How do you become a big time IFA in your own spare room ?

Ogre_De_Flamme

The idea of managing mine and my parents Share ISA with the same investment strategy (equities, iShares, units funds) and any money we invest over our ISA limit (which will be subject to CGT) at the same time to reduce effort and possibly dealing charges is appealing. Progressing from this, I would like to do the same in our SIPP(s) and I suspect, the BIL (Brother in law) will probably want us to use the same strategy for him.
How does one go about finding a provider that will allow this - presumably this is the way IFAs work ?
Please respond if you have practical experience of this and the companies/brokers who offer it.

dunstonh

presumably this is the way IFAs work ?

No. IFAs are not discretionary investment managers. They are financial planners that utilise investment options to build portfolios but do not manage them on a day to day basis. An IFA can select the investment strategy and review and tweak funds and rebalance but thats it.

Plenty of DIY providers are available to do this. HL SIPP if you use funds (although it costs the same as an IFA doing it) or Sippdeal.

The thing to be careful doing this is that your risk profile and your BIL may not be the same. Your understanding may not be the same. You may accept 40% losses but your BIL may not. When family members start getting involved in things which can and will lose money at times, then it can get very awkward if one party doesnt understand how these things work.

Ogre_De_Flamme

Thanks for you input on this.
The point I am actually steering to is, when put in sole charge of a sum of money from different sources with different tax treatments but with complete discretion, what is the cheapest way with least effort to implement one investment strategy? Half a dozen usernames and passwords is unacceptable.

DavidHayton

Ogre_De_Flamme wrote: »

Thanks for you input on this.
The point I am actually steering to is, when put in sole charge of a sum of money from different sources with different tax treatments but with complete discretion, what is the cheapest way with least effort to implement one investment strategy? Half a dozen usernames and passwords is unacceptable.

Hargreaves Lansdown allows users to link accounts ... so I can log into my wife's account via my own. This saves the hassle of logging out and back in again. I susepect that there are many couples like us where this sort of thing goes on.

Not sure that I would want to be having sole discretion over any of my other realtives' money, though. As Dunston said, should it all go wrong, it might get very awkward.

David