Investment advice who to trust?

BLB53

Wondering what course of action more experienced investors might recommend?

As others have said, if you take anything away from this thread it will be to keep away from the banks.

There's lots of sound information on the web - its just a matter of knowing which sites to trust. For me, probably the best personal finance site is Monevator https://www.monevator.com - take a little time to look through some of the article. Others would be RIT https://www.retirementinvestingtoday.com and also DIY Investor https://www.diyinvestoruk.blogspot.co.uk

Also it would be worth getting hold of some reading material - John Kay's "the long and the short of it" is one of the best. At least if you end up seeing an IFA, you will be able to ask some penetrating questions!

Good luck.

innovate

Whilst you are deciding on your longer term options, don't keep more than £85K per person in any single financial institution. http://www.moneysavingexpert.com/savings/safe-savings

jackyann

You don't say what disability your husband has. There is bound to be a charity associated with it (or if it is a small charity, go to one of the larger general ones or even AgeUK)
If your husband's earning capacity is going to be lower than might otherwise be the case, you need to spend / invest very wisely. A financial adviser associate with one of the larger charities that cater for disabilities might be a place to start - they won't go as far as an IFA - but can give general advice, and maybe point you at an IFA with expertise.
I would certainly be looking at a dwelling with either good adaptations or the potential to put them in easily. I would also consider buying into assisted living schemes - that is why you need good advice.

ChopperST

Go into things with your eyes open, read Smarter Investing by Tim Hale. Its an excellent and simple read to understand the principles of investing.

atush

You can keep pace with inflation in a standard bank savings account.

you can't actually. With the rate drops recently, you'd be lucky to match inflation after tax (and most likely wont)

atush

Your or any bank is the LAST place you should go for advice. As xylo say, unbiased.co.uk. Call a few and meet with two, see who you feel most comfortable with. The IFA should say some of the advice I am about to.

You will, if you want the money to grow and outpace inflation, have to invest some of it rather than keeping it all in cash. But you can keep a good whack in cash.

Then, you need to think about:

do you have debt? If so, pay off non mtg debt as it is costing you more than you can make on the same money.

Do you have any other savings, esp in cash? You should have 6 months spending saved in cash for emergencies/replacements. In ISAs preferably so get ISAs started now if you dont' have any.

Pensions? Have you got any? What type? How much do they have in them now/how many years accrued (if a final salary type). This is an area you should probably address with at least some of your windfall. And an IFA can help.


S&S ISAs/investments. Some of the money should go here. This is what your IFA can help with. Some of the things he might not mention, I will below (although he might mention a mtg).

Do you have a mtg? What rate is it? Does your house need maintenance or upgrades?

Do you have a car? Is it old/need replacing? Try not to splash out on new, late model used is better as a new car is worth a few thousand less the minute you drive it away.

So, go forth and find some good advice. And come back and tell us what it was ;-)

Oldbiggles

You should never ever trust a bank to get unbiased advice. Bank managers are trained to ‘make money for the bank’, similarly financial advisors.
If you are new to investing, take your time and get a decent book, to self teach yourself before making investment decisions.
Spread your inheritance money around different savings accounts until you are ready to make investment decisions. Remember, there is a guarantee safety net of only £85.000 with each account.
Good Luck.

dunstonh

You should never ever trust a bank to get unbiased advice. Bank managers are trained to ‘make money for the bank’, similarly financial advisors.

That is why IFAs are being recommended.

Icecold_2

Thank you all so much for your help...we are mortgage free in an adapted property with grown children (we are in our early 40's)or I agree that would have been our first decision to purchase a property. we will see an IFA but agree we need one we can trust...this is the thing I am finding most stressful...if we lose this money there is no more....so much information on the net it's hard to know where to start but I will certainly check out the recommended reading from this thread ....:D

dunstonh

we will see an IFA but agree we need one we can trust...this is the thing I am finding most stressful

why most stressful? IFAs account for the majority of regulated advice activity but only account for 1% of complaints at the FOS. Most of those are rejected. Its generally a very reliable method of getting advice. Cost is really the main issue as there can be greedy ones.