I wanted to be a teacher, but financial advice came calling... so I’m teaching about money!

She wanted to be a primary school teacher, but Sarah McGurrin’s career took an unexpected turn and she is now a leading adviser at finance firm Orca Financial, trading online as Oomph.ie.

You offer financial advice. How badly do people need it?

Since the recession people are more interested in finance and we have made huge strides in educating the public. Information is now more easily accessed on the internet but it is also important to contact certified financial planners before making decisions.

How was the recession for you?

Tough, like it was for everyone else. I had a house in large negative equity like many others. To add insult to injury, because of the nature of my business, people lost confidence in investments and because they were cautious with their money, they looked at life cover and income protection as almost a luxury.

Charging commission for advising on investments was banned in some countries. Doesn’t it compromise the adviser if they are paid by the firm they recommend? What do you do?

We offer a choice (of paying through fees or commission) to all our clients. The removal of commission in the UK market had negative effects to the public accessing independent advice because they could not afford the fees. They were driven into the arms of a bank-advice type model which is tied to one company’s products. I think it is important to be able to offer our clients the choice and make sure there is clear transparency for them and they understand these choices. The removal of choice can have unintended consequences and we need to learn from these.

Who have you come across who has been most in need of advice ?

A person’s spouse had passed away and there was not sufficient life cover in place. The surviving spouse had no idea how to manage whatever funds the family did have. Then it became apparent that the surviving spouse had no life insurance protection policy either. Orca was able to put that right.

Do you come across financial issues that particularly affect women?

With career breaks, maternity leave etc. there can be years missing from pension funding. It’s also important to realise that life assurance on a mother in a family is crucial, in the case that she dies before her husband. It will cost the family quite a lot of money for post-school childcare etc. – which cannot be calculated before the event.

How did you end up working in Orca Financial?

I always wanted to be a primary school teacher. I was doing my degree at night and in order to fund that I started working in Orca. As they say, the rest is history… all my teaching plans went out the window and I am still loving my job 13 years later. Maybe I could still say that I am in a teaching role, because I teach people about their finances.

What development would like to see most in finance?

European banks can lend at rates circa 2.5% for the length of the mortgage, which is a huge benefit to homeowners. I would look to bring in lifetime fixed mortgage rates giving homeowners the ability to budget more accurately and have certainty for their repayments into the future. Obviously, this is not a one-size-fitsall solution but I believe would be a great option for some.

Best holiday ever?

My now husband brought me on a surprise weekend trip to New York for my birthday five years ago. I had a notion from the movies of what it would be like. It didn’t let me down one bit!

Worst job?

As a teenager, I took a job picking strawberries – it sounds great but there were very, very long days with little pay.

Guilty treat?

Trashy TV – it helps me to switch off... Kardashians, Big Brother etc.

Most expensive thing you’ve bought?

I would have to admit that it was a TAG Heuer watch. I really wanted it and it is important that you treat yourself – occasionally!