Wealth consultancy to expand six-fold

FINANCIAL CONSULTANCY Power Wealth Management has announced that it is expanding its staff six-fold. The Sandyford- based company, which was established in 1997 by Séamus Power, employs six people but intends to hire an additional 30 staff. The company will be recruiting full-time financial advisers, and “business-generation” or networking staff whose main role will be to source new customers.

Former ACC executive Eddie Kingston, who joined the company as director of business development earlier this year, said now is an ideal time to expand the company. “We feel that we are offering something new. A lot of the bigger institutions offer wealth management services, but really this is a misnomer. What they really do is sell products. We are offering a more flexible, and information- focused approach.”

Mr Power said his company is distinguished from others by a unique investment strategy called Accelerator. “Initially we invest in a cash fund, feed from that cash fund 10 up to 30 per cent in each month, depending on the level of risk required by the client. In this way we provide a ‘floor’ below which the investments will not drop,” said Mr Power.

A key element of the strategy is that clients are given a quarterly update on how their funds are performing. “This allows us to keep the strategy in check in consultation with the customer. Often bigger institutions offer clients a long-term, fixed-term plan that gives customers few options during the term of the plan, and rarely keeps clients informed about how they’re performing.”

People now want more information about investments. “They want to know why we want to put their money in equities and want to be told in three months’ time whether it was the right move and what we should be doing next.”