A survey by one of the life companies has revealed that 9 out of 10 people in Ireland were not aware that financial reviews can be done by video call. Many of those surveyed would be in favour of doing a review this way. Some of the reasons cited were: personal safety – no risk of COVID-19, convenience – no driving or parking to meet, easy to arrange, and time saving – no journey to and from a meeting. The feedback from those that have availed of this service was also very positive.
Why video and not just phone call?
It is often said that communication is about 20% what you say, 30% tone and 50% body language. It is far easier to understand what someone is explaining when you can see them. The reverse is also true, it is easier to gauge the pace of how you’re explaining something when you can see the reactions of those you’re talking to. Also, screen sharing gives the ability to display a variety of graphics, screens or documents from both sides.
So what kind of things can you cover in a review? Most aspects of your current, future and unexpected income and expenditure. Your day to day budgeting, planning ahead for the short, medium and long term. Planning for unexpected events with things like life cover, serious illness cover and income protection (and making sure you are not over paying for existing plans!) Calculating what you may need in planning for retirement, including looking at anything you may already have in place. For anyone considering getting a mortgage in the next 1-3 years, knowing how to plan ahead of an application can make a significant difference in getting mortgage approval. Overall, keeping you up to date and in control of your finances, rather than leaving your finances in control of you. It could be the most important video call you make this year!
Dave Kavanagh QFA has been advising people financially for over 25 years. For quotes or information (with no cost or obligation) he can be contacted by emailing email@example.com or use the contact form on www.financialcompanion.ie or phone 087-6414570. Combined with his previous role of gym/nutrition adviser, he regularly gives talks and workshops at seminars and events for groups, companies and government departments on financial wellbeing, positivity and motivation. As heard on RTE 2FM and TV3.