Do You Need Financial Advice? When To Get It, When Not To Get It Discussion Area

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  • gowgowuk
    gowgowuk Posts: 409 Forumite
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    Hello,

    I am after general advice for retirement planning (financial health check, affordability of early retirement) but also tax advice. My situation got slightly complicated since I have inherited this year from my father back in Belgium and now have cash, investment funds and part of a house over there, and need advice about the best way this to deal with it and declare it the tax office here.
    Do you think any IFA would be able to help, or should I seek specifically someone specialized in tax planning and assets and investments abroad?
    The problem is when I use the IFA search facility on the above article, and look at the individual IFA expertise, I don't seem to see anything about tax, or international assets.

    Many thanks for any advice
  • saverjustice
    saverjustice Posts: 192 Forumite
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    Congratulations and the best of luck. I don't know any small IFA who would be fully au fait with your situation but they often refer part of the work to someone who is considered an expert in that particular field. I know hundreds if not thousands of IFAs in the UK so if you tell me where you are I can point you in the right direction.
  • candela
    candela Posts: 1 Newbie
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    I am confused about how much I should be paying for financial advice. I have been a given a quote fro advice and recommendations on my investments of 3% of their value , plus implementation fee of 1% plus managemnt service fee of 1%. As i am a cautious investor (risk adverse) i am concened that the amount I pay will end up being less than what i will gain from the investments. I am not looking to make huge income, just want to rationalise my investments as they are scattered and I havent had much advice. just dont want to lose what I have in unstable financial market. what are your thoughts?
  • gowgowuk
    gowgowuk Posts: 409 Forumite
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    saverjustice wrote: »
    Congratulations and the best of luck. I don't know any small IFA who would be fully au fait with your situation but they often refer part of the work to someone who is considered an expert in that particular field. I know hundreds if not thousands of IFAs in the UK so if you tell me where you are I can point you in the right direction.

    Hello,
    For some reason never got a "reply alert" for this! Thanks for replying! I am in Edinburgh.
  • dunstonh
    dunstonh Posts: 116,374 Forumite
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    candela wrote: »
    I am confused about how much I should be paying for financial advice. I have been a given a quote fro advice and recommendations on my investments of 3% of their value , plus implementation fee of 1% plus managemnt service fee of 1%. As i am a cautious investor (risk adverse) i am concened that the amount I pay will end up being less than what i will gain from the investments. I am not looking to make huge income, just want to rationalise my investments as they are scattered and I havent had much advice. just dont want to lose what I have in unstable financial market. what are your thoughts?

    Starting with the easiest, the ongoing tends to range from 0.5% to 1% depending on the amount invested (the more you have, the cheaper it gets).

    Initial when using % needs to be context. 3% on £10,000 is cheap. 3% on £100,000 is expensive. With initial, you look to pay around £500 to £1500 for mainstream. Complicated stuff could be more.

    Some firms may focus on high net worth and price smaller stuff high on purpose. City firms tend to be more expensive than rural. Some can be greedy. So, you do need to shop around a bit.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • mascotty
    mascotty Posts: 12 Forumite
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    Hi guys,
    I am getting worried regarding my finances, or lack of, is there anyone I can go to apart from CAB, as I need someone to personally take over my life, financially as I thought I could get myself out of debt but getting more and more into debt, I know the amounts may not seem a lot but it is in my eyes, I took out a loan to cover all debts but couldn't get a full one, I did pay off a few of the debts with the money and due to the payments I am paying back am back to where I started, they wont give me a whole amount to cover everything so I can make one payment a month for the loan and am stuck...I know there was a tv series regarding debt and going round to the people and getting them out of debt with the advice and correspondence and feel I need one of those people, preferably not on tv, but you know what I mean, please can someone help and advise me, I hope this is the right forum
    Regards
    Mark
  • badger09
    badger09 Posts: 11,209 Forumite
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    mascotty wrote: »
    Hi guys,
    I am getting worried regarding my finances, or lack of, is there anyone I can go to apart from CAB, as I need someone to personally take over my life, financially as I thought I could get myself out of debt but getting more and more into debt, I know the amounts may not seem a lot but it is in my eyes, I took out a loan to cover all debts but couldn't get a full one, I did pay off a few of the debts with the money and due to the payments I am paying back am back to where I started, they wont give me a whole amount to cover everything so I can make one payment a month for the loan and am stuck...I know there was a tv series regarding debt and going round to the people and getting them out of debt with the advice and correspondence and feel I need one of those people, preferably not on tv, but you know what I mean, please can someone help and advise me, I hope this is the right forum
    Regards
    Mark

    You'll get some help if you start a new thread here

    Good luck

    http://forums.moneysavingexpert.com/forumdisplay.php?f=76
  • Savingsnovice
    Savingsnovice Posts: 1 Newbie
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    Should be very grateful for any recommendations or advice in seeking an IFA in Edinburgh (or Glasgow). Also any tips on what questions to ask when having preliminary consultation. Seeking to have sum, c. £500000 invested in managed funds, also someone in family looking to set up personal pension (aged late 20s).
  • aajax42
    aajax42 Posts: 65 Forumite
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    Charges are of course a concern, but results are far more important surely. How do you find that out?
  • bowlhead99
    bowlhead99 Posts: 12,295 Forumite
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    aajax42 wrote: »
    Charges are of course a concern, but results are far more important surely. How do you find that out?

    By asking someone with the exact same financial circumstances as you, who used the adviser over the next twenty years, how they got on. Unfortunately it will take twenty years to get the answer.

    You could ask for references from previous clients who had the same goals as you. But how do you know that those clients, who you don't know, know how to distinguish a good adviser from a bad one and would know whether the results were good or bad given the circumstances, economic conditions and tax law of the time (which will likely differ from the ones you face over the next decade or two) and whether the result was luck or judgment? You may need to interview a thousand happy (and unhappy) customers before you get a statistically useful sample of "results".
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