HBOS ISA Investor

dunstonh

I'm speaking to a HBOS sales rep and an Abbey rep but can't make heads of tails. With Barclays because the charges are fixed they may not be an incentive for them to work hard for my money?

Dont waste your time with tied sales reps.

Which banks are best for ISA investment fund managers or is another cystal ball scenario?

None of them. Banks are almost totally useless with investment products and investment funds.

If you need advice on investment funds then see an IFA. If you want direct investment advice then see a stockbroker. If you want to DIY then there are other providers who cater for that.

shaf00uk

Thanks dunston h for such a quick response!

Surely the banks make some money for their investors otherwise they would have dried up a long time ago - or their still too many mugs (ahum....like me?) out there who fall for the sales pitch. I understand that they are tied to their own products i.e. not whole of market.

To be honest, I just want to utilise my ISA allowance to 7.2K.

So far i've only used 3.6K as a cash isa. For a novice who wants to invest for 10+ years without paying duty or CGT what options are their out there where I can put some money aside (e.g. £100) on a monthly basis for 10 years? I don't want to constantly manage the funds. Once I get more experienced with the tubulance of the markets I can move to another type of product. I'm thinking of medium risk portfolio based on my approach to risk. That is it.

What options as an IFA would you recommend? Thanks.

dunstonh

Surely the banks make some money for their investors otherwise they would have dried up a long time ago

They make money for the banks. Bank products are typically more expensive and run on the cheap.

or their still too many mugs (ahum....like me?) out there who fall for the sales pitch. I understand that they are tied to their own products i.e. not whole of market.

The typical bank customer buying from a bank doesnt have a clue about quality of product or has some mistaken belief the bank product will be good. That is why bank are the natural training grounds for new advisers.

What options as an IFA would you recommend?

Unlike the bank with about 15 products and about the same number of funds if they are lucky, IFAs have access to tens of thousands of products with tens of thousands of investment options. Fine tuning and narrowing the options takes a bit more than that

shaf00uk

dunstonh wrote: »

They make money for the banks. Bank products are typically more expensive and run on the cheap.

Yes - I've noticed they're expensive and provide basic portfolios.... but you are still flying blind as to what exactly you are investing in...

dunstonh wrote: »

The typical bank customer buying from a bank doesnt have a clue about quality of product or has some mistaken belief the bank product will be good. That is why bank are the natural training grounds for new advisers.

Noted. They just assess your risk aptitude and select a generic low eb product for you.

dunstonh wrote: »

Unlike the bank with about 15 products and about the same number of funds if they are lucky, IFAs have access to tens of thousands of products with tens of thousands of investment options. Fine tuning and narrowing the options takes a bit more than that

Thats probably why its offputting to many people to go and see a IFA as they will be overwhelmed with so many investment options and it all seems simpler going to a traditional bank. I'll see an IFA (some offer free consultations) and take it from there so I can select my own type of investments. Thanks again.

jem16

shaf00uk wrote: »

I'll see an IFA (some offer free initial advise sessions) and take it from there so I can select my own type of investments. Thanks again.

You will not get much out of an initial free session. That would really about the IFA giving you details of his charges and perhaps doing an initial fact find. If you want further information you would at least need to pay a fee - you don't expect them to work for nothing and provide you with the answers whilst you go elsewhere do you?;)

shaf00uk

jem16 wrote: »

You will not get much out of an initial free session. That would really about the IFA giving you details of his charges and perhaps doing an initial fact find. If you want further information you would at least need to pay a fee - you don't expect them to work for nothing and provide you with the answers whilst you go elsewhere do you?;)

I'm a true MSE at heart...!!!:D

jem16

shaf00uk wrote: »

I'm a true MSE at heart...!!!:D

Best start doing your own research then.