In many ways getting good financial advice is like getting professional driving instruction. You could get your older brother to teach you how to do it, but if you want to pass the test, you’re going to want to be taught by an expert. The same idea goes for investments.
Gary Hynes should know, having been a driving instructor since he was 18. His father set up his family business, Hynes Driving School, in 1985. It’s now one of the longest-serving and most successful driving schools in the country, providing services to learners in Mullingar, Tullamore and Birr. Its expert tuition and track record allows it offer clients a 90 per cent chance of passing their test first time.
Hynes became a driving instructor while he was still in sixth year in school and came back into the business full time after studying electronics at third level. Now 49, and married with four primary school-aged children, when it comes to investments he sees the value of talking to an expert.
“I wouldn’t even know where to start in terms of investing,” he explains. “We just did all the usual, like putting savings in An Post and keeping money on deposit in the bank. However, when it came to doing something about investing, I wanted to deal with a company who’d be a leader in this field and be someone I’d know and trust,” he explains.
It was only as his family grew that he started to think about seriously trying to grow a nest egg, with a very clear goal in mind – his children’s education.
“I tell our children that they will leave this house with a degree and a driving licence,” says Hynes, whose children are aged between five and 12.
But college is expensive. “We’ve done the research. We know that if they’re lucky enough to get to college, it will cost up to €20,000 a year each, or €80,000 per child, if they go up to Dublin, because we won’t qualify for a student grant and we’d have to include accommodation,” he says.
His wife is a teacher and education is hugely important to both of them. “Like every parent we have aspirations for our kids. Of course these are our dreams, not theirs, but we want to make sure the money is there for them if they do want to go to college. It’s purely for the kids.”
Trusted advice
He may not have known much about investments but he was well aware he was getting negligible returns from money on deposit. He began researching his options online and discovered Irish Life MAPs.
MAPs, which stands for Multi Asset Portfolio, is a range of unit linked funds, provided by Irish Life Assurance. These are available across pension, investment and savings plans. There are five MAPs funds and each fund is managed to a specific risk level - meaning there should be a fund to suit your risk appetite, and this fund will continue to suit your selected risk appetite over time.
To find out more, Hynes called Irish Life Financial Services and arranged a meeting with one of its advisers. Irish Life Financial Services is tied to Irish Life Assurance and advisers can meet you in person or by video call to identify your protection, pensions, savings, and investment needs.
We want to make sure the money is there for them if they do want to go to college
Financial advisors provide advice by assessing your attitude to risk and recommending the most suitable option for your needs. “I met this really nice guy, Brian Webster, who went through a lot of questions with me, to establish what kind of investor I am,” he says.
On a scale of one to six, with six being the most comfortable with risk, Hynes was a five. “That didn’t surprise me at all. Firstly, I only put away money I can afford to lose – we don’t put all our eggs in one basket so still have some on deposit,” he says.
Because he was already contributing to a personal pension plan, this allowed him to be more comfortable with the higher risk.
“Around 15 years ago I started putting a small amount of money into a pension. In the last two years I’ve increased that a little bit because I’m 50 next birthday, and retirement is definitely on my mind a bit more now.
Having someone whose judgement he trusts about financial affairs is something he values. “I think as an Irish person, we’re very slow to talk about money to anyone,” Hynes points out.
By putting the money away for the future, you can live more in the now. It's peace of mind
“Brian was very straight and when he was walking us through Irish Life MAPs, every now and then he’d send a shot across the bow to remind us that investments can go down as well as up, so you’re always aware that investing isn’t all rosy.”
He also explained to the couple that the longer they leave their money in, the better the chance of a good return.
Having access to Irish Life’s online services gives Hynes peace of mind. He can easily log in and check the status of his portfolio, and see its up-to-date value. And if he ever needed to, he could cash in some money too.
Knowing he’s building a nest egg for the children’s third level education is a source of comfort to him today. “The way I look at this, it gives you the reassurance that by putting the money away for the future, you can live more in the now. It’s peace of mind.”
Irish Life has been helping people make smart investments for over 80 years. Contact your financial broker or advisor for actual, trusted advice on how to get your nest egg working harder - irishlife.ie.
Warning: If you invest in this product you may lose some or all of the money you invest.
Warning: The value of your investment may go down as well as up.
Warning: These funds may be affected by changes in currency exchange rates.
Irish Life Financial Services is tied to Irish Life Assurance for life and pension products.
Irish Life Assurance plc is regulated by the Central Bank of Ireland.
Irish Life Financial Services Limited is regulated by the Central Bank of Ireland.