Do I need a financial adviser

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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?
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  • Fatbritabroad
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    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 atm
  • pop37
    pop37 Posts: 49 Forumite
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    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.
  • masonic
    masonic Posts: 23,478 Forumite
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    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.
  • dunstonh
    dunstonh Posts: 116,603 Forumite
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    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.
  • TheShape
    TheShape Posts: 1,781 Forumite
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    pop37 wrote: »
    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 etc
  • pop37
    pop37 Posts: 49 Forumite
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    As yet we are unsure of exact figures. It will be less than 250,000 I think.
  • mark1959
    mark1959 Posts: 553 Forumite
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    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]
  • Stubod
    Stubod Posts: 2,177 Forumite
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    ..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...."
  • pop37
    pop37 Posts: 49 Forumite
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    No can do Stobod, I live the other end of the country to them
  • LHW99
    LHW99 Posts: 4,287 Forumite
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    You could use
    https://www.unbiased.co.uk/ to find ones in your area to talk to
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