2 million - Where to save / invest?

dwsjarcmcd

The reasons to see an adviser are
- We don't know your parents age, risk profile and what they want to achieve? Is it capital growth or income, for example
- How is the £2m made up? Cash, property, shares etc.
- How long have they held their assets? Do they want to sell - Capital Gains Tax
- What about trusts? Do they have any and if so what type?

People could (although shouldn't recommend) where to invest/save, but in many other than simple bank or building society accounts, your parents will struggle to arrange their investments in a tax efficient way.

As to the cost, this could be done on a fee basis, with commission rebated, or on a commission basis. This could result in no direct costs to your parents anyway and no different terms than if you had gone to a provider direct.

One other important consideration is that a good IFA will manage the relationship with your parents regularly meaning that whatever is invested is reviewed reguarly to make sure it is achieving whatever your parents are trying to achieve.

David

aliasojo

Bumbles2 wrote: »

aliasojo wrote: »

Dont take this the wrong way you lot (cos I know you're good!) but would someone with 2 million in the bank REALLY look for advice on MSE? :rotfl:

Haven't you been following this thread at all? The money belongs to my parents. I misguidedly thought it would be easier to say 'I' and 'me' rather than explain the whole 'hows' and 'whys'. Obviously this was a mistake as the distrusting and jealous pounced on me.

I really don't see the problem in asking for advice whether the amount was 2million, 2 quid or 2 million in debt! This site is about getting advice and guidence without paying for it. Why should this situation be any different? Why pay for information when you could get just as good information for free? Isn't that why a lot of us are here? Geesh....you lot are unbelievable and clearly don't have enough to do with your time if you have to post negative comments here repeatedly.

AND in answer to your question.....YES someone with 2 million woud post here and the daughter of someone with 2 million would too. Happy now! quote]

Oh lighten up for gawds sake, I was only having a jest.

I dont give a toss if you're for real or not tbh, but if you are then I think you're very foolish.

I have no doubt that there ARE very rich people floating about here somewhere but to my knowledge, they wouldn't be here asking for advice imo. I would think they would look after their funds a little better than that.

Mmmm....2 million sat here....what to do with it?????

*Ping - light bulb goes on*...I know, I'll go ask some people I dont know on the internet. Better still, I'll make it a chat forum where the main focus is saving money, dealing with debt and how to get your debts onto 0% credit cards. I'm bound to find some similarly placed rich people to get some good advice from, there in amongst the poorer masses. :rolleyes:

Bless. Naivity at it's best.

Dont get me wrong....I've had some good helpful advice from this lot over the years but if I was dealing with 2 million I wouldn't be approaching people I didn't know (and could in reality be anyone pretending to be more knowledgeable than they actually are). I dont think many would do this either as it's such a strange thing to do (imo), hence the warning bells and the thoughts that you're either a liar or foolish.

I accept you are not a liar but you must see how unadvisable it is to be asking for advice in this way, surely?

However we are all different so if that's good enough for you...go for it. :T Just dont be surprised when you get these kind of posts, that's the beauty of the internet....you get all sorts of replies. They're not right or wrong....they are just opinions from people offering you alternative advice.

Get as annoyed as you care to, if it helps you defend your stance and helps you feel better.

If it were me....my next post would be something along the lines of

" Cheers guys, I realise now that I was being a bit naive and I appreciate the pointers, I'll get my parents to look into obtaining proper financial advice from someone who is party to all the pertinent details."

But like I say........we're all different. Good luck.

dunstonh

freddysmith wrote: »

I would say very few people on here could give advice on very large sums of cash. It could get quite complicated without proffesional help and they would have some kind of checklist to go through depending on individual short term and long term circumstances.

Even those of us that can, cannot do it on here. You cannot just post a few lines in a message and expect advice that is any good (same applies if it was £50,000 let alone £2mill).

Everyone on here is an equal nobody in the sense that you dont know who we are and you have no comeback if you act on posts on this forum.

Ignoring the comments that have followed and lets say advice was given based on what was said in the first post, every single bit of that advice would have been wrong because of the misinformation.

freddysmith

dunstonh wrote: »

Even those of us that can, cannot do it on here. You cannot just post a few lines in a message and expect advice that is any good (same applies if it was £50,000 let alone £2mill).

Everyone on here is an equal nobody in the sense that you dont know who we are and you have no comeback if you act on posts on this forum.

Ignoring the comments that have followed and lets say advice was given based on what was said in the first post, every single bit of that advice would have been wrong because of the misinformation.

Totally agree, a fool and their money are easily parted.

purch

Everyone on here is an equal nobody in the sense that you dont know who we are and you have no comeback if you act on posts on this forum

Which is actually the point I was making............but so many people are so touchy :rolleyes: ......

The best advice usually given, and in the case of this thread it's the only possible advice is to seek Professional advice from the suitably qualified....

Unfortunatley that'll mean paying for the advice in one way or another, but 99 times out of 100 that will be money well spent

Bumbles2

aliasojo wrote: »

Bumbles2 wrote: »

Oh lighten up for gawds sake, I was only having a jest.

I dont give a toss if you're for real or not tbh, but if you are then I think you're very foolish.

I have no doubt that there ARE very rich people floating about here somewhere but to my knowledge, they wouldn't be here asking for advice imo. I would think they would look after their funds a little better than that.

Mmmm....2 million sat here....what to do with it?????

*Ping - light bulb goes on*...I know, I'll go ask some people I dont know on the internet. Better still, I'll make it a chat forum where the main focus is saving money, dealing with debt and how to get your debts onto 0% credit cards. I'm bound to find some similarly placed rich people to get some good advice from, there in amongst the poorer masses. :rolleyes:

Bless. Naivity at it's best.

Dont get me wrong....I've had some good helpful advice from this lot over the years but if I was dealing with 2 million I wouldn't be approaching people I didn't know (and could in reality be anyone pretending to be more knowledgeable than they actually are). I dont think many would do this either as it's such a strange thing to do (imo), hence the warning bells and the thoughts that you're either a liar or foolish.

I accept you are not a liar but you must see how unadvisable it is to be asking for advice in this way, surely?

However we are all different so if that's good enough for you...go for it. :T Just dont be surprised when you get these kind of posts, that's the beauty of the internet....you get all sorts of replies. They're not right or wrong....they are just opinions from people offering you alternative advice.

Get as annoyed as you care to, if it helps you defend your stance and helps you feel better.

If it were me....my next post would be something along the lines of

" Cheers guys, I realise now that I was being a bit naive and I appreciate the pointers, I'll get my parents to look into obtaining proper financial advice from someone who is party to all the pertinent details."

But like I say........we're all different. Good luck.

You are all so focused on the fact that I said it was mine rather than my parents? This makes no difference at all. You ASSUME I am just trying to deceive you for what purpose I have no idea. 2 million is 2 million whether it is in my bank accout, my parent's or my cats. The circumstances I outlined are still the same.

You are so quick to judge and it just screams jealousy. Do you think I would be stupid enough to take someone's advice on here without checking it out myself?

I see no harm in asking for advice - who knows some gem might have cropped up and it would have been the first thing I investigated. Rather than respond in such a negative way why not refrain? If it is something you know nothing about (which clearly it is) don't post. It's not rocket science.

I don't think I was being naive posting the question on here, however I was clearly naive about the nasty, rude and jealous responses I would receive. I would ask all those who have nothing good to say to buzz off but being abusive is obviously the only kick you get. Knock yourselves out! Remember though - the person with the money always has the last laugh!!:rotfl:
Goodluck with your debt management!;)

A big thank you to those that pm'ed me with decent advice and recommendations, I will be looking into them.

bigbloke45

bumbles2 when I said more information I was thinking about things like your parent's ages, their objectives for the future, their liabilities that need to be met, their tax status; are they non-resident?, where are they domiciled etc.

The more I think about it, the more I think they need professional help; someone who can advise on taxation, investment, trusts etc.

With the best will in the world you won't get this here; this is a forum!

Maybe a bank like Close Brothers or something similar would be better for you. Just remember that you should look for the art of the possible; for every decision you make, you have foregone another. There is no one answer!

napoleon

bumbles with a mere 2 mill is a peasant. I've got 50 million to invest. help please!

dunstonh

You are all so focused on the fact that I said it was mine rather than my parents? This makes no difference at all.

Yes it does. It makes a massive difference. Pershaps the biggest is that you are resident in the UK and they are not. You also listed products you hold and not products your parents hold.

A big thank you to those that pm'ed me with decent advice and recommendations, I will be looking into them.

Most of which will probably not be of use to your parents due to their residence and tax rules.

cestlavie

get out of barclays wealth as soon as possible. they are a nightmare to deal with - no-one seems to know what they are doing - utterly useless. would never ever recommend them to anyone