Skipton Monitored Informed Investing (MII)

Dubarry_Boots

Hi
I'm wondering if someone can help me. I have about 20k that I'd like to invest in stocks and shares that I can transfer from my cash Isa and Skipton have advised me that MII could be an idea for me. The money will not be needed in the future. Has anyone had any dealings with this. We have always used Skipton and wouldn't really want to go elsewhere. Any help or suggestions are much appreciated. Or if you think I'm doing the wrong thing please say but am sick of having alot of cash and not trying to do something with it. Many Thanks DB

dunstonh

Bank and building society options tend to be poor quality and expensive. The general rule of thumb is to never use them. There will be exceptions to the rule but its a good guide to use.

Skipton have advised me that MII could be an idea for me

That is like having one option and telling you its the best option.

We have always used Skipton and wouldn't really want to go elsewhere.

Why?

Dubarry_Boots

We have always used them as a family. I have always worked with my horses no money in it as a hobby, so I have no credit rating at all but they would let me have a morgage because of my parents NO other bank would let me I wanted 50k on a house worth 145k(13 yrs ago). It's now paid off and if I want to buy another property I'd walk through the door and it would be a yes straight away. I know it not the way to be but as a family we are very loyal and remember times like that. My Grandad is with them still at 97 plus all my Aunts and Uncles and cousins. I hope that makes sense DB

gadgetmind

Dubarry_Boots wrote: »

Or if you think I'm doing the wrong thing please say

I think you're doing the wrong thing. Banks are terrible places to invest money and their advice will be that which suits them rather than suits you.

Are you wanting growth or income from these investments and over what term are you wanting to invest?

What level of risk are you prepared to take and what other assets (property, cash, etc.) will you have in addition to this?

There is no one right answer that suits everyone, hence the questions.

BTW, if this money is currently in an ISA, don't do ANYTHING that changes its ISA wrapped status. You can easily move it to a stocks and shares ISA and then choose where to invest. I'm personally a fan of Investment Trusts. Some view them as fuddy duddy but usually only those with a vested interest of selling you an investment with higher fees.

Dubarry_Boots

I don't want to take to much risk not used to that but a little is ok. The money will not be needed, and the 20k is competely spare money. Less than 2% of my worth if that makes sense. I'm wanting growth really from this not an income. Term wise would be long term. Will definately be keeping it in Isas DB

webmasterpolo

Skipton are the exception to the rule. It is most unfair to tar Skipton with the same brush as other mutuals and banks as Skipton offer whole of market financial advice (same as IFA), they are NOT flogging their own stuff.

I've read about this in the Telegraph. MII is a portfolio service of funds selected from the whole of market, so I would disagree it's one option, it's a personalised portfolio.

http://www.telegraph.co.uk/financialservices/investing/Telegraph-Investment-service/8478026/Monitored-Informed-Investing-MII.html

Certainly the best option from a mutual business I've ever seen, only alternative is to find an IFA and compare, but for £20K would an IFA be interested, and how would their service compare to Skiptons?

-Web

DBSausage

Dubarry_Boots wrote: »

Hi
The money will not be needed in the future.

If you don't need it, I can make use of it!

Dubarry_Boots

Thanks for that Web they did say that to me and I feel a little happier but am going to have a good look around and see.
DBS ha ha - I think you know what I was meaning Cheeky!!!