IFA advice to 'hold on to my cash' post Brexit!

dunstonh

I have a stakeholder because it was provided for me by my previous employers. No brainer. They paid in. The charges are low.

Thats fine. Most stakeholders were the lowest charge option in 2001 but by around 2008, personal pensions started to get cheaper and nowadays, personal pensions (and some SIPPs) can be far cheaper.

My risk profile is medium to high/medium (I think IFAs score this at 6 or 7 perhaps).

Every risk scale is different as the weightings vary. So, 7 could be medium on scale and high on another.

Anyway, the point is that the conversation you had with the IFA could be an off the cuff remark. Or it could be that they were seeing what your response was. Of course, things have moved on since Friday and views may well be different now. Last Friday, I had suspended all bed and ISAs and rebalancing but things have calmed quicker than expected and will probably start them again next week (until the next bit of bad news hits!).

If you look at this year, there is the potential for lots of bad news. Brexit, global economy, global politics, Trump. There is a lot of known potential downsides this year. That is on top of the unknown.

sunshinesadly

Thanks for your thoughts dunstonh. It has become clear that this IFA was probably making an off-the-cuff remark and the company have taken such poor notes that the departure of the IFA I was dealing with means I have to start from scratch with all discussions. Complete pain.