Options after the mortgage is paid off.

Mike_Lincs

Hey Tony,

Yours works well then, I'm a Ltd company so will have to have a word with my Accountant about it all, off to see an IFA next Thursday so will be interesting to hear their thoughts, had some good advice from this post

kwmlondon

bigadaj wrote: »

He should be worth his weight in gold given what he charges!

The only people who have given me gold-plated, rock-solid advice are the people who I've paid for it. While paying someone is no guarantee that the information you get from them is right, it's always given me advice that has turned out to be excellent - I always check but he's never let me down. The one time I turned down his advice I regretted it.

Also, my IFA is always completely upfront about how much the charges are going to be, what commission any product will give him and as the years have gone by the products he's suggested have turned out to be some of the best performing in the market.

If you want peanuts, pay monkeys. If you want s**t peanuts then use someone else's monkey.

Me? I prefer to be the organ grinder.

petepool

Mike
I was in a similar situation about 8 years ago, when I was 40, with a decision to move to a large house, pay more into pension or invest is shares via an Isa.
I ended up doing the last 2. I was also self employed so used income to my company to fund a pension and minimise tax but I wanted to have accessable funds as well so put money into the ISAs.
I've just recently finished my last job and intend to live of the ISA monies until my pensions kick in at 55.
Good luck whatever you decide
Pete

Mike_Lincs

kwmlondon fingers crossed my IFA will get me 24 carat gold peanuts, they have sent me a breakdown of their costs and commissions they get so they have been upfront from word go which is a good start.
Petepool thanks mate, sounds like that worked out well for you then, be a dream to retire early and be financially sound, nice one mate and enjoy it J

dunstonh

they have sent me a breakdown of their costs and commissions

Are you sure its an IFA? Commission ceased in January 2013 and advisers have to be fee based.

bigadaj

kwmlondon wrote: »

The only people who have given me gold-plated, rock-solid advice are the people who I've paid for it. While paying someone is no guarantee that the information you get from them is right, it's always given me advice that has turned out to be excellent - I always check but he's never let me down. The one time I turned down his advice I regretted it.

Also, my IFA is always completely upfront about how much the charges are going to be, what commission any product will give him and as the years have gone by the products he's suggested have turned out to be some of the best performing in the market.

If you want peanuts, pay monkeys. If you want s**t peanuts then use someone else's monkey.

Me? I prefer to be the organ grinder.

Personal choice and preference, it's not too difficult to learn about investments, pensions and isas and for my purposes ifa rates are simply too high.

There are specific cases where they can be useful, such as annuity purchase and potentially with preferential rates on larger sums, but they are not widespread. IFAs say they can get cheaper rates but then Conveniently seem to forget to include their own costs in the calculation.

Many of the people I've spoken to who say they use IFAs seem to see it as a bit of a boast, emphasising that they are wealthy, some are and some aren't.

If you are the organ grinder then you are in charge of a monkey, to extend your analogy, but I've got no problem with people using IFAs if they are happy and clear.

Mike_Lincs

Yes defo an IFA, i didnt take to much notice of the attached 'investments' document they attached listing their charges if i took any of them out (which i wont be) sure it stated % taken, will double check on the appointment day. At the moment i just want advice, wont be leaping into anything quickly thats for sure.

bigadaj

Mike_Lincs wrote: »

Yes defo an IFA, i didnt take to much notice of the attached 'investments' document they attached listing their charges if i took any of them out (which i wont be) sure it stated % taken, will double check on the appointment day. At the moment i just want advice, wont be leaping into anything quickly thats for sure.

The problem is that you probably won't get much advice before committing to pay for it. The firts meeting is normally a fact find and you might get some outlines targets and suggestions, but certainly no detail and they'll want a commitment to pay before you get anything firm.

Mike_Lincs

I expect the first meeting will be just me giving them the facts of the situation and the next meeting (which i shall have to pay for) will hopefully be them setting out some good options, i defo wont be signing up for anything though until its well thought thru'.

dunstonh

I expect the first meeting will be just me giving them the facts of the situation and the next meeting

It may not even be that. It may just be a get to know you meeting and a basic concept and ideas session to see if a business relationship is of benefit to both sides.

i defo wont be signing up for anything though until its well thought thru'.

Although you are likely to start incurring costs prior to signing up with many advisers.

will hopefully be them setting out some good options,

Apart from areas of judgement call and opinion, an IFA should not give you options. They should eliminate options and present the solution.