600K to invest needs some impartial advice

Hibidibi

I have 600k currently sat in a current account and would like to invest it but I am unsure on direction to take. I have no debts and I am willing to take some medium/high risks with part of the pot.

I would appreciate any constructive advice regarding best ways to gain the most income out of this sum.

Many Thanks

Paul

Lokolo

You should see an IFA.

Or give it all to me

JoeCrystal

I want your money... Did you rob Peter?

Go and see an IFA...

Cheers

Joe

Hibidibi

This is one of the problems i feel like all the IFAs want to do is line there own pockets and sell a product that in a beter intrest for them self

Lokolo

Hibidibi wrote: »

This is one of the problems i feel like all the IFAs want to do is line there own pockets and sell a product that in a beter intrest for them self

Well no-one works for free...... Investments are a matter of opinion; 1 person will say this, 1 person will say that etc.

There's not much else we can recommend.

jem16

Hibidibi wrote: »

This is one of the problems i feel like all the IFAs want to do is line there own pockets and sell a product that in a beter intrest for them self

IFAs have to recommend the most suitable course of action for you. If you pay them on fee basis - which you should be doing for £600k - then there is no bias towards any particlar product.

See an IFA.

Linton

Hibidibi wrote: »

This is one of the problems i feel like all the IFAs want to do is line there own pockets and sell a product that in a beter intrest for them self

Do you have the same view on plumbers, garage mechanics, doctors etc? If you do, life must be difficult and stressful.

Why do you believe that people you dont know on the internet, some of who have their own peculiar agendas, and against whom you have no comeback would be more appropriate to provide advice than someone you explicitly pay to work for you and can sue if they provide inappropriate advice?

If your understanding of investing leaves you with £600K in a current account you definitely need to employ an IFA. This should be on a fee rather than commision basis. It will be much cheaper and then there is no question of base motives.

You should also get educated pretty quickly. Read all the forums, though dont believe everything you read, subscribe to money management and investing mags, again dont believe everything you read. Visit a bookshop and buy one or more money management and investment guide. You need to understand the key technical terms and issues to provide you with a good basis to optimise communication with an IFA.

jimjames

The key point with an IFA is to:

1) Make sure any advice is on a fee basis

2) Know a little about what they are talking about so you can make an informed judgement.

Rollinghome

Hibidibi wrote: »

This is one of the problems i feel like all the IFAs want to do is line there own pockets and sell a product that in a beter intrest for them self

That is always the possibility. No one is going to care as much about your financial best interests as you are and few are going to put your interests before your own.

The two alternatives are to learn how to do it yourself, which for most people isn't difficult, or entrust it to someone else.

If you use an IFA you need to bear in mind that there are no educational requirements and that the basic vocational training, due to be raised soon, is very basic. Most won't know much about any investments that don't pay them commission such as investment trusts, REITS and the like and many won't be allowed to give advice on them anyway. The majority of IFAs will be former bank or insurance company salesmen and selling is often their main skill. Read the IFA websites and you'll see many of them are proud to be salesmen.

If you do use an IFA use one who works on either an hourly or transactional basis. Not one who is remunerated by commission from the product providers for selling their products or one who charges on a percentage basis so that the more he persuades you to invest the more he earns.

If you decide to go the DIY route then spend some of that money on good books first. Don't be in too much of a hurry. I'd suggest two published by the FT: "Investing" by Prof Glen Arnold and "Smarter Investing" by Tim Hale. You might also find "The Long and the Short of It" by Prof John Kay useful too. He rambles a bit but explains the big advantages the private investor has over fund managers and financial advisers. All from Amazon.

Loughton_Monkey

I find it impossible to accept that anyone who has £600K in a current account understands money at all.

Rollinghome

Loughton_Monkey wrote: »

I find it impossible to accept that anyone who has £600K in a current account understands money at all.

You seem to assume it's been sitting there for a long time which may or may not be the case. It might have only hit his account from a house sale or legacy on Friday for all we know. I don't think it that sort of pointless sneering helps anyone.