We ran the rule over financial advisors right across Munster to come up with the best financial advisor Cork and Munster.
The best financial advisor Cork and Munster recommendation is based on the moneysherpa’s 4 financial advisor tests.
- Are they competent? – What returns have they delivered for clients and what is their experience.
- Are they comprehensive? – Do they offer the best funds available in the market.
- Are they compromised? – Are their incentives aligned with their clients.
- Are they cheap? – Are they cost effective versus other advisors in the market.
These tests are based on our deep research into the key things that make the best financial advisor. Before even getting on our best financial advisor list we also check for authorisation, qualifications, indemnities and complaints.
Our best financial advisor Cork and Munster overall is Gallivan Kennedy. Gallivan Kennedy scored well in our tests getting the highest rating overall of 3.7 out of 5 as shown in our ranking table. Although they are neck on neck with Elevate they get the nod due to having the lowest fees.
| Advisor | Rating | Competence | Comprehensive | Compromise | Cost |
|---|---|---|---|---|---|
| Gallivan Kennedy | 3.75 | 7.2% average fund growth last 5 yrs on a balanced portfolio, highly experienced and qualified team | leading funds, wide selection of assets | commission equal on all funds | initial: 0.75%<€50K 0.5%>€50K FUM: 0.5% |
| Elevate Financial | 3.75 | €30 Million under management, over 400 clients, 14 years in business, 6 QFA’s, 1 CFP | Full range of fund options over multiple providers | Standard | initial: €500 for plan FUM: 1%, platform fees c 0.25% on top |
| Walsh Group | 3.60 | Over €50 Million under management over 1000 clients, Over 100 years of financial services experience combined- 3 QFA’s, 2 RPA | Full range of fund options over multiple providers including private equity vehicle and property investment arm as part of walsh group | Standard | initial: 5.25% FUM: 1% usual fund fees with max 0.5% on top |
| MC Financial | 2.85 | 25 years’ experience in financial planning with expertise in Mortgages, Pensions, Income Protection, Life Insurance | NA | Standard | NA |
NA = Data not currently available/published, FUM = % charged per € Funds Under Management per year
On our first test competence they score well growing their clients’ investments by over 7% on average every year over the last 5 years. This coupled with being established since back in 1983 lead to them coming out on top for overall competence.
They also stacked up well on being comprehensive, although they don’t offer access to all funds in the market they do offer a selection of the highest performing ones.
Our third test, not being compromised, is all about the advisor’s incentives and although Gallivan Kennedy do receive commission, they get the same across all funds so there should be no conflict of interest with their clients.
Finally Gallivan Kennedy also came out very competitive on cost with no upfront fees on any investment over €50K and most importantly low ongoing fees for funds under management at 0.5%.
All of this makes Gallivan Kennedy our pick for best financial advisor Cork and Munster and a great choice overall.
The best financial advisor for you will also depend on your particular advice needs. Read on if you want to know which Cork and Munster financial advisors rated best for each type of investor.
Be sure to check back soon for the latest ratings as we are expanding our reviews all the time.
Our best financial advisors Cork and Munster by type
4 things to look out for when choosing the best financial advisor Cork and Munster
How do moneysherpa rate financial advisors Cork and Munster?
Best financial advisor Cork and Munster, the verdict
We have also reviewed best financial advisors by region here.
Our best financial advisor Cork and Munster by type
A recent study by Forrester split people seeking financial advice into three broad types [2]
- DIY’er, confident in financial ability and happy to go it alone.
- Validator, confident in overall financial direction, but wants to check and fine tune with advice.
- Delegator, less confident or time poor, but know financial planning is important so outsource it to someone they can trust.
Here’s our recommendation for each type seeking advice so you can work out the right advisor for you.
- Best financial advisor Cork and Munster overall – Gallivan Kennedy
- Best financial advisor Cork and Munster for validators up to €2M with mainstream investment needs – Gallivan Kennedy
- Best financial advisor Cork and Munster for delegators with needs up to €2M – Gallivan Kennedy
Here’s how the ratings broke down in each of our categories, the key data for each financial advisor and the key reasons we selected each category winner.
Best financial advisor Cork and Munster overall
Gallivan Kennedy are a good all round choice, with strong investment performance of 7.2% growth in the last 5 years on a medium risk portfolio with 55%-60% invested in equities. This compares to a market average at a similar risk profile of 6.4%.
At the very least you would like your financial advisor to help you get a return in line with market performance, but the real test is if an advisor can consistently beat the market over time.
| Advisor | Rating | Competence | Comprehensive | Compromise | Cost |
|---|---|---|---|---|---|
| Gallivan Kennedy | 3.75 | 7.2% average fund growth last 5 yrs on a balanced portfolio, highly experienced and qualified team | leading funds, wide selection of assets | commission equal on all funds | initial: 0.75%<€50K 0.5%>€50K FUM: 0.5% |
| Elevate Financial | 3.75 | €30 Million under management, over 400 clients, 14 years in business, 6 QFA’s, 1 CFP | Full range of fund options over multiple providers | Standard | initial: €500 for plan FUM: 1%, platform fees c 0.25% on top |
| Walsh Group | 3.60 | Over €50 Million under management over 1000 clients, Over 100 years of financial services experience combined- 3 QFA’s, 2 RPA | Full range of fund options over multiple providers including private equity vehicle and property investment arm as part of walsh group | Standard | initial: 5.25% FUM: 1% usual fund fees with max 0.5% on top |
| MC Financial | 2.85 | 25 years’ experience in financial planning with expertise in Mortgages, Pensions, Income Protection, Life Insurance | NA | Standard | NA |
It’s telling that Gallivan Kennedy were one of the few financial advisors able to pass that test. This coupled with a long track record in the market established since 1983, led to Gallivan Kennedy leading the pack in the most important of our 4 tests, competence.
After all if someone is advising you on your money, you want clear evidence they actually know what they are talking about.
Although they are a multi-agent intermediary, which means they get paid commissions by providers for the products they sell, they avoid the biggest drawback of this bias, by keeping their commissions they receive the same across all the products they sell at 0.5%.
This should mean there is no incentive for them to give you a bum steer on which funds you invest in.
The other major pitfall of this model is limited product choice, sometimes multi-agent intermediaries offer the products that pay the highest rates rather than those that give the best returns. Again Gallivan Kennedy seem to avoid this trap by offering the best performing funds.
On price they really shine with no charges up front for any investment over €50,000 and a low ongoing fee for funds under management at 0.5% .
The leading score on competence and cost, whilst not dropping many points on the basis of comprehensiveness or being compromised, makes Gallivan Kennedy the best financial advisor Cork and Munster overall.
Best financial advisor Cork and Munster for validators with mainstream needs & for delegators
If you want someone to just take care of your money choices for you or value having a sounding board to check you are doing the right thing, then these providers are for you.
If you are looking to invest in the major asset classes, such as the stock market, bonds, commodities and property, the recommendations here are also a good fit.
However, if you don’t need to eyeball someone to validate your financial choices and are happy to go it alone you can go straight to our DIY’er recommendations below.
| Advisor | Rating | Competence | Comprehensive | Compromise | Cost |
|---|---|---|---|---|---|
| Gallivan Kennedy | 3.75 | 7.2% average fund growth last 5 yrs on a balanced portfolio, highly experienced and qualified team | leading funds, wide selection of assets | commission equal on all funds | initial: 0.75%<€50K 0.5%>€50K FUM: 0.5% |
| Elevate Financial | 3.75 | €30 Million under management, over 400 clients, 14 years in business, 6 QFA’s, 1 CFP | Full range of fund options over multiple providers | Standard | initial: €500 for plan FUM: 1%, platform fees c 0.25% on top |
| Walsh Group | 3.60 | Over €50 Million under management over 1000 clients, Over 100 years of financial services experience combined- 3 QFA’s, 2 RPA | Full range of fund options over multiple providers including private equity vehicle and property investment arm as part of walsh group | Standard | initial: 5.25% FUM: 1% usual fund fees with max 0.5% on top |
| MC Financial | 2.85 | 25 years’ experience in financial planning with expertise in Mortgages, Pensions, Income Protection, Life Insurance | NA | Standard | NA |
In this category the most important thing is the investment performance. The advice from your advisor will play a big part in the investment decisions you make. Gallivan Kennedy’s performance in the last 5 years has outstripped the other advisors we have reviewed and the market in general delivering 7.2% returns pa versus 6.4% in the market overall.
Gallivan Kennedy also perform well on cost for funds in the more typical range of €50K up with 0% upfront fees and 0.5% pa ongoing, so for a fund of €250K the yearly fee works out at €1,250.
The fund selection including Zurich life covers all mainstream needs as well and their policy of ensuring they get the same commission from all funds mean you avoid the potential conflict of interest that arise with some commissioned advisors.
The combination of leading competence, comprehensive mainstream offerings, flat commission and percentage based fees on-going only makes Gallivan Kennedy a good choice for most people looking for mainstream financial advice.
Best financial advisor for DIY’ers
If you are an experienced investor or are comfortable with managing your money without financial advice then a self directed investment platform or roboadvice platform may be a better fit for your needs. Roboadvice platforms available in Ireland are limited currently, so the best option currently is probably a self directed investment platform.
As you are making your own decisions then your best option will be a comprehensive platform giving you the flexibility you need, coupled with on-going low charges.
There are many options available offering varying degrees of comprehensiveness and cost, including degiro.ie, interactive investor and davyselect.
4 things to look out for when choosing the best financial advisor Cork and Munster
The quality of advice you receive can make a big difference to your financial outcomes and therefore your life outcomes. So it is an important decision which is worth researching carefully.
There is a wide variety of advisors and advisor types out there, here are some key things to look out for.
Are they competent?
Is the advice you are going to get any good. Although it’s by no means perfect, the best way to judge this is on their track record. For example, how have the funds they have invested current clients actually performed versus the market. What is the experience of the advisor and investment team.
Are they comprehensive?
If they are a multi, restricted or tied agency what range of options do they have available. Have they got access to a wide range of funds and how did they pick them? It might be that they are only restricted in products that aren’t relevant or that they have weak options where it matters to you.
Are they compromised?
In Ireland commissions are still allowed, but commissions have to be shared with clients. Does the commission your advisor receives potentially sway their advice or does it align with your interests as a customer?
Are they cheap?
Given the importance of getting good advice and its potential impact on your financial outcomes, this is the least important of the 4 factors. However, if the advisor is competent, comprehensive and not compromised why not drive a hard bargain before signing up? Often advisors have some flexibility on the pricing they first propose to you.
How do moneysherpa rate Cork and Munster financial advisors?
At moneysherpa, we weight the 4 criteria above, plus some additional ‘hygiene’ factors to come up with an overall recommendation score for each advisor in your area.
- Competence (40%): Based on past performance and advisor experience.
- Comprehensive (30%): Based on access to the best funds and financial instruments.
- Compromised (20%): Based on the alignment between your interests and the advisor.
- Cheap (10%): Based on pricing data collected by the moneysherpa team.
Hygiene: Based on authorisation, indemnification, complaints data and qualifications
To feature on our best financial advisor lists agents have to pass all of our ‘hygiene’ tests.
Best financial advisors Cork and Munster, the verdict
Whether you are a DIY’er, Validator or Delegator we hope this article helped you cut through the fog around financial advisors in Cork and Munster and help you choose the right option for you.Overall, for delegators and for validators with more mainstream needs Gallivan Kennedy came out on top as the overall best financial advisor Cork and Munster. Establishing a clear lead in the ratings with their strong performance proof points and strength of their investment team.
All this makes Gallivan Kennedy a good choice for the majority of people looking for financial advice in Cork and Munster.
We made it easy for you to get in touch with all of our recommended advisors by going to our recommend advice contact page here
