Deirdre and Paul take mystery out of finance

City Lives – Bernie Ní Fhlatharta meets financial advisers Deirdre Costello and Paul Tarpey

It’s easy for people to tar all those working in the financial services with the same brush after the banking crisis of recent years but brokers like Deirdre Costello and Paul Tarpey never handled any client monies and don’t intend to.

Yet, they hear time and again, people saying things like “aren’t ye all the same”.

Neither Deirdre nor Paul of Costello & Tarpey Financial Services, blame people for thinking this but they both feel it’s time to set the record straight.

Brokers like themselves do not handle money, they have never lent money or approved mortgages — they are simply in the business of advising and securing the best interest rates or best investments for clients.

They have both worked in finance in their native Galway for a combined 30 years and they understand their customer base.

Paul, from Ardrahan, did work in banking in Dublin (he spent five years as a Wealth Manager with ACC) at the start of his career although, like Deirdre, his core interest now is in the broker business.

They are both grateful that public trust in the financial services appears to have returned, thanks in part probably to tighter regulations.

“What makes us different at this new(ish) company (it was set up four years ago) is that we speak in plain English, we explain the options and the client makes the choice.

“We are experts at what we do and just like people go to a doctor when they are sick, people should come to us when they need financial advice, such as for pensions, investments, mortgages or insurance,” says Deirdre.

Paul nods his head in agreement adding: “Life changes all the time for people from the cradle to the grave and unlike dealing with the banks where personnel changes all the time, we are not going to change.

“Ideally, we would like to see people with us throughout their lives so that a relationship of trust could be built up. Obviously, a single man or woman’s financial needs are different to a couple with a family, or to the requirements of somebody about to retire,” he explains.

They both come across as practical, friendly, down to earth people who despise the use of jargon and prefer to make clients feel at ease. And then there’s the importance of ensuring they are able to explain financial matters to people who are not au fait with the ins and outs of pensions, investments and other such transactions.

The company, which employs five in total at their modern offices in Briarhill Business Park, also has a backroom of specialists, as part of the Trusted Advisor Group. This large organisation provides specialist advice, something they can tap into if there’s a complicated matter.

But on a daily basis for both of them, it’s the routine stuff that keeps them in business.

“Many people assume that there’s life cover with their pension but there mightn’t be and in that case we advise on what’s best to ensure a spouse and family are taken care of in the event of death,” says Paul.

Brokers can take the legwork out of getting the best loan or mortgage deal, especially now when banks have decreased their local staff numbers and depersonalised the business of banking.

Again Paul adds: “There’s no guarantee now that the person you deal with in the bank today will be there the next time but we offer a more personal service.”

For more, read this week’s Galway City Tribune.