Wesleyan with profits ISA as first investment

somo999

Hello,

Just wondering if I could get a brief opinion please from the combined wealth of knowledge here. I am looking to invest £1000 a month for at least 5 years (likely much more). I am 38, and a doctor. Essentially, I am looking to invest 'spare' money for retirement/potential kids/disasters etc

I saw a financial advisor a few weeks ago - non independent (probably an error I realise now) - and decided to go with a Wesleyan with profits ISA - but am still in my cooling off 30-day period.

Do you think this was a good decision? And now post referendum result?

The fees also seem high, 5% initial charge and 1.7% ongoing advice/management fee. I am inclined to cancel and look for something else - but would appreciate any words of wisdom to a novice?

Many thanks in advance.

dunstonh

I saw a financial advisor a few weeks ago - non independent (probably an error I realise now) - and decided to go with a Wesleyan with profits ISA - but am still in my cooling off 30-day period.

If it was 1985 then seeing an insurance rep and being sold a with profits plan would be quite normal. However, we are way past the point that type of investment is suitable.

Do you think this was a good decision?

Almost certainly not.

And now post referendum result?

irrelevant to the decision to invest.

The fees also seem high, 5% initial charge and 1.7% ongoing advice/management fee. I am inclined to cancel and look for something else - but would appreciate any words of wisdom to a novice?

They will be high as you saw an in-house sales rep selling a largely obsolete investment fund.

somo999

Thank you - I suspected I might have been a bit gullible. Cancellation form will go in the post tomorrow.

slowpoke_rodriguez

Open a stocks and shares ISA with one of the platform providers,
Hargreaves Lansdowne, Charles Stanley, etc, and stuff it with whatever takes your fancy...

Startup1985

Stocks and shares isa with iG would be my advice

somo999

Thank you. I will look into those.

jimjames

slowpoke_rodriguez wrote: »

Open a stocks and shares ISA with one of the platform providers,
Hargreaves Lansdowne, Charles Stanley, etc, and stuff it with whatever takes your fancy...

HL is often suggested as being an expensive option. However in comparison to what the OP has signed up they are vastly cheaper.

For a new investor I'd suggest HL as being a good option as it's such an easy site to use. Just take their "recommendations" with a pinch of salt. Their site is www.hl.co.uk

Something like a multi asset fund such as Vanguard VLS 60 (or higher % if you're prepared to take more risk) would do the job.

bigadaj

jimjames wrote: »

HL is often suggested as being an expensive option. However in comparison to what the OP has signed up they are vastly cheaper.

For a new investor I'd suggest HL as being a good option as it's such an easy site to use. Just take their "recommendations" with a pinch of salt. Their site is www.hl.co.uk

Something like a multi asset fund such as Vanguard VLS 60 (or higher % if you're prepared to take more risk) would do the job.

Agreed, Charles Stanley directs site is pretty good, not quite as user friendly, but a little cheaper. Probably down to personal preference, have a look at both would be my recommendation.

badger09

I'm a bit surprised that jimjames & bigadaj have launched in with platform recommendations.

I think the first step would be for OP to do a little background reading into the various types of investment, then to choose the cheapest/most user friendly platform:cool:

somo999, you probably don't have the time or inclination to spend weeks researching, but have a read around monevator.com, particularly this bit

http://monevator.com/category/investing/passive-investing-investing/

Good luck

xylophone

The OP is a doctor so high earning potential - if he has no investing experience and doesn't have the time to learn, he could consider consulting an Independent Financial Adviser.

http://www.thepfs.org/yourmoney/find-an-adviser/

digannio

Also, ignore any blood pressure readings taken during dips in the market;)