Incoming Compensation Advice

Doyle_RM

Many apologies if this is the wrong board. If there is a better place to post this, please, fell free to move this post, or point me in the right direction and I will go there.

I am due a large compensation payout within the next 18 months, after a bad traffic accident in 2010.

I am looking for the best place to check out, with impartial advice on how to deal with the payment, e.g. where to invest, which banks to use, how many banks to use etc.

One of the things I would like to do with the money, is what many people do, and that is to set up my business.

Any help would be greatly appreciated.

Thanks

coldhandoff

It all depends on how much it is.

Doyle_RM

I dont really want to put the amount, but it is 6 digits, above 500k, but below the million mark. Hope this helps.

innovate

I have responded to your identical post here https://forums.moneysavingexpert.com/discussion/comment/56519199#Comment_56519199

jonesMUFCforever

From 2013 under the wonderful FSA you will have to pay for financial advice (as opposed to advisers getting commission off their recommendations).
Bit early now until you get the cash but perhaps look locally for a decent IFA.

innovate

jonesMUFCforever wrote: »

From 2013 under the wonderful FSA you will have to pay for financial advice (as opposed to advisers getting commission off their recommendations)..

But....you always did pay, just you never knew quite how much! From next year onwards, at least you should know, even if it doesn't necessarily become any cheaper.

chanz4

does this post smell like something....

jonesMUFCforever

innovate wrote: »

But....you always did pay, just you never knew quite how much! From next year onwards, at least you should know, even if it doesn't necessarily become any cheaper.

The result will be that a lot of people who need advice will not pay for it upfront.
My understanding is that you will have to pay for the recommendation even if you do not purchase a product.
I know you have always paid for it through commission.