This is the Final Week of our series of we ask our experts posts. This week we had a virtual sit-down with Finplan CEO & Founder Ross Harrison. We sat down to look at the mortgage industry and see what advice he has for buyers in Ireland. Whether you’re a First Time Buyer, want to Remortgage or it’s time to Move Home, Finplan are here to make it simple.

We hope you enjoy the following feature, there are many helpful takeaways.

Finplan
Ross Harrison/ CEO & Founder

Today’s post is all about Mortgage Advice Services as we speak with Finplan CEO Ross Harrison.

Tell us a bit about your company.

Digital Mortgage Advisor, helping people pay less for their mortgage.

What would be your top 5 saving tips for a 2021 ‘sunny day fund’? 

1. Put the money into a savings account the same day you get paid.
2. Automate it (set up a Direct Debit or Standing Order).
3. If saving every month is new to you, start with a manageable amount and gradually increase it every month.
4. Once you hit a reasonable target savings amount, work on other areas of your personal finances (paying off short term debt, savings for other goals, retirement etc.).
5. If you have any personal loans consider putting some of the money you save every month off those loans (The Banks and Credit Unions pay near zero on your savings but charge 7% plus on personal loans).

What tips would you have for rebalancing budgets due to a reduction in work and how to soften the effect on households? 

Know your basic monthly outgoings. Break it down into 3 categories:

1. Essential.
2. Nice to have.
3. Can do without.

If your essential outgoings are greater than your income, seek professional financial advice straight away. See what arrangements you can make with Banks, Landlord, Utility Companies etc. There are ways to solve it if you take the time to do up a plan and engage.

Although this is a time of disruption, would you agree that it is also a time of opportunity?

Yes, remote working has created a new lifestyle for workers in many industries and created many good opportunities. On the flip side, some sectors such as retail and hospitality have been affected really badly. Hopefully, opportunities for the worst affected sectors emerge during the year.

What would be your top tips for people planning home improvements or buying a property in 2021?

For home improvements, do up a budget, get your costings and then work out the best way to pay for it (using savings, personal loan or remortgage). Get references from your preferred contractor or tradesmen’s previous jobs. After agreeing on costs and spec, agree on a work schedule (in writing). This should include what will be done at each stage and the estimated timeframe to complete each stage. Agree on how much you will pay at each stage of completion. If a stage isn’t completed, adjust or postpone the amount you pay until it’s completed. Have a contingency fund for unforeseen work and overruns.

If you are buying a property, for your mortgage, do not limit your choice or research to your current Bank. They can only sell their product and will not tell you if a better deal is available elsewhere for your circumstances. Consider talking to a mortgage advisor/broker who can advise on multiple lenders, they will likely save you lots of money and avoid headaches with the application process.

Beware of the Cashback mortgage deals. You typically pay a higher interest rate for those deals. There are cheaper options available if you don’t require cashback, so take advice and make an informed decision.

Have you noticed a significant impact on mortgages and the housing market? 

Demand for mortgages is high at the moment, and there are not enough houses available. Lots of people renting want to buy as the monthly mortgage repayments are usually cheaper than rent.

With people being able to save more every month and the lack of supply, this is pushing prices up.

Have you noted any trends within the housing market and the availability of properties? 

People are bidding on and buying houses without seeing them. The time from advertising to sale agreed is taking as little as 2 weeks in high demand areas.

Some of the properties currently going up for sale are from investors taking the opportunity to offload properties bought in the downturn. The condition of these properties can be very poor, online viewing and bidding is helping these investors get prices they could only have dreamed of pre covid.

There is a huge lack of supply for 3-bed and 4-bed family homes.

What is the number one thing you wished people knew about your company? 

Anyone that has a 20 minute call/consultation will be better off financially for the rest of their lives (even if they don’t do business with us).

How can the financial services market best rise to the challenge / How has your business changed in the last year?

Financial Services companies need to make it easier for customers to do business remotely.

We have been applying a digital and paperless business model since March 2019. The impact of Covid just sped the Banks and lenders up in accepting it as the norm.

We are seeing more Banks and Insurance Companies start to accept electronic signatures and digital applications, so this is making it easier for people to do business.

What is the most positive thing to have happened for Finplan in the last year? 

Partnering with a large US tech firm to deliver impartial mortgage advice to their staff based in Ireland. This was as part of the company’s overall employee benefits package.

If you could go back 12 months, what piece of advice would you give yourself?

Be relentless in reviewing and testing client engagement and all the interactions and experience. We are continuously looking for ways to make it easier for our clients to engage and improve our customer experience. There are always small improvements you can make. The mortgage industry and Banks usually do what makes it easy for them instead of making it easier for their clients.

If you have any specific questions regarding Finplan and how they can help you, please let us know and we’ll pose these questions on your behalf. Alternatively, please visit finplan.ie/

Daffodil Day is the Irish Cancer Society’s main fundraiser. It takes place each year in March and raises millions of euro to support cancer patients and their loved ones by providing free advice and support, as well as by funding life-saving cancer research. Due to the adaptations needed in 2021, fundraising looks a bit different this year! While there is no shaking of buckets and daffodil badges there are other great ways to contribute to this amazing cause. The Call Pal & Gray Office Park team are aiming to raise €1,000 for the Irish Cancer Society through a raffle. We have organised a superb prize for one lucky winner on this Daffodil Day. 

Raffle tickets prices are as follows: 1 ticket – €5, 3 tickets – €10, 8 tickets – €20 and 25 tickets – €50.

The prize includes a one-night stay in the stunning g Hotel, with dinner. The g Hotel is a luxurious, glamorous and inspirational 5-star destination. Perched along Ireland’s legendary Wild Atlantic Way, you will be five minutes from the vibrant and cultural hub that is Galway city. You could enjoy some Afternoon Tea or some incredible cocktails in the enchanting Signature Lounges, while you gaze out over Lough Atalia. Then you can enjoy the mouth-watering delicacies that come from the g Hotel’s AA Rosette winning kitchen. Finally, complete your stay with the highlight of the day, as you step through the door of your beautiful bedroom. Sit back, relax and experience the lavish luxury that makes a visit to the g Hotel so magically memorable.

The next prize our lucky winner will receive is a Cloon Keen candle. Cloon Keen is a uniquely Irish perfumer. Cloon Keen takes its name from an area steeped in history and nature, with its origin in the Gaelic ‘Cluain Caoin’, meaning ‘splendid meadow’. The creators of the Cloon Keen candles believe that the right scent can create a world of its own, it can transport you, through imagination and memory, to the past, to a place – real or imagined, to a mood and a way of feeling. The inspiration for Cloon Keen is Ireland and, more specifically, Galway, Connemara and the West. The candles are hand made in Galway. Oils come from renowned growers who share the same passion for place. They know how weather, soil and the seasons can all affect the scent of raw materials. This is part of the magic.

To top off an already stunning prize are the Butlers Chocolate Easter Eggs and Goodies. Butlers Chocolates is an Irish owned manufacturer of luxury chocolate and chocolate products which operates from a production facility in North Dublin, founded in 1932 by Marion Bailey. Butlers is Ireland’s premier family-owned firm dedicated to the craft of exceptional chocolate-making. Every day, their team of devoted chocolatiers creates unforgettable experiences for you to discover and savour.

To enter this raffle, all you have to do is make a donation to the Irish Cancer Society at: https://www.idonate.ie/raffle/ICSCallPal

This week we had another virtual sitdown with BKRM Nexus Director Ciara FitzGerald, a Chartered Accountant and Qualified Financial Advisor. We sat down to take a look at the financial industry, what advice she has for Irish businesses and in general. BKRM Nexus, established in 1981,  are Accountants, Registered Auditors & Business Consultants that are experts in helping you form and build a successful business.

We hope you enjoy the following feature, there are many helpful takeaways.

BKRM Nexus
Ciara FitzGerald / Company Director

Today’s post is all about Accountancy Services as we speak with BKRM Nexus Director Ciara FitzGerald.

Tell us a bit about BKRM Nexus

BKRM Nexus is a firm of professional Dublin Accountants. We provide a full range of accountancy and advisory services to individuals, sole traders and companies. We are based in Blackrock, Dublin.

We have been in business in Dublin since 1981, our team is comprised of both experienced partners and young talent. We’ve got experience, energy and drive. We are approachable and friendly too!

We provide a wide range of services from audit and accounts preparation, payroll, VAT, bookkeeping and taxation and wealth management advice.

Any tips for businesses having gone through a major upheaval that might be experiencing financial difficulties?

Take stock of your business. What are the businesses biggest challenges, what strengths does it have and what are the potential opportunities? Figure out how to address the challenges to minimise impact, applying the strengths your business has to also exploit opportunities the current crisis has created.

We have many clients who are surviving the current crisis by pivoting their businesses and thinking of new ways to generate income where they can, whether this is a move to selling their products online to providing take-aways.

We have been there for our clients to help guide them through this phase, we have helped them improve financing by availing of the various government schemes available.

Why in your opinion should start-up businesses use an accountant?

Start-ups should absolutely engage an accountant! There is a lot to consider in starting your business

A person might be so focused on product development and marketing that they forget the financing and compliance side. There are a lot of legal and regulatory pitfalls that can result in unnecessary costs for an already underfunded start-up.

We can help by managing the compliance and regulatory side so that the business owner can focus on the growth of the business.  We can also offer advice on the marketing and sales plan, we can prepare budgets and cashflow projections which are invaluable in providing focus to a business owner as well as being a tool for monitoring business performance.

Many people are of the opinion that we will be entering the roaring 20’s once the vast majority of the world is vaccinated as many people have not been able to spend their disposable income. Would you agree?

I think this could be true for certain sectors of the economy but for other sectors, like travel, entertainment and hospitality, there is still massive uncertainty over the continued duration of world-wide government restrictions and there is no clear timeline for some companies to plan. How long these restrictions go on for will dictate the likelihood of survival. Only those that have been able to avail of government or outside assistance and those with sufficient reserves are likely to be able to sustain the prolonged restrictions.

But one thing will always remain true: that the laws of supply and demand will prevail. Once the economy opens back up, the demand for services like travel, entertainment and hospitality will increase and this means that existing companies will be able to take advantage and newcomers will enter the market to replace those that didn’t make it.

For people that have saved over the past 12 months, would you encourage them to invest or start a pension?

Cash is not a good investment at the moment. Nobody is earning deposit interest and in fact, some institutions are charging negative interest for keeping large amounts on deposit. For this reason, it may be worth considering investing some surplus cash as you are likely to earn a better return than if you kept it in your savings account. A lot of people resist investing their money as there is always a risk that your investment won’t perform, and you could lose your shirt. However, if you have cash on deposit that you don’t need access to in the short-term, it may be worth engaging an investment professional to guide you through the process of investing your money. These professionals will assess your risk appetite along with your long-term and short-term financial goals and will advise on the best plan of action for you.

Investing in a pension is always a good idea. Though you won’t be able to access it until you retire, it will provide a valuable source of income later in life when you no longer earn a salary. A person can also get tax relief on pension contributions made in a year up to a certain limit so it will also reduce your tax bill!

Although this is a time of disruption, would you agree that it is also a time of opportunity?

As Winston Churchill said: “Never waste a good crisis”. With change, there is always opportunity. That’s why so many businesses have been able to survive these prolonged restrictions because they have been able to identify and exploit opportunities and make them part of their business plan.

How has your business changed in the last year and will any of the changes you made during Covid be made permanent?

We were lucky in that we had developed systems to enable us to work remotely before the pandemic so the switch to working from home was pretty seamless. One of the biggest challenges has been supporting our client base whilst also maintaining our cash flow and quality of service. I think that Covid has forced us to become better communicators. We haven’t been able to meet our clients face-to-face and we have had to improve our communications through telephone, Zoom and email. That is a skill that I think will stick with us.

What is the most positive thing to have happened for BKRM Nexus in the last year?

The pandemic shook up the status quo. It forced us to take stock of our own business, identifying strengths, weaknesses, opportunities and threats so that we could position ourselves for survival first and foremost but also for potential growth. We have become more focused on business development and we monitor performance on a weekly basis.

What is the number one thing you wished people knew about your company?

That we are more than just accountants. We see ourselves as your business partner. We are invested in the growth and development of your business and can provide advice in this respect. We aren’t just number crunchers, we are like a doctor reading an x-ray, providing you with information to make critical business decisions.

If you have any specific questions regarding BKRM Nexus and how they can help you please let us know and we’ll pose these questions on your behalf. Alternatively,  please visit https://www.bkrmnexus.ie/