Nutmeg anyone?

TheTracker

I'd be more worried about a 3yo fin tech startup that had £600k turnover and £0 profit than one that had £600k revenue and £3m loss. The London advertising campaign must be many hundreds of thousands of pounds alone. You need to pile money in to be long term successful, otherwise you'll end up like a small firm IFA or mom-n-pop operation. That doesn't mean they'll be successful, but if they aren't they'd probably fold into a bigger shark's operation. I personally don't think they'll survive and prosper, but I wouldn't say money is at significant platform risk.

I don't feel there is any value comparing Nutmeg to small IFA companies. You could equally put down a successful IFA firm by saying "they are only about as big as a tiny fin tech startup". It's just not useful to the discussion.

aajax42

#20 16th Mar 16, 12:33 AM
https://forums.moneysavingexpert.com/discussion/comment/69522367#Comment_69522367

Post 2 - any answers OP?

Not sure what your point is? I have certainly sought help before and have stated I am terrified of making a big mistake that will impact dramatically upon our financial future. I appreciate all the views expressed and as a result of the points raised will not be moving forward with Nutmeg at this point. I am now leaning toward Vanguard Lifestrategy, or L&G Multi index and re visiting the prospect of an IFA. I hope I haven't done anything I shouldn't by opening a second thread, have I?

bowlhead99

aajax42 wrote: »

Post 2 - any answers OP?

Not sure what your point is? I have certainly sought help before and have stated I am terrified of making a big mistake that will impact dramatically upon our financial future. I appreciate all the views expressed and as a result of the points raised will not be moving forward with Nutmeg at this point. I am now leaning toward Vanguard Lifestrategy, or L&G Multi index and re visiting the prospect of an IFA. I hope I haven't done anything I shouldn't by opening a second thread, have I?

I think the point being made was... in the previous thread you said you were looking to supplement your meagre pension and were considering a few options and looking for the thread on monthly income; the first reply asked you a bunch of questions about age, existing pensions, state pension eligibility, ISA allowances etc and pointed to an article on popular income funds and a platform comparison; the second pointed you to the thread you were probably looking for along with some others.

You didn't reply to any of the questions or even acknowledge that the replies existed, simply abandoning the thread.

So, now you're doing a new thread looking at a different angle but still essentially curious about how best to deploy your cash for retirement income - the poster was probably wondering what the answers to the earlier questions were, which might be useful if they were going to try to give you a fuller response, and whether you even intended to read the replies and engage with discussion because if not it can be a little frustrating taking time out to try to help.

FWIW if you're acknowledging that you don't really want to do self investing, then I don't think the replies to those various earlier questions are essential. I think generally if you're terrified of making a mistake then it makes sense to spend a couple of thousand sitting down with a real human IFA to discuss tour affairs in full, and take some advice from a qualified professional backed up with regulatory comeback if the advice is not fit for purpose.

Simply guessing that L&G MI5 or VLS60 or Nutmeg 6 is best for you is still in part a leap of faith that doesn't fix the "scared of making a decision" problem. Also, those options are not really geared around providing a specific targeted level of income, which might be what you're looking for. So, though I don't use one myself, I think hooking up with a local IFA or three for some initial meetings is pretty sensible, if you don't want to develop your understanding of investments generally and take a plunge. If you did want to DIY it would be quite a bit cheaper but you then only have yourself to blame if you can't sleep at night and mistakes could make it considerably more expensive.

IFA would make it cost more than competent DIY, but you are buying reliability and peace of mind with the money.

aajax42

Thanks bowlhead99 for the clarity. It wasn't that I abandoned the thread, which I read in detail, it was suddenly feeling bombarded with " questions about age, existing pensions, state pension eligibility, ISA allowances etc" that I don't see the relevance of. For what it is worth I am almost 63, working part time, in receipt of a small occupational pension and will not get my state pension for over 2 years, whatever that might turn out to be. Therefore, as stated I am looking for guidance on maximising income from my savings. I have tried to maximise ISA's and will have just over 100k invested in them with this years allowance. Most though is once again in cash ISA's because of the fear of losing at gambling on stocks and shares.
I looked at the other threads suggested in my previous thread and again found so many conflicting views contained within them that I felt I was back to square one. Nevertheless, a pattern of consistent advice is emerging and I would like to thank everyone for their contributions which I appreciate very much indeed. As you can no doubt tell, I am pretty hopeless when it comes to finance and look out for my forthcoming threads re magic wands and crystal balls :-)