The purpose of insurance is to pay claims when needed

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The purpose of insurance is to pay claims when needed

As we emerge from lockdown and the world is getting back to some sort of normality, unfortunately for some people the pandemic has had quite a significant impact on their income. We’ve had a small number of queries from clients in this situation who are looking to reduce their expenditure. Some are pausing savings plans and other regular investment products. One or two people have queried whether they should cut back on their levels of life assurance and specified illness cover. 

While we look at each individual case on its specific circumstances, generally we try to guide clients towards making savings elsewhere. We hope they will read our other article this month on that very topic! We remind these clients that these insurances are in place for when that enormous life changing event happens to them and their families. The purpose of these products is to pay claims when needed, so it’s important to have...

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Is it time to review your spending?

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It's time to review your spending?

A huge amount of the time we spend with our clients is spent building an understanding of your goals in life and developing a financial plan to help you achieve your objectives. A lot of attention goes into your retirement strategy, your investment approach and other such important areas.

 

One area we never forget about though is the other side of your financial picture – your expenditure. After all, this impacts your level of saving and investment in your future. This has come into sharp focus in 2020, particularly as we emerge from lockdown due to Covid-19. For some people, reviewing this makes sense as they have simply gone through a period of much lower spending than normal. For others who are facing a loss of job or a reduction in income, it is out of necessity. For everyone, there’s an opportunity to save more into the future.

 

Here are 10 areas which we believe are worth investigating to see if there are...

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The Importance of Employee awareness in the Redundancy Process – what you as an Employer can do

Redundancy isn’t the most pleasant topic to discuss, but it is important.

Both Employers and Employees face making difficult decisions, sometimes these decisions have to be made within a very short timeframe and unfortunately, in the current climate it is becoming all too common that people are losing jobs and finding themselves plunged into the uncertainty that comes with this.

Employees who find themselves being made redundant can feel that they are in a lonely place and have nowhere to get information or advice. Employers have a duty of care and an obligation to ensure that all employees understand the redundancy process and know what their entitlements are. However, Employers may struggle to find a solution to how best address the needs of their employees at this difficult time.

We in Premier Financial have developed 4 online educational courses specifically tailored for Employees facing redundancy. This suite of products provides a cost-effective means of providing a...

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Is it time to rethink the importance of money?

As economies around the world start to cautiously emerge from their various states of lockdown, people are also stepping back into the light albeit gingerly and carefully. Some shops and services are open for business again, others have a while to wait still. Some activities that involve mass gatherings such as sports events and concerts face a quite uncertain future for some time to come.

The last few months have been a time of great uncertainty for all of us. Apart from the threat to our health, most people’s work lives have undergone significant changes. For some, this has been a very difficult period with businesses closed and jobs gone for a while, or in some cases for good. Others have experienced reduced income as a result of the Covid-19 restrictions. Some lucky people have not really been hit in the pocket; they have just had to adjust to a different way of working.

We’ve all had quite a bit of time to think, both about the present and also what the future might...

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What do your money and the coronavirus have in common?

A recent phone conversation with a client triggered this article, as we were discussing the volatility in markets over the last few months. This was a relatively easy conversation, as this particular client has a very measured view to managing her pension fund and her investments. She doesn’t make rash decisions, she maintains a long-term perspective and doesn’t fret over every movement in the markets.

Our conversation then moved to on to the impact on all our lives of the Covid-19 restrictions – this is a topic coming up in every single conversation we’re having these days! As we chatted through the impact of the Covid-19 pandemic, we came to the conclusion that there are a lot of similarities between the worries caused by money and those caused by the pandemic. Let me explain…

 

It’s very easy to lose perspective

When the markets take a big hit as they did from the middle of February to mid-March, it’s very easy to lose perspective....

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Stay on your best investment behaviour during these troubled times

We are living through unprecedented times, that will be remembered by us all for ever. Our focus is on staying healthy and flattening the Covid-19 curve. We are worried about our own health and that of our loved ones, particularly the elderly who are cocooned in their own homes. Some of you have seen your jobs disappear (hopefully temporarily) and others have seen their income reduced.

On top of all of this, stock markets have been extremely jittery and this is causing anxiety for investors and pension plan holders. Do you remember when all we had to worry about was Brexit?? However we can help you manage this investment anxiety. After all, while Covid19 is a unique event, volatile stock markets certainly are not. We've seen them before and we'll see them again. The key is not to panic and make any rash decisions. So, what do you do?

 

Stick to the plan

Your financial plan was developed to guide you to achieving your goals. Your plan is there to guide you, both when markets are...

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What does ageing look like in Ireland today

We’ve written before about the importance of a very planned approach to retirement. Having a healthy pension fund is what springs to mind for all of us in this regard – of course this is very important, as having access to financial resources will help you to ensure that you can enjoy your retirement and live it on your own terms.

But it’s not only about money. Money may be an enabler of the lifestyle that you choose. But you have to first of all do some thinking about what that lifestyle actually looks like! Who are the people that will be around you, where will you live, how will you fill your days, will you continue to work etc.? All of these are important questions that require careful consideration.

We recently came across The Irish Longitudinal Study on Ageing (TILDA), which is a large scale, nationally representative, long-term study on ageing in Ireland. It collects information from adults aged 50 years and over resident in Ireland and is one of the most...

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Business Continuity Notice – Coronavirus Covid-19   27th March 2020

We have reviewed our Business Continuity Procedure in light of the developing situation with Covid-19 and the Government Directive to stop all non-essential activities for 2 weeks. In any eventuality we will continue to be operational and remain accessible through email and phone. As personal safety continues to be paramount, where meetings are required, these will be facilitated through Zoom or conference call in the interim period.

Customer Services
We will support our customers through this period of restricted trading activities as follows:

New Business
Not available until further notice

Existing Clients

  • Changes to existing policies.
  • Review meetings by conference call.

To facilitate our existing clients to conduct business remotely you can arrange the above services by ringing our office line which is currently being answered remotely or email your usual Premier Financial contact at the following emails.

Denis Murphy denis@todayplanfuture.premierfinancial.ie
...
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8 important principles to teach your kids about money

In today’s era of consumerism on a grand scale, it can be hard to maintain a clear and constant perspective about the value of money. Many of us muddle along, surviving, making mistakes and getting by. However this is no example to give to the next generation who are likely to pick up on our behaviours and habits. Instead we need to carefully teach our children about how to act responsibly with money and to give them the best chance of building positive financial habits for life.

We’ve set out a few areas that you might like to talk to them about as they begin their lifelong relationship with money.

 

1. Establish a savings routine

This can start as soon as children start to receive pocket money. Encouraging them not to spend it all as they receive it and instead to save for a bigger treat to be bought every few weeks or months can set in place the benefits of delayed but ultimately greater rewards. We all know the benefits as we’ve got older of saving for...

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Don’t build your future based only on what’s happened in the past

Let’s be honest, who really saw Sinn Fein winning the numbers of seats that they won in the recent election? After all, they had never come close to winning such a large number before. And we also see surprising results all of the time in sport - who really thought that England wouldn't win the Rugby World Cup last year after such a comprehensive win over the All Blacks in the semi final? And sure South Africa were no great shakes.. These events show that recent history doesn’t determine the future and that one small factor can change everything. We see it in politics and sport all of the time - the past is the past, and its not always a good guide to the future.

The same rules apply in business. It’s very dangerous to base decisions only on what happened recently, which is known as recency bias. It is the phenomenon where people recall and give more credence to very recent events, as opposed to events from the more distant past or indeed other tried and trusted...

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