could be offering policies at a discount through brokers and selling policies themselves at a higher rate direct to their clients.

Now I know… I went a little into all that but it’s important to fully understand how it works. If you do then you know where to go to get the best deals.

What happens if I don’t go with a product?

That is a good question… so let me put it to you like this. When you are buying a house, you go in, look around and if you don’t like it then you don’t pay anything. Financial advice is the same. If you get advice and you are not happy and don’t want to change your existing set up then you don’t pay anything. It’s Free Financial Advice.

There are advisors who charge an upfront fee. In my opinion, these guys must not be very confident they can better your existing financial setup or they are not confident in their own ability. Either way, I would stay clear. If a financial advisor is charging you they have to get you to sign a document agreeing to a fee. If this happens, I would find a better financial advisor somewhere else.

When can I be charged?

For more complicated financial transactions you may incur a fee. An example would be a pension transfer from the Middle East to Ireland or if your existing pension won’t allow you access to your money. Maybe you are transferring it to a scheme with different rules so you can access it.

In these more detailed transactions, your advisor will gather the information for you. They will then outline your options and the fee associated which each one.

I want some Free Financial Advice

For free financial advice on any area of your finances please request a callback. Getting the right advice is so important for your future goals.

A member of our team will contact you to discuss your goals whatever they may be. We will then connect you to the financial advisor best suited to your needs. There is no charge for this service. All of our advisors are regulated by the Central Bank of Ireland.

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