Investing a sum of £2m for the future for a novice

Mr_Costcutter

Chantellesquandry wrote: »

This is a very stressful time for me I have to make the right decision so I would be grateful if you bullies could find some decency and stop behaving like trolls.

Hello Chantellesquandry,

I don't have any advice I'm afraid, but I do hope you are able to find the right advice very soon. Do make sure that you obtain the opinion of a number of professionals and then take your time to consider the points before moving forward.

Best Wishes to both you and your son,

John

xylophone

This money is due to your child because of an accident/negligence etc?

It may well need to be held in trust and you should seek specialist advice from a solicitor with the necessary expertise.

Chantellesquandry

Thanks for all the advice - I will try word of mouth and shop around.

I've just read a report from the Jersey Financial Services Commission where they Mystery Shopped IFA's and this has just increased my fears! Here's a quote from it - the IFA sent an email to the MS, who had told the IFA they were looking at other places to invest - it's shocking!

“I set aside other clients’ needs and spent considerable time not only assessing your requirements but preparing a personalised report for your further consideration; this report although not fully complete due to time constraints was to be used today to discuss the finer details with you and Mr A, whom I was looking forward to meet [sic], and only then, if all was in order would I have finalise [sic] proceedings on your behalf. Alas, that did not happen and I now find myself out of pocket but a little wiser.”

Ouch!

Credit-Crunched

Chantellesquandry wrote: »

Thanks for all the advice - I will try word of mouth and shop around.

I've just read a report from the Jersey Financial Services Commission where they Mystery Shopped IFA's and this has just increased my fears! Here's a quote from it - the IFA sent an email to the MS, who had told the IFA they were looking at other places to invest - it's shocking!

“I set aside other clients’ needs and spent considerable time not only assessing your requirements but preparing a personalised report for your further consideration; this report although not fully complete due to time constraints was to be used today to discuss the finer details with you and Mr A, whom I was looking forward to meet [sic], and only then, if all was in order would I have finalise [sic] proceedings on your behalf. Alas, that did not happen and I now find myself out of pocket but a little wiser.”

Ouch!

Two sides to every story, IFA could have spent a lot of time and effort preparing the report for the clients, only for them to mess him around and change their minds at the last minute.

Please do not view all IFA's as money grabbing scoundrels, the fixed sum you pay them may be the best investment choice that you make. Going to alone, will leave you very exposed and have zero protection against any mis judged investment / tax decisions.

If you are not a spammer, I apologise. I do however, stress the importance of sitting down with a solicitor, tax planner, and IFA to ensure that money is invested wisely, tax efficiently and not at the breach of any legal paramaters.

As a trustee you have a legal obligation to ensure that you act best by the trust, investing with no experience based on an online forum would be hard justification to show this.

Pincher

Chantellesquandry wrote: »

“I set aside other clients’ needs and spent considerable time not only assessing your requirements but preparing a personalised report for your further consideration; this report although not fully complete due to time constraints was to be used today to discuss the finer details with you and Mr A, whom I was looking forward to meet [sic], and only then, if all was in order would I have finalise [sic] proceedings on your behalf. Alas, that did not happen and I now find myself out of pocket but a little wiser.”

Fe, Fi, Fo, Fum. I smell the blood of a Nigerian.

Silian

Hi,


Firstly pick up a copy of Smarter Investin by Tim Hale.

It will give you the basics that you will need when you speak to an IFA. With that amount of money you do want an IFA but you also need to know enough to ensure that you get the right IFA.

Good luck!

Chantellesquandry

Just to clarify I really have no intention of investing any money myself at all or being a trustee - that wouldn't be wise with my totally non existent knowledge but I am trying to get some input and thoughts on what might be possible.

Pincher - you can find the 'Nigerian' report from which the quote was directly taken on the Jersey Financial Services Commission report issued on 5th October - I'm not able to post links so jerseyfsc . org / pdf / Mystery-Shopping-Research-October-2015.pdf Its on page 22. I'm not sure what globe you're looking at but you might find this link useful: google .com / maps.

Mistermeaner

Looks genuine to me - a few apologies wouldn't go amiss I think

Pincher

You need Victorian Quakers who believe in God.

Lawyers and accountants all did courses with Ethical Conducts modules which they have to pass, but somehow I don't think they really "believe" in it. Even if there are firms that handle the money side diligently, and there must be some, lawyers don't change nappies.

Ideally, there is a Co-Op for people in your situation, so you take over from older people, and look after their children/pets, and other people will take over from your generation, when you pass away. Obviously, with enough money, the job is to hire decent staff, rather than do all the work yourself.

How much do they need to join the club, I wonder?

Plenty of people with disabled children, but no money.

Mistermeaner

Pincher wrote: »

You need Victorian Quakers who believe in God.

Lawyers and accountants all did courses with Ethical Conducts modules which they have to pass, but somehow I don't think they really "believe" in it. Even if there are firms that handle the money side diligently, and there must be some, lawyers don't change nappies.

Ideally, there is a Co-Op for people in your situation, so you take over from older people, and look after their children/pets, and other people will take over from your generation, when you pass away. Obviously, with enough money, the job is to hire decent staff, rather than do all the work yourself.

How much do they need to join the club, I wonder?

Plenty of people with disabled children, but no money.

What. ?