Economist’s warning at launch of new-look website for Galway business

The upsurge in the property market is only gaining renewed momentum – but one economic guru is already predicting that the tide will turn again as soon as three years time.

Irish Life Investment Managers chief economist, Lenny McLoughlin, was speaking at the City Life Galway seminar in The Ardilaun Hotel recently.

Celebrating four years in business, City Life Galway organised the event to thank its clients and officially launch its new website, www.citylifegalway.ie.

The seminar was also a chance for clients to hear about a new line of investment portfolios and benefit from expert advice about the economy, the Budget and tax issues.

Mr McLoughlin gave an overall positive assessment of the property market as well as the economy.

“The Irish recovery is outpacing the rest of the Eurozone, and the economy looks set to grow by four to five per cent in the next couple of years,” he said.

Property has also been ‘exceptionally strong’ in the last couple of years – and will remain so for the next two years at least, said Mr McLoughlin.

But he warned that, by 2018, “we will have seen the best of the current cycle”.

City Life Galway managing director and certified financial planner, Pat O’Dwyer, reflected on the last four years – trying to establish a new business in the toughest of trading times.

“We received the licence from the Central Bank on November 7, 2011. Many suggested I was mad to set up a business in the throes of an economic recession. In many ways I was, but there were so many who needed help in those days with their financial matters,” said Mr O’Dwyer, who has more than 25 years’ experience in financial services.

Mr O’Dwyer previously worked with Standard Life as a business development manager before going on to co-found City Life Galway along with Ted and Eamon Dwyer of City Life in Cork.

Reflecting on his 40 years as a financial advisor, Ted Dwyer, founder director of City Life Wealth Advisors, described how he started the business in 1971 “on a wing and a prayer” and that he is delighted to see it evolve and grow.

He said: “I didn’t have much money when I started. I got €3,000 from the bank manager in AIB… In 2008, the economy collapsed and it was a most traumatic time for us, and our customers. However, I believe problems often create opportunities; it’s the only concept that will keep a businessperson sane when all hell is breaking loose.

“We made positive changes to the way we do business. All our customers know now, and at all times in the future, why and where their money is invested… None of our customers have all their eggs in one basket.”

Based at 17 St Mary’s Road, City Life Galway provides services in financial planning, risk assessment, investment management, pension advice, life assurance, income protection, and business protection.