New President For Brokers Ireland
Brokers Ireland has appointed Duncan Duke (pictured) as President following its AGM held in Dublin. Duncan Duke is a founding member and Director of Inverdea Financial Services in Wicklow which won Leinster Broker of the Year 2018 at the Life, Pensions & Investments Awards.
He is also a strong advocate for the ‘Financial Broker’ concept, designed to enable consumers better understand financial planning and what it entails. Speaking following his appointment he said he is looking forward to leading the 1,250 strong member organisation. “As Brokers we have the capacity to infinitely improve the lives of people, enabling them plan their financial futures, enjoy the fruits of good planning and the psychological advantages and sense of well being it brings.”
However, he said there is little evidence to suggest that consumers have learned much about the value of good financial planning following the financial crisis. “The crisis may have made people more risk averse but that doesn’t mean they are taking positive action to plan their financial futures, and that is absolutely critical for people to do,” he said.
He said the housing shortage, combined with high rents, was making planning more challenging for many, particularly those in their 20s and 30s. “Regardless of such challenges, more because of them, the need for financial planning is even more acute,” he added.
And he pointed out that Central Bank figures suggest that Irish savers are keeping the balance sheets of banks in a healthy state. “The irony is, while they are, their savings may be eroding. Once the rate of inflation which reached a seven year high of 1.7% in April exceeds the interest rate you are getting on your savings, it‘s eating into your principal sum.”
He said several studies in Ireland and elsewhere have found those who have used a Broker have nearly double the savings and investments of those who don’t, are more than twice as likely to have a pension and feel more financially confident. “The bottom line is everyone, regardless of age or circumstance, needs to think about what they want for the future. And detailed financial planning is the road map for getting there,” he said.
