Site offers advice on stock-picking

FORMER MERRION Stockbrokers executive Rory Gillen has established a new business offering stock market training and stock picks to personal investors.

The InvestR Centre (investrcentre.com) operates principally through a website to which investors subscribe if they want Mr Gillen’s advice. The site features detailed information on investment approaches as well as weekly comments on events in the markets and other publications.

Mr Gillen promises to provide members with the ability to select a portfolio of stocks in three markets: the US Dow, the FTSE 100 and the Iseq. The site includes information on how his direct investment approaches have performed in the past, and guides members towards indirect investment options. Stock-picking models will be updated each week. Subscribers are charged €99 for annual membership.

Mr Gillen’s site does not provide the facility to purchase investments, and so he does not receive commission from any party whose product he highlights. He argues that this differentiates his offering from those of financial advisers or stockbrokers, who receive income based on sales levels. “Most professional services are fee-based, like accountants, tax advisers, solicitors and doctors, and this ensures that they are on the same side as the client. Why should financial advice be any different?” he asked.

The business offers face-to-face personal advice to those who prefer it, but this will involve a charge of €200 for two hours and €100 per hour after that.

Mr Gillen has provided stock-market training for four years, hosting seminars while at Merrion, and building the business after leaving. He said the idea emerged after it became clear “Joe Public” investors at times needed more than seminars.

Would-be investors needed to judge their appetite for risk, Mr Gillen said. Those with a greater tendency to panic may be better suited to exchange-traded funds than managing a portfolio of individual stocks. His approach, he pointed out, was about “investment, not speculation”.

The business has authorisation from the Financial Regulator.