Wicklow businessman Duncan Duke has been announced as President of Brokers Ireland following the company’s AGM in Dublin last week. ‘
Duke is a founding member and Director of Inverdea Financial Services, Bridge Street, Wicklow which won Leinster Broker of the Year 2018 at the Life, Pensions & Investments Awards.
Speaking after his appointment, Duke said he is looking forward to leading the 1,250 strong member organisation, but mentioned that there is little evidence to suggest that consumers have learned much about the value of good financial planning following the financial crisis.
“As Brokers we have the capacity to infinitely improve the lives of people, enabling them plan their financial futures, enjoy the fruits of good planning and the psychological advantages and sense of wellbeing it brings.
“The crisis may have made people more risk averse but that doesn’t mean they are taking positive action to plan their financial futures, and that is absolutely critical for people to do,” said Duke.
He continued to mention the housing shortage, combined with high rents, was making planning more challenging for many, particularly those in their 20s and 30s.
“Regardless of such challenges, more because of them, the need for financial planning is even more acute. The irony is, while they are, their savings may be eroding. Once the rate of inflation which reached a seven year high of 1.7pc in April exceeds the interest rate you are getting on your savings, it‘s eating into your principal sum.
“The bottom line is everyone, regardless of age or circumstance, needs to think about what they want for the future. And detailed financial planning is the road map for getting there,” concluded Duke.