HELP knowledge in financial advice

Cathy16

I have recently come into a substantial amount if money paid my mortgage off and still have over a hundred thousand left, I'm wanting to seek financial advice but the guy the bank told me to get in touch with wants to take 7% from all advice given, Is this right shouldn't it just be a fee?? Thanks

innovate

Proper financial advice is not free but you wouldn't go to a bank for it. Choose an independent financial advisor.
http://www.unbiased.co.uk/

dunstonh

I'm wanting to seek financial advice but the guy the bank told me to get in touch with wants to take 7% from all advice given, Is this right shouldn't it just be a fee??

Never go to a bank for advice. They are limited panel or even single company. They are expensive and they have a very poor reputation.

7% is a fee. A damned expensive one. Eye watering levels. However, it is still a fee.

Use the unbiased site mentioned above.

Aegis

Cathy16 wrote: »

I have recently come into a substantial amount if money paid my mortgage off and still have over a hundred thousand left, I'm wanting to seek financial advice but the guy the bank told me to get in touch with wants to take 7% from all advice given, Is this right shouldn't it just be a fee?? Thanks

7% is insanely high and in my view never likely to be worth paying for investment business, but it is worth thinking of it in absolute terms as well. For example if you're looking to invest a couple of thousand pounds periodically, 7% isn't going to be much in absolute terms, while if you were looking to invest £500,000 it would be a staggeringly high amount.

xylophone

In the very short term, hold the money on deposit and do some personal research?

http://www.which.co.uk/money/savings-and-investments/guides/the-beginners-guide-to-investment/

http://monevator.com/review-smarter-investing-by-tim-hale/

This should enable you to have an informed discussion with an Independent Financial Adviser.

If you want a breathing space for two or three months, you might consider NS&I income bonds? http://www.nsandi.com/savings

The income is paid gross so you might need to contact HMRC.

Or you could use a combination of the best paying current accounts/ISA
other savings accounts while you have a think?