Investment Advice

simonfitba

KonkyWonky wrote: »

Thanks for the advice everyone, to be honest I was hoping I'd get more simplistic options, it looks like I have a bit of research to do to figure out how to progress.

Would I be correct in assuming that if I DIY it rather than use a company like SJP that I will need to set up an ISA wrapper somewhere (for which I will be charged annually) and then decide on what funds to hold within the ISA? (which I will then pay an annual % of my investment based on the fund charges)

I currently bank with Santander and noticed that they offer a free financial planning service for investments provided you have at least £50k in Santander (which we do). Would it likely be worth speaking to them? I appreciate they will try and push their product to hold the funds but I might get an idea of funds that would fit my risk profile without having to search through thousands myself not really knowing what I am looking for.

No. Santander will only try to sell you their own products. And that is bad. If you don't want to do the research yourself, you need an independent financial advisor. Find one at unbiased.co.uk

However, the suggestion above of a simple Vanguard Lifestrategy fund is a good one. Couple of easy guides here and here, and also do a google search.

Good luck.

KonkyWonky

simonfitba wrote: »

No. Santander will only try to sell you their own products. And that is bad. If you don't want to do the research yourself, you need an independent financial advisor. Find one at unbiased.co.uk

However, the suggestion above of a simple Vanguard Lifestrategy fund is a good one. Couple of easy guides here and here, and also do a google search.

Good luck.

Thanks, I was thinking Santander would only be interested in charging a fee to hold the ISA, wasn't thinking they would have their own funds and only be looking to direct me towards them.

Eco_Miser

KonkyWonky wrote: »

Would I be correct in assuming that if I DIY it rather than use a company like SJP that I will need to set up an ISA wrapper somewhere

Yes (If you want the tax advantages of an ISA)

KonkyWonky wrote: »

(for which I will be charged annually)

Maybe. Different platforms have different charging models. Iweb, for instance, don't charge an annual fee (but £200 to join). Monevator have a chart of fees.

KonkyWonky wrote: »

and then decide on what funds to hold within the ISA?

It would be better to decide on the funds first, then go with a platform that carries them, but yes.

KonkyWonky wrote: »

(which I will then pay an annual % of my investment based on the fund charges)

The funds take their fees daily. You don't have to pay them explicitly.

Strummer22

Eco_Miser wrote: »

Yes (If you want the tax advantages of an ISA) Maybe. Different platforms have different charging models. Iweb, for instance, don't charge an annual fee (but £200 to join)

I joined IWEB when I spotted it on MSE with a promotional £25 to join.

However as far as I can tell from my statements I've never been charged that £25, which is nice of them.

Eco_Miser

Stu_N_ wrote: »

I joined IWEB when I spotted it on MSE with a promotional £25 to join.

However as far as I can tell from my statements I've never been charged that £25, which is nice of them.

Look in your non-ISA account, you may find it there.
When I joined £25 was the normal price. I paid it by a separate debit card transaction, so not part of my ISA allowance.

KonkyWonky

Eco_Miser wrote: »

Yes (If you want the tax advantages of an ISA) Maybe. Different platforms have different charging models. Iweb, for instance, don't charge an annual fee (but £200 to join). Monevator have a chart of fees. It would be better to decide on the funds first, then go with a platform that carries them, but yes. The funds take their fees daily. You don't have to pay them explicitly.

Thanks for that, I don't plan to be trading a lot, really just looking to pick a fund and let it do it's thing provided there are no drastic changes. Initial thoughts are to use Halifax as it appears to be the lowest fees for what I plan and then pick one of the Vanguard funds.

Decisions decisions

bigadaj

KonkyWonky wrote: »

Thanks for that, I don't plan to be trading a lot, really just looking to pick a fund and let it do it's thing provided there are no drastic changes. Initial thoughts are to use Halifax as it appears to be the lowest fees for what I plan and then pick one of the Vanguard funds.

Decisions decisions

Seems like a decent option, particularly if you aren't trading much. Halifax share dealing are pretty cheap, though percentage based platforms might be chelae for until you get to around £30k depending on how much trading you actually do.

Basic platform but quite straightforward, any analysis or more in depth research can be done by looking at trustnet or morning star.

Strummer22

Eco_Miser wrote: »

Look in your non-ISA account, you may find it there.
When I joined £25 was the normal price. I paid it by a separate debit card transaction, so not part of my ISA allowance.

Oh so it is, thanks. I suppose I'd better pay up then!