Financial Advisor meeting

berbatov10

Noggin thanks for the video. Wow that soon ramps up!

jem16

berbatov10 wrote: »

Jem our initial meeting was free, it was about 1 3/4 hours.

As it would be as that's standard.

I would epecct to pay for his time and expertise though after that.

That was what I was meaning. It's the charges for the IFA both initial and ongoing that you need to consider if it's worth it or not. All other charges are still there if you go DIY. If you know what you're doing you'll save money by going DIY. If you don't you could lose an awful lot more than you save.

One thing he mentioned was tranferring ISA's to him to manage and the time that takes, I could easily do that myself.

Are you meaning doing the transfer yourself or managing the ISAs yourself?

noggin1980

berbatov10 wrote: »

Noggin thanks for the video. Wow that soon ramps up!

There is lots of good videos on that site about passive investing (tracking the market, not trying to beat the market)

Their main documentary though is an hour long but it's very interesting

https://www.youtube.com/watch?v=SwkjqGd8NC4

reading Tim Hales book and the monevator site and then you should feel well informed enough to be happy whether you go it alone or with the IFA, it's important to have decent understanding imo even if you are paying someone else to help you.

berbatov10

Jem I was referring to the transfer of the ISA's to him. I have read a lot about VLS funds but is that spreading the risk as much as i would need? He spoke about unit trusts in ISA wrapper

InvestInPoker

berbatov10 wrote: »

I note Transact charge for buying each investment 1.5%

That is terrible, I am of the opinion those sort of fees can always be avoided and are a hidden rip off.

berbatov10

Guys I am really apreciative of your time effort and input. I know what they say about 'splinters' when you sit on the fence but I am going to wait and see what charges etc are from the e mail when it arrives and will share that with you. It may then sway me one way or another. That means that I will still be pawing over investors chronicle and other website trying to improve my knowledge

dunstonh

Transact charges can vary with firms. So, you cannot rely on their generic documentation. They are certainly not the cheapest platform out there. They do get more efficient with larger values and linked accounts but not good with smaller portfolios.

noggin1980

berbatov10 wrote: »

Hi. No he is going to email me a breakdown of the investment charges etc. I note Transact charge for buying each investment 1.5% which is shown broken down as 1.3% to the IFA and 0.2% to Transact annual management charge 0.75%. The charges soon mount up. I will be interested when I recieve his e mail. I note DunstonH and others are or seem to be IFA's who have commented on this. Thats the whole point of this though to share and find out

Transact website says it's 0.05% to buy an asset.

I'd run a mile from the charges you've written if they are accurate, it's obscene imo.

noggin1980

berbatov10 wrote: »

Guys I am really apreciative of your time effort and input. I know what they say about 'splinters' when you sit on the fence but I am going to wait and see what charges etc are from the e mail when it arrives and will share that with you. It may then sway me one way or another. That means that I will still be pawing over investors chronicle and other website trying to improve my knowledge

you don't need to learn much to get the average market return you can just buy cheap trackers. you just need to know an asset allocation and your tolerance for risk and what you are hopeing to gain. Tim hales book really is a great way to spend a few hours.

http://www.amazon.co.uk/Smarter-Investing-Simpler-Decisions-Results/dp/0273722077/ref=tmm_pap_title_0?ie=UTF8&qid=1428498939&sr=8-3

you can read the kindle version without a kindle on your computer.

berbatov10

I have just taken a photo of Transact charges page but am unable to post it ?