One name that crops up a fair bit whenever people get chatting about this is Fairstone, an independent financial advice group with a proper footing in Ireland. Being independent counts for a lot more than most people give it credit for, because an adviser who isn’t tied to one bank or one product provider can give advice that isn’t being nudged along by sales targets or pressure from head office, and that makes a real difference even if it doesn’t sound like the most thrilling thing in the world.

It also helps to remember that “financial advice” stretches across an awful lot of ground. Planning for retirement, mortgage protection, life cover, investing and passing money on to the next generation are all very different chats, and lumping them in together rarely does anyone any favours. Plenty of people only find out years down the line that the plan they sorted out back in the day doesn’t fit the life they’re living now, since jobs, families and tax rules all have a habit of moving on, and what seemed sensible at 35 hardly ever looks the same by the time you hit 52.

Why Going Independent Makes Such a Difference

There’s a simple, practical reason why the independent route tends to work out better for people. When an adviser can pick from right across the market instead of a short list of providers they’ve been told to push, there’s a much better chance of landing on something that suits the person in front of them. The Irish financial services scene has got a lot more competitive over the last ten years or so, which is good news for anyone shopping around, although it also means there’s far more to weigh up and plenty more room to get it badly wrong if you’re not keeping an eye on things.

From what’s publicly known about how Fairstone works, its approach fits into a wider move towards making financial planning in Ireland a lot more professional. The old routine of an insurance policy being slid across the desk and sealed with a handshake has pretty much had its day, and clients now expect to know exactly what they’re signing up for, why it suits them and how much it’s going to cost them over the years, which can only be a good thing for everyone involved.

The emotional side of money gets overlooked far too often. Decisions about cash are hardly ever made with a cool head, especially anything to do with retirement or looking after the family if the worst happens, so people put it off, avoid thinking about it and leave the conversation for another day because it all feels a bit heavy. A good adviser gets that and won’t just plonk a spreadsheet down in front of you, preferring instead to work out what you actually want your money to do for you before figuring out the best way of getting there.

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What to Have in Mind Before You Book an Appointment

Before heading into any meeting with an adviser, it really helps to have a rough idea of where you stand. Nothing too formal is needed, just an honest look at what you owe, what you own and what you’d like the next ten years to look like, and while most people have never sat down and done that, turning up with no idea at all can make the whole thing feel far more overwhelming than it needs to.

Fees are the other thing to get straight from the start. Some advisers charge a flat fee, some take a percentage of what they’re looking after and some still work on commission depending on the product, and while there’s no single right way of doing it, you should know which one you’re dealing with before you put pen to paper. Asking straight out is perfectly normal, and any adviser who’s any good won’t bat an eyelid at the question.

Regulation is another box to tick. Anyone giving financial advice in Ireland should be authorised by the Central Bank of Ireland, so checking that before getting involved with any firm, Fairstone included, is a sensible first step, and the Central Bank’s register is free to look through online and only takes a couple of minutes.

The bigger picture is that financial planning isn’t something you do once and then forget about. It needs a fresh look every time your life takes a new turn, and finding an adviser you genuinely trust to stick with you through all of that is probably one of the most useful money decisions most people will ever make, particularly when that adviser is focused on getting things right for you rather than flogging whatever happens to be next on the list.

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