First time shares investor - advice please

jamiednm

I am due to meet with a financial advisor, so will get professional advice on this, but it would be good to hear some of your opinions so I have a bit more of an idea when I have my meeting.

I want to make an initial investment a couple of grand in a specific fund based in the UK and a specific stock listed on the Nasdaq.

I then want to make monthly contributions to this (approx £200 per month) - I assume any trading/shares-based saving platform will charge me for each contribution?

Am I best setting up a S&S ISA for this, or a share dealing account? Hargreaves Lansdowne looks like my provider of choice at the moment.

Any advice/experience is greatly received, thanks.

Broken_Biscuits

If you have made your mind up on the things you want to invest in, why pay an advisor?

Unless of course you intend to act and listen when they tell you its a bad idea?

jimjames

Broken_Biscuits wrote: »

If you have made your mind up on the things you want to invest in, why pay an advisor?

Unless of course you intend to act and listen when they tell you its a bad idea?

I'm sure you can get the same info here - and for free! I'll happily say it sounds like a bad idea

jamiednm

I'm not looking for advice on what to invest in, more about HOW to invest - platforms etc.

jamiednm

jimjames wrote: »

I'm sure you can get the same info here - and for free! I'll happily say it sounds like a bad idea

Bad idea - stock/fund investment in general?

Broken_Biscuits

If its just how to invest, If I was you, I'd cancel the appointment and save a few quid.

1.Read the monevator broker guide.
http://monevator.com/compare-uk-cheapest-online-brokers/

Say you decide that Cavendish online is the best broker for you.

2.Go to Cavendish onlines website.*
Click a few pages until you get to "open an isa account"

3. Open an isa account.

4.Put money into the fund you want.

5.Repeat step 4 until fabulously wealthy.

Now where's my fee?

*other brokers are available.

grey_gym_sock

there's no way to say whether buying a "specific UK fund" is good idea, unless you're more, er, specific.

a specific stock listed on nasdaq sounds like a bad idea. when ppl in the UK, who don't (i guess) already have a portfolio of international shares, are thinking of buying a specific nasdaq stock, that suggests it is overhyped and overpriced.

also, whatever the reasoning for buying it, no individual stock is a certainty. a few years ago, i thought tesco was a safe and boring share to own. last year, tesco did the worst of all the individual shares i own. however, i have over 20 individual shares, and, taken together, they did well last year. if you want to go into individual shares (and there is no need to), then you need to buy at least 15-20 of them. and that will be very expensive in dealing commissions with only a couple of grand + £200 per month.

there is no good reason not to use an ISA. an ISA may save tax, and will save on record-keeping and reporting to HMRC.