Best way to invest £350K

elephantrosie

independent financial advisor engagement...

TallGirl

With that sum of money worth paying an IFA in my experience they aren't that expensive. I've paid £800 for advice on a similar sum and I pay .5% fees annually for him to look after it. I only pay on what he's invested so you could still do the property thing and invest the rest. Best to diversify and check your mums risk it is her money not yours. Funeral plan sounds good but in today's prices saves money. Also get a will written.

DLA is non means tested no need to cancel.

bostonerimus

TallGirl wrote: »

With that sum of money worth paying an IFA in my experience they aren't that expensive. I've paid £800 for advice on a similar sum and I pay .5% fees annually for him to look after it.

Out of curiosity what investment strategy and funds did your IFA recommend and what do they do to manage your portfolio?

TallGirl

bostonerimus wrote: »

Out of curiosity what investment strategy and funds did your IFA recommend and what do they do to manage your portfolio?

Don't really want to confuse things as each person strategy and risk is different. Mine was £50k in Premium Bonds, £20k in S &S ISA, £50k in Old Mutual and then topped up my pension. I'm sticking £2k a month into the pension and £2k into each of the Old Mutual and the iSA (this is for 17/18). My funds are all global ones I can dig out the names but pretty pointless as you should look at things that suits you.

He's helping me move some smaller pensions into one and each year we will meet and he'll rebalance things and look in all is still suitable. Hope that helps

t288msd

I'd also go down the IFA route. Worth the upfront fee

bigadaj

TallGirl wrote: »

Don't really want to confuse things as each person strategy and risk is different. Mine was £50k in Premium Bonds, £20k in S &S ISA, £50k in Old Mutual and then topped up my pension. I'm sticking £2k a month into the pension and £2k into each of the Old Mutual and the iSA (this is for 17/18). My funds are all global ones I can dig out the names but pretty pointless as you should look at things that suits you.

He's helping me move some smaller pensions into one and each year we will meet and he'll rebalance things and look in all is still suitable. Hope that helps

What do you mean by 'old mutual' are these unwrapped funds?

Presume the ifa isn't charging you a fee on the premium bonds, the 0.5% fee looks pretty good on what appears to be relatively small amounts, by which I mean less than six figures. Initial fee also don't look excessive.

Would be interesting to see your platform and fund charges as well, as total fees on what even might be a reasonably charged ifa portfolio can easily exceed 1.5% and potentially quite a bit more.

atush

I agree, cancel the bank and see an IFA.

That is too much money with santander- what % interest is it getting? I'd move most of it over to NSI for now.

I'd forget buying a property to let. What I would do is have her buy a place to live (needing work or not) that will be suitable for her for decades. Another complex for older people, with also a good community to do things together?

But if she wont move, that is OK. As it isnt private she wont get booted out or have her rent raised too much. But if she is paying rent of any kind, this does increase the income required.

While she is and should be cautious, i would suggest she use her annual pension and S&S allowances, so that at least some small part of the money is invested. And IFA i have do doubt would agree here.