Deirdre Costello is a financial adviser based in Galway.
She set up her own company three years ago, specialising in giving impartial advice on pensions, life cover and investments.
This week, she took a few minutes to chat to Her.ie about what it's like to work in the financial services sector.
Tell us a little about what you do….
I advise clients/customers the best possible way I can on what to do if they live too long, die too soon or get sick in between.
I provide a service to customers on all aspects of their financial matters, whether it’s pension advice, finding the best and most reasonable life cover in case of losing a loved one too or on living cover such as that of serious Illness and income protection.
How did you get to your current position?
Since leaving college, I have worked in the financial services sector. Firstly as an accountant, then as a mortgage advisor and then financial advisor. I set up my own business with Paul Tarpey in 2010 and haven’t looked back since!
What is your typical working day?
My typical working day is difficult to describe, as no two days are the same really. I start at 8.30am and finish around 5.30pm, as long as I haven’t organised a meeting for later in the evening. Because it suits people to meet in the evening after work, I have to be flexible with my time. It pays off though because an odd Friday afternoon may be spent on a course… a golf course!
Why did you choose your current career?
I probably, like most, fell into my current career, I started out initially in accounts and ended up as a financial advisor. I probably have my first boss to thank or blame for that! He was pushing me into sales for a few years and I finally gave in. I suppose he saw the potential.
What are the biggest challenges you face in your career?
There are a few challenges, from changes in industry guidelines and regulation to actually trying to restore trust in financial advisors.
There is a need for ethics in financial planning and the fact is that many good advisors get overlooked by clients in favour of some of the more assertive yet less capable individuals. Real financial advisors make things as simple as possible and know that you need financial advice about your money, your goals and your plan.
We focus on things we can control. Investment markets wait for no-one and neither does life in general. There is no point in spending a lot of time stressing out about issues we cannot control. Focus on the things you can control – spending, saving, borrowing and making balanced investment decisions.
What are the most rewarding aspects?
The most rewarding aspect for me is the satisfaction you get when you see a couple with two or three children taking out cover in the event that either parent gets sick or dies. It’s just knowing that they will have one less burden to deal with because unfortunately, it happens. More often than not, you hear of an illness or death of a young person that leaves behind a young family. It is heart wrenching for the person left behind to deal with the loss but to have financial difficulties on top of that is devastating.
What do you think is the biggest misconception about what you do?
The biggest misconception about what I do or that all financial advisors do is that the general public think we are always trying to sell them something.
I don’t sell anything. I give advice and you decide after that. I think there is misconception is there because people don’t really understand what we do. I am here to make sure they get the right cover… not too much, not too little and what they can afford as well. If, after a meeting with me, someone decides they don’t want to act on any of my advice, I really don’t mind. I try to make them see how much better life would be with it but it is their choice at the end of the day.
What is the biggest mistake that you think people in your chosen sector make?
I think one of the biggest mistakes, like in any other business, is greed. You need to care about your clients in our job. If you make the mistake of not caring, then it will end up as a mistake. This is one of the reasons I set up my own business. In years gone by, too often I could see that we were pushed into “selling” instead of “advising”.
Describe what you want to achieve in your career with one sentence.
My long-term goal is to make a positive impact with our existing and future clients though my expertise and ethics.
What is the one piece of advice would you give to our readers about handling their finances?
Seek advice from a professional. You need proper advice, it’s like any other walk of life. If you are sick, you’ll go to a doctor or if your car is giving you trouble, then you go to a mechanic, if you need advice on finance, come to me! You are not expected to know everything about everything!
For more information, see http://ctfs.ie.
