How do I choose the best financial advisors for retirement?
Financial Planning

How do I choose the best financial advisors for retirement?

Nick Charalambous
Nick Charalambous30th Aug 2023 • 9 min read

Navigating the landscape of financial affairs is no simple task. The details involved can often overwhelm someone looking to secure their financial future. A financial advisor takes on a key role by making complex financial decisions simple, offering practical support with the potential to make a real difference. In this blog post, we will provide you with some professional advice on how to choose the best financial advisor for your retirement.

Nick Charalambous, Managing Director of Alpha Wealth is an expert in the area of financial advisory. With over 25 years of experience in financial planning, he states “A big part of my role is to make this process as simple and straightforward as possible, presenting valuable assistance to my clients. My aim is to provide them with solid financial advice that holds the power to create a real impact.”

A study conducted in Ireland several years ago, revealed that those who access independent financial guidance boast nearly twice the savings and investments in comparison to those who don’t get advice. The results show that those who use financial advisors have more valuable pensions and investments and more financial protection than those who don’t. Those who consult a financial advisor at least once a year have dramatically higher pension funds than others. They are also more financially confident.

Engaging a financial advisor is really important when looking at a retirement plan. Nick Charalambous, managing director of Alpha Wealth, says that “Decisions about our financial futures are among the most important we’ll ever make. In my experience, when formulating a retirement plan, several factors warrant thorough discussion. It is important to understand the clients retirement goals. He stresses that people should consider factors such as lifestyle preferences, desired age of retirement, and any specific financial aspirations.

As a business owner himself, he meets clients who are also business owners but are focused on moving their businesses forward and often find they lack the time or head space for financial planning. Nick says that “This is precisely where our role comes into play. We work very closely with our clients to initially assess risks and vulnerabilities, ensuring their goals are our priority. Then we look at opportunity planning, securing access to all available tax reliefs, from pension planning to entrepreneur and retirement relief – we span the entire spectrum.”

Planning for retirement might not sound very exciting, but it’s like setting up a plan for your financial future. Imagine you can stop working at 50 and still have enough money to live comfortably. Even though thinking about pensions might not be very exciting, it helps you stay on track. When you have clear goals for different points in your life, you start to see that this kind of planning can actually help you reach your money goals.

Planning for your financial future isn’t like making random choices along the way. The things you decide to do now might be very different from what you decided before. As you go through life, your money needs get more complicated, you have more responsibilities, and you don’t have as much time. That’s why having a solid plan for your money is important. This plan should think about all the different parts and details of your finances. Sometimes, it’s best to get help from a certified financial planner (someone who knows a lot about money) to make this plan.

Nick Charalambous talks about how important it is to have a well-organised and flexible financial plan that you update regularly. He says this kind of plan is really important because it helps you deal with changes that happen over time. When you’re looking for someone to help you with money stuff for when you stop working, like a retirement expert, you should think about different types of experts. There are ones that use computers (robo advisors) and ones that charge fees (fee-based advisors). You should also think about how good they are at planning for what happens after you’re gone and how much they care about helping you.

Choosing the right expert is really important. This way, your retirement savings and all the money you have are taken care of by someone who knows what they’re doing. They won’t do things that help them but not you, and they’ll have smart ideas for paying taxes and reaching your money goals. This careful selection process ensures that your retirement savings and overall wealth management are in capable hands, free from conflicts of interest and aligned with the best strategies for tax planning and achieving your financial goals. Things to consider in advance before choosing your financial advisor for retirement planning

Things to consider in advance before choosing your financial advisor for retirement planning:

Credentials and Qualifications: Begin by researching potential financial advisors in your area. Look for individuals or firms that specialise in retirement planning and have a strong track record and have a high level of assets under management. When choosing a financial advisor, it is important to find someone who is qualified and certified. Look for financial advisors who have the necessary credentials, such as Certified Financial Planner (CFP), Qualified Financial Advisor (QFA), and Retirement Planning Advisor (RPA). These certifications demonstrate that the financial advisor has the knowledge and expertise needed to help you plan for your retirement.

Understand the Fee Structure: The fees charged by financial advisors can vary widely, and it is important to understand how they are calculated. Ask about the fees upfront and ensure you understand what services you will be receiving for those fees. Understand how your financial advisor charges for their services and ensure that it aligns with your budget and needs. Transparency about fees is essential to avoid any surprises down the road.

Experience and Expertise: Retirement planning is intricate, requiring a deep understanding of tax implications, investment strategies, and market trends. Look for a financial advisor with ample experience in retirement planning and a diverse range of clients. Check for testimonials in advance that highlight expertise in guiding individuals through retirement. See what our clients say about Alpha Wealth here

Ask for Referrals: Word-of-mouth referrals from friends, family, or colleagues can be a great way to find a financial advisor. Ask people who have already retired or are currently planning for retirement who they have worked with and if they would recommend them. This can give you a good idea of the quality of service you can expect.

Discuss the Process and Approach: Before working with a financial advisor, discuss their process and approach to retirement planning. Find out what they will do to help you achieve your retirement goals, how they will assess your risk tolerance, and what strategies they will use to help you achieve your financial objectives. This will help you to understand their approach and decide if it aligns with your goals and values.

Check out their Reviews: Finally, check the financial advisor’s online reviews to get a sense of their reputation and the quality of their services. Look for reviews on their website, social media pages or third-party review sites. Positive reviews can indicate a track record of success in helping clients plan for retirement. You can check out our Google reviews right here

In conclusion, choosing the right financial advisor is crucial in ensuring that you have a comfortable retirement. Consider finding a certified financial planner, asking for referrals, discussing their process and approach, reviewing their fees, and checking out their online reviews. With these tips in mind, you can find a financial advisor who will help you achieve your retirement goals and enjoy a comfortable retirement. If you wish to book a financial consultation with one of our trusted advisors, you can do so below.

Our financial advisor at work
Nick Charalambous

Nick Charalambous

30th Aug 2023

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8 Simple Expert Tips to Make 2025 Your Best Year Yet
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8 Simple Expert Tips to Make 2025 Your Best Year Yet

The start of a new year is the perfect opportunity to take control of your finances and build better money habits—but it can be hard to know where to start.

Financial success isn’t about being perfect—it’s about progress. Small, consistent efforts can create a strong foundation for long-term stability. Whether your goals are to save for a home, reduce debt, or feel more in control of your money, 2025 is your chance to start fresh. By reviewing your finances, setting realistic goals, and using tools like tax credits and savings plans, you’ll be well on your way to making 2025 your most financially secure year yet.

1. Review Your Finances Regularly

Think of your financial plan as a guide to staying in control of your money. Start by tracking all your income and expenses for one month—groceries, transport, bills, and even forgotten subscriptions. Once you know where your money is going, you’ll see opportunities to cut back, like eating out less or cancelling unused services.

To make this process easier, use Alpha Wealth’s handy Budget Calculator to get a clear picture of your financial situation.

2. Reduce Debt Strategically

Overspending during Christmas is common, especially on credit cards with high-interest rates. Prioritise paying off this debt as quickly as possible before you start saving. Reducing debt gives you more financial freedom and lowers the stress of repayment in 2025.

Pro Tip: Start by tackling the highest-interest debts first—these are costing you the most.

3. Segregate Your Savings

Divide your savings into three pots to keep your financial goals clear:

  • Short-term (less than 3 years): For immediate goals like buying a car or holiday expenses.
  • Medium-term (3-10 years): For goals like education or major life milestones.
  • Long-term (retirement): Invest in tax-efficient options like pensions to maximise growth.

By separating your funds, you can use the right financial tools for each timeline, ensuring your money works harder for you.

4. Maximise Your Savings Returns

Don’t let your money sit in low-interest accounts. For short-term savings, consider online banks like Raisin or Bunq, which often offer rates above 2%. Lock in fixed-term deposit rates now before they drop further in 2025.

Also, take a moment to review your mortgage rate. You might be able to switch to a lower rate and save significantly on your monthly repayments.

5. Boost Pension Contributions

It’s never too early or too late to focus on your pension. Small contributions now can grow significantly over time thanks to compound interest.

Take advantage of the tax relief on contributions—up to 40%. If your employer offers a matching scheme, join it to benefit from essentially free money. Boosting your pension now can make a big difference in your retirement years.

6. Practice the Rule of 72

Impulse purchases can derail your budget. Use the “Rule of 72”: wait 72 hours before making any non-essential purchase. This cooling-off period is particularly useful during January sales, helping you avoid unnecessary expenses while still enjoying genuine bargains.

7. Claim Your Tax Credits

The start of the year is the perfect time to review your tax credits and allowances. Many people are eligible to reclaim up to four years’ worth of missed credits, such as:

  • Remote Working Relief
  • Rent Tax Credit (€1,500 per individual)

Log in to Revenue’s myAccount or Revenue Online Service (ROS) to update your details and ensure you’re not leaving money on the table.

8. Plan Ahead for Big Expenses

Instead of scrambling for cash when big expenses arise, start saving early. Open a dedicated savings account in January for your 2025 goals, whether it’s a holiday, Christmas, or a major purchase.

For example, saving €167 per month will leave you with €2,000 by summer.

Let Us Help You

Ready to take the first step? Talk to us to learn more about how we can help you achieve your financial goals for 2025 and beyond!

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What Budget 2025 means for you
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What Budget 2025 means for you

As the dust settles on Budget 2025, many are wondering how the announced measures will impact their daily lives. With a headline figure of €6.9 billion in new spending, the coalition government is taking steps to address a range of societal needs. Here’s a breakdown of the key takeaways from the budget and how they might affect you.

1. Social Welfare Increases

Those receiving social protection will benefit from a €12 weekly increase in payments. Additionally, double payments in both October and December will provide extra help just when it’s needed most. Families with newborns can look forward to a special €420 ‘baby boost’ payment, while maternity, paternity, and parental benefits will rise by €15 a week. These changes offer real financial support for households facing the rising cost of living.

2. Tax Cuts and Reliefs

Taxpayers will feel some relief with the changes introduced in Budget 2025. The entry point for the higher 40% tax rate is moving up to €44,000, so more of your income will be taxed at the lower 20% rate. This will leave middle-income earners with an extra €100 per month. Combined with a 1% cut in the USC, these changes are designed to ease financial pressures and boost your take-home pay.

3. Housing and Renters

First-time buyers will be pleased to know that the Help-to-Buy scheme has been extended until 2029. This allows you to continue receiving up to €30,000 to help with buying your first home. For current homeowners, mortgage interest relief has been extended for another year, a lifeline for those feeling the pressure from rising interest rates. If you’re renting, there’s some welcome news. The renter’s tax credit will increase to €1,000 next year, offering significant relief for tenants battling high rents. Even better, you can backdate this for 2024, so if you’re a jointly-assessed couple, you could claim up to €2,000. That’s a big boost for your bank balance.

4. Students

Good news for third-level students and their families: college fees are being reduced by €1,000, bringing the annual cost down to €2,000. This will provide much-needed financial relief for those navigating the costs of higher education. Postgraduate students will also benefit, with the fee contribution grant increasing from €4,000 to €5,000. This change is a positive step toward making education more accessible and affordable.

5. Health and Wellbeing

Healthcare spending is a significant component of Budget 2025, with additional funds allocated to the Health Service Executive (HSE) to tackle waiting lists and expand services. There will also be further investment in mental health services, an area that has seen growing demand post-pandemic.

6. Vapers and Smokers

If you smoke or vape, you’ll see price hikes on these products. Cigarettes will increase by €1 per pack, bringing the most popular brand to €18.05. Vapers will also feel the pinch, with the price of a typical vape rising to €9.23 next year. These changes aim to promote health, but they will hit younger consumers’ pockets the hardest.

Conclusion

Budget 2025 introduces a range of financial supports designed to relieve the pressure on households as they navigate the cost of living challenges. While Budget 2025 brings positive changes that will help ease financial pressures, it’s important to take control of your finances and make the most of these opportunities. Consider speaking with an impartial financial advisor to get your money working harder.

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6 Expert Tips for Parents to Secure Their Child’s Financial Future
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6 Expert Tips for Parents to Secure Their Child’s Financial Future

In light of back-to-school financial stress, here are six ways to help you better manage family finances and give your child the best financial start possible.

As a parent, securing your child’s future is always a top priority. However, with back-to-school season approaching and its associated costs, family finances are more pressing than ever. A new report* reveals that over one in four parents take on debt to cover these expenses. So, how can you manage family finances to give your child a strong start in life?

While saving the monthly €140 children’s allowance in a bank account is common practice, here Nick explores six more strategic options to help you better manage family finances and give your child the best financial start possible.

6 Tips to Manage Family Finances

1. Explore Alternative Savings Options

Instead of traditional low-interest bank accounts, consider savings plans from insurance companies with higher potential returns through diversified investments. With current inflation at 2.5%, seeking better returns is crucial to ensure better returns on your money.

2. Harness the Power of Compound Interest

Starting a savings plan early allows your money to grow exponentially. Compound interest is earned on both the initial amount and the accumulated interest. For example, saving €140 a month from birth can grow significantly over 18 years, with a 4% annual growth yielding €44,807.67 compared to €36,692.14 at a 2% growth rate.

3. Secure Funds for Education Early

Early savings prepare you for future financial demands and relieve the burden of education costs. A dedicated savings plan supports your child’s ambitions and causes you less financial stress by avoiding high-interest loans.

4. Utilise Tax-Free Contributions

Take advantage of the Small Gift Exemption, allowing parents and grandparents to gift up to €3,000 annually tax-free. This is a popular way to fund future college fees or house deposits.

5. Plan for Medium to Long-Term Goals

Savings plans are ideal for goals over five years, benefiting from compound interest. Understand plan terms to ensure 100% allocation of your money and avoid fees. Flexibility allows fund access without penalties, but remember it’s a medium—to long-term investment.

6. Consult a Financial Advisor for Tailored Investments

Speak to an impartial financial advisor about equity-based investments suited to your risk appetite. Investment options on a risk scale from one to five allow you to adjust over the years for growth within your risk profile. 

Book a financial review with Alpha Wealth for trusted financial advice on tax savings, pensions, investments, and more.

Learn more in our upcoming webinar

Our informative webinar, “How to Best Prepare for Your Children’s Education Costs,” hosted by David Looney, Senior Financial Advisor will provide practical strategies to help you manage and save effectively for future educational expenses. Learn how to ease the financial burden and ensure a secure educational path for your children. Register below:

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