Fees for advice and where to invest pension lump sum

merl1955

Can anyone help me out, we have spoken to an IFA who has taken our information and will get back to us. Will he charge us for this interview (he said he would discuss fees later on?).
We have £70000 to invest (our retirement money) and we were shocked at how much financial advice can cost.
We have used our cash ISA for this year and have put aside our max for next year.
We would like not have to use the interest made to help with daily living but as yet not sure.
The bank adviser (when we were putting the money in bank short term) stated that they could invest the £70000 which would make £3000 interest per year which we could use as part of our income and would keep the lump sum absolutey safe. I think he mentioned bonds but when reading this site and others bonds aren't absoultely safe are they?
I know this is a lot of questions but have got very confused.

dunstonh

We have £70000 to invest (our retirement money) and we were shocked at how much financial advice can cost.

Typical maximum commission IFAs would take would be £2100. Fee basis would be closer to £1000 to £1500. You could get it cheaper with some to around £700.

Unfortunately, the cost of giving advice isn't cheap either.

I think he mentioned bonds but when reading this site and others bonds aren't absoultely safe are they?

If they are guaranteed bonds they would be or if they were investment bonds in a guaranteed fund they would be.

D1zzy

1) when you say "invest" are you thinking stocks & shares etc for some of it, or are you really thinking of savings accounts
2) If you are just thinking of savings you can probably do that yourselves without an advisor -there's lots of info available here about the best savings accounts.
3) If you are thinking about true investments then avoid "bank advisors" - they are salesmen there to push their own products and look after the bank's interests not yours. You should do exactly what you have done and discuss with an IFA who will be able to offer you a full range of products. I believe your initial interview is normally free and ongoing fees will probably depend on what you choose to do. There are others on here who can give you first hand info on that.
Edit -see Dunston knows