How do I find an IFA?

Ames

Eco_Miser wrote: »

Could you get help from a charity for people with bipolar disorder, or maybe Citizen's Advice?

I don't think a charity will be insured/qualified/allowed to give such detailed advice about money. Certainly if an IFA wouldn't take me on because of my mental state a charity wouldn't.

Your_Hero wrote: »

To be fair, I don't think you need an adviser to do that for you. Because of the way you are planning to exhaust it, and probably in a short time frame, an adviser may not be of any use. You can set up an account to "dripfeed" this income to you "at the same benefit rates" until it is exhausted (or below a certain capital amount) then you are back on the benefits again. At £54k, this will not take long to do.

Would it just be a certain type of bank account that I'd ask my bank to set up? It would also need to be inaccessible to me without a decent length of notice time, say three months. If it is just something I can go into the bank with and get up and running myself that'd be great.

jem16

Ames wrote: »

I don't think a charity will be insured/qualified/allowed to give such detailed advice about money. Certainly if an IFA wouldn't take me on because of my mental state a charity wouldn't.

No but it's worth enquiring if they have any advice as to your best way forward.

Would it just be a certain type of bank account that I'd ask my bank to set up? It would also need to be inaccessible to me without a decent length of notice time, say three months. If it is just something I can go into the bank with and get up and running myself that'd be great.

I'm not aware of any bank account that you could set up which would stop you getting access but still provide an income of around £900pm.

Your_Hero

Ames wrote: »

I don't think a charity will be insured/qualified/allowed to give such detailed advice about money. Certainly if an IFA wouldn't take me on because of my mental state a charity wouldn't.

Would it just be a certain type of bank account that I'd ask my bank to set up? It would also need to be inaccessible to me without a decent length of notice time, say three months. If it is just something I can go into the bank with and get up and running myself that'd be great.

Yes, a notice account would work, such as a 90-day notice account or longer. Interest rates are probably low on them, but I think anything else would complicate matters and give immediate full access.

Ames

jem16 wrote: »

No but it's worth enquiring if they have any advice as to your best way forward.



I'm not aware of any bank account that you could set up which would stop you getting access but still provide an income of around £900pm.

I'm in touch with an advice agency who can help with the benefits side, but they don't have advisors in financial stuff. Having been to my local CAB a couple of times and ended up in bigger trouble than when I started I don't really trust them anymore. I might look into what MIND have.

I don't want an income from it, I want to draw the capital out at a steady rate.

Your_Hero wrote: »

Yes, a notice account would work, such as a 90-day notice account or longer. Interest rates are probably low on them, but I think anything else would complicate matters and give immediate full access.

Ok, I'm confused now! Would I be able to get a regular payment on those accounts? Or would I have to go in every week to set up a withdrawal for forty days time? That wouldn't work for me, I'm far too disorganised, even ordering my weekly prescription is sometimes difficult.

I might go speak to my bank in the first instance, they say that for 'wealth management' (which I guess is what this is) they refer to another company though and there's a fee. Although I suppose I could try a few banks and see what they offer.

Thank you all so much for taking the time to help.

jem16

Ames wrote: »

I don't want an income from it, I want to draw the capital out at a steady rate.

That was really what I meant by an income - eg you want a set amount each month from the capital.

Ok, I'm confused now! Would I be able to get a regular payment on those accounts?

No you wouldn't. They would simply allow withdrawals provided you give them 90 (or whatever) days notice. It would stop you getting your hands on the money for spontaneous shopping sprees but that's all.

Or would I have to go in every week to set up a withdrawal for forty days time?

Yes you would.

I might go speak to my bank in the first instance, they say that for 'wealth management' (which I guess is what this is)

I should imagine they're talking of larger amounts to be honest.

Ames

jem16 wrote: »

That was really what I meant by an income - eg you want a set amount each month from the capital.



No you wouldn't. They would simply allow withdrawals provided you give them 90 (or whatever) days notice. It would stop you getting your hands on the money for spontaneous shopping sprees but that's all.



Yes you would.



I should imagine they're talking of larger amounts to be honest.

I thought that but it talks about trusts and 'complex and sensitive family situations' which confused me.

I think I'm falling between two stools, too much for basic help and advice, but not enough to need specialist advice.

I have been thinking, and I've wondered if the credit union (I'm already a member) might be the way to go.

They've got an account where you agree with them about bills to be paid from it and put the money in once a year. So I could have, say, a 90 day savings account with a bank, once a year transfer from that to the credit union, and then use that to pay me the monthly/weekly amount. Assuming they'd accept a payment to myself as a 'bill'.

I think I'll go speak to the credit union and my bank early next week and see what they can offer.

Thanks again for helping me to work it all out, and for not judging me.

jem16

Ames wrote: »

I think I'll go speak to the credit union and my bank early next week and see what they can offer.

Thanks again for helping me to work it all out, and for not judging me.

I don't know enough about the credit union to offer any opinion on it. Hopefully it would be able to help you in this situation.

Just be wary about what the bank may offer. Don't let them tie it up in investment type products. Perhaps bring any suggestions back here to discuss?

Eco_Miser

Ames wrote: »

I don't think a charity will be insured/qualified/allowed to give such detailed advice about money. Certainly if an IFA wouldn't take me on because of my mental state a charity wouldn't.

They certainly couldn't give regulated financial advice, but they may be able to find a specialist IFA who would take you on, and they may be able to give suggestions on arranging a trust to pay you weekly sums.



Another way to lock up most of your money and release it bit by bit would be a ladder of fixed term deposits.
You can typically get fixed term deposits (sometimes called bonds) for 6 months, 12 months, 18 months, 2 years, 3 years, 4 years and 5 years. Set up all those accounts with 6 month spending in each, and the rest in the 6 month account, to be put into more of these accounts in 6 months time. After this you have access to only 6 months money at a time. Not perfect, but better.
You could even set up ladders every month, with each account containing only enough for one month, but this could get tiresome, and you have a lot of money lying around while you're setting it up.

Ames

I saw the specialist at my bank yesterday, it was a very quick meeting. She said what you all have - that there's no product that does what I need.

I think my best option is going to be to bung it all in a current account with a different bank, set up a monthly direct debit to my normal account, cut up the cards and not register with internet banking. I'll still have instant access to it all, but only in branch.

Thanks again for all your advice and for letting me bounce ideas off you.