We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Do I need a financial adviser
pop37
Posts: 49 Forumite
My mum recently passed away and as a result I will inherit a large (to me anyway) sum of money. She had a financial adviser to help her grow her money will I need one?
0
Comments
-
Firstly Sorry for your loss
Questions
What's large
What's your knowledge of investments
Whats your objective
What's your other assets and where are they placed I. E. Own own property. Cash. Pensions . Too many variables to provide a comment atm0 -
Large as in three digit thousands.
My experience- none
Objective - to grow it so it can be my retirement pot and help the children get on the property ladder when they are older.
Other assets - home owner (no mortgage) small pension, nothing else of note.0 -
Going from no experience to managing a six figure investment portfolio all on your own is probably asking too much of yourself. I think an adviser would be very beneficial, even if your ultimate aim is to manage it yourself.0
-
In life, with most jobs, you have the choice of DIY or paying a professional. If you DIY well you can save money. If you DIY badly then it costs you money.
The same applies to financial services. So, your questions is really whether you are able to DIY or whether you should use an IFA (all other options, such as FA, can be disregarded)I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Large as in three digit thousands.
My experience- none
Objective - to grow it so it can be my retirement pot and help the children get on the property ladder when they are older.
Other assets - home owner (no mortgage) small pension, nothing else of note.
That still covers quite a large range.
If I thought I could DIY and the figure was £100k, I'd give it a go. If £750k, I'd want a fair amount of advice re investments, tax planning, IHT etc0 -
As yet we are unsure of exact figures. It will be less than 250,000 I think.0
-
Sorry about your loss. If you do see an IFA make sure he/she is independent and not a salesperson for a financial company/ bank. [who call themselves financial advisors occasionally]0
-
..why not continue to use your moms FA and see how it goes? Particularly as you now have some history regarding their performance....."It's everybody's fault but mine...."0
-
No can do Stobod, I live the other end of the country to them0
-
You could use
https://www.unbiased.co.uk/ to find ones in your area to talk to0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.1K Banking & Borrowing
- 253.6K Reduce Debt & Boost Income
- 454.3K Spending & Discounts
- 245.2K Work, Benefits & Business
- 600.8K Mortgages, Homes & Bills
- 177.5K Life & Family
- 259K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards