Cork based financial services firm, Provest, highlights the importance of a ten year target in new podcast launching this week
Cork based financial services firm, Provest, is encouraging parents to speak to their children about the importance of financial planning with the message that a person is never too young or too old to start.
Provest, which is based in Douglas, Cork City offers personlised financial advice to private and corporate clients on a range of items from pensions, investments, retirement planning and life cover.
Speaking during the company’s launch podcast called ‘Money Matters’, which is due for release this week, Director at Provest Kieran McAuliffe acknowledged that it’s a challenge to get younger people under the age of 35 interested in planning for the future. But he added that it’s important for everyone to make a 10-year target and work towards that, no matter what their age.
He said, “When you’re young and carefree it’s difficult to think ahead. We try to encourage parents to speak to their children about financial planning and the need to start early and we find that is helpful.”
The first step for any new client at Provest is a sit-down chat with one of their advisors. From there they will work out a plan together, focusing on the client’s financial goals. After that it is all about getting that plan in motion.
Mr McAuliffe said that a key consideration for the majority of their clients is whether or not they will have enough money to last their lifetime. He said that many people are accumulating defined contribution pots while they are working but these defined contribution pots are subject to market movements and fluctuations which is why retirement planning is essential. He stressed the importance of working towards a 10-year plan considering the many changes a person’s financial status may go through such as mortgages and children going to college.
Managing Director Mark O’Sullivan said that when it comes to financial planning, it’s never too late to make an informed decision.
“We have a couple in their early 60s whose children are reared, they’re reasonably well-off but they want to know if they’ll have enough money to see them out and cover the cost of nursing homes and things like that. Despite the fact they both come from two professional backgrounds their numeracy is poor and they want to look at all their options available to them and all the possible outcomes. This is where we can help out and we find that clients who engage with us are left with huge peace of mind.”
Provest was founded in 2017 by Mr O’Sullivan and now has more than 500 clients. They have funds to the value of over €200 million currently under management and are aiming to double this over the next two years.
