Bank or new Independant financial advisor

Susan1942

I currently do not have a financial advisor for a few reasons I have got several investment bonds and having to make some decisions to possibly to take some money from this I realise that I should do something to get some advice
My question should I use the financial advisor at Santander or should I look for a independant Financial Investor and how would I go about this ?
Advice would be appreciated Sue

Susan1942

I subscribe to Which Magazine and there is a money help line I have called them and the advice I have been given is to take half the money from 2 bonds This therefore diversities the risk My thoughts was should I take it from just the one which had not done so well As someone on another thread I started There is no way of knowing how things will do in the future. Rather than looking back and seeing how they have done in the past
Decision made Thanks Sue

Eco_Miser

The financial advisor at Santander is there to sell you Santander products, nothing else.

dunstonh

My question should I use the financial advisor at Santander

Never use a bank. Tied sales reps should never be used.

or should I look for a independant Financial Investor and how would I go about this ?

If you need advice, then it should always be an IFA.

I subscribe to Which Magazine and there is a money help line I have called them and the advice I have been given is to take half the money from 2 bonds This therefore diversities the risk

1 - that is unlikely to be advice. Did you complete a factfind, risk analysis and receive a report telling you what to do? - that is advice.
2 - The "advice" given is poor (based solely on what you have said). An investment bond is a tax wrapper. Taking money out of one tax wrapper does not diversify. e.g. if you have the same fund in an ISA, GIA and investment bond then the investments are identical. its just different tax wrappers and that is not to do with risk.

atush

Never use a bank (or which) if you need advice.

Susan1942

Thank you so much for the information I appreciate very much what you have said particularly about seeing my bank As you have all said they are looking for new business and to make commission on that new business
I think I am simply for now just going to take £5000 from 2 of my bonds to boost my current account from the £15,000 hit it took this week in giving my Son this money In the long term I may see an IFA but for now not going to worry about it Thank to all of you for the advice you have given me Sue

bigfreddiel

Susan1942 wrote: »

Thank you so much for the information I appreciate very much what you have said particularly about seeing my bank As you have all said they are looking for new business and to make commission on that new business
I think I am simply for now just going to take £5000 from 2 of my bonds to boost my current account from the £15,000 hit it took this week in giving my Son this money In the long term I may see an IFA but for now not going to worry about it Thank to all of you for the advice you have given me Sue

You probably don't have enough to make it worthwhile for an ifa

Susan1942

Santander say minimum of £50,000 Had well in excess of this but it is tied up in various bonds etc But not going to change anything for now