Everyone should try out financial planner to make best of earnings

IRISH rugby legend Devin Toner has no regrets after retiring from the sport he loved – though he might start when the Autumn Internationals start. He booked a financial consultation with PAX Financial Services to work out a new path in life – and he found it pretty quickly. He joined the firm’s ‘line-out’ as a financial adviser himself. Devin wants to defuse the myth that ‘only wealthy people use financial planners’. His ambition is to break that stigma and give ‘sound, accessible advice to everyone’.

Enjoying your retirement?

So far I’m enjoying it very much, I’m not missing rugby at all yet. I didn’t find it tough as I had done it for 17 years so I was prepared for it. When the Autumn Internationals come around and the Six Nations I think I might start to miss the big games though.

Congratulations on joining your new team – PAX. Why financial services? Why PAX?

I find it a very interesting and exciting sector to be honest. I had actually booked in for a consultation with Paul about my financial future after rugby and we quickly built a relationship. An opportunity arose that I didn’t think I could turn down. It’s a very exciting time for PAX also after the acquisition by Fairstone so it’s a great time to get into the company. My role is Head of Partnerships, so building relationships with current clients, and trying to broaden our reach into the corporate world through partnerships. I’ll also be the man in touch with all of the accountants and tax advisors that we work with who they can refer their clients to.

Do we need to be a bit more financially savvy?

Maybe not savvy but more financially educated. Learn more about pensions, savings, investments, how to make your money work for you. In general, people in Ireland fear talking about money or getting support or advice. AskPaul was created in the first place to offer everyone access to information to help them make sound decisions regardless of their career or income.

Are sports people financially educated?

Some are, some aren’t. I think there definitely should be some more education about pension planning and investments. I think they should look at what they can realistically save every month and put half into a pension and half into an investment savings account so it can grow.

Will you advise sports pros yourself for PAX?

I’ll advise anyone who needs help. I have a lot of friends still playing so if they need any advice, we’re here.

What’s PAX all about?

Here at Pax and AskPaul, we work with people from all walks of life. There’s a perception out there that only wealthy people use financial planners. Our ambition is to continue to break that stigma associated with financial advice and continue to provide sound, accessible advice to everyone. Our proposition also focuses on lifetime financial planning through cashflow modelling rather than selling individual products.

What are our biggest downfalls financially?

1. Believing that only wealthy people need advice.

2. People not protecting their income. Everyone insures their home, car, pets, gadgets, but not their biggest asset – their income.

3. Saving money long-term in a bank.

What do you see yourself bringing to the table?

I didn’t join the company as a brand ambassador and I won’t be doing any advising. We have so many much more qualified people than me to do that. I love the ethos of AskPaul which is all about inclusion. If I can help raise the profile and bring it more people than that’s a plus.

Are you going to have a go in business yourself – i.e. investing in a company or companies?

If something crops up I’ll definitely have a look anyway. Right now I’m focused on Pax and AskPaul.

Are there parallels between sport and business?

There are a lot of similarities between sport and business, the main one being teamwork and communication, if they aren’t there then nothing works.

What was your best financial year?

2018 wasn’t too bad with the Grand Slam and doing the double with Leinster.

Top tips for getting through this winter’s prices crisis?

Shop around your providers and see if you’re getting the absolute best price you can.

Best financial tips overall?

Create a spreadsheet with all your direct debits, standing orders and subscriptions. Know where all your money is going. So many people don’t know all their bills every month.

What was your own best financial decision?

By starting a pension early and maxing out the contributions

And your worst?

Not having my head screwed on in my early twenties and not starting a proper savings investment account.