Can I do this myself?

Andyed201

Hi,

I am just trying to get hold of my finances for the future and have had a session with an IFA and was shocked at the cost involved to be honest. I don't think my finances are that complicated, and i am reasonably intelligent, so I wandering if I can just do this myself with a bit of effort, and save the cost?

My position is;
No debt, long time until I retired
2 pension pot of circa £100k each
A cash ISA paying with £5k
A S&S ISA with £10k
Cash savings circa £30k
Monthly savings of about £1k to put somewhere.

To me, that doesn't feel that complicated. Working out how to get the best from the pensions and where to put the £30k and monthly savings seem the hardest bit at this stage.

Have I missed anything, or do I need to pay several thousand to someone else to do this for me?

A

OldMusicGuy

No, you can do it yourself provided you are prepared to a bit of reading and research. Blogs like Monevator are helpful (http://monevator.com/), as are books like Investing Demystified by Lars Kroijer, DIY Simple Investing by John Edwards and Smarter Investing by Tim Hale are all quite helpful.

If you aren't prepared for or comfortable with doing that level of research and then making some investment choices, you should pay an IFA.

xylophone

https://forums.moneysavingexpert.com/discussion/comment/60430585#Comment_60430585

You are now aged 48?

You are currently contributing to an employer's pension scheme?

The two pensions to which you refer are the stakeholder and the SW plan from a former employer?

You have checked charges and whether there are any "safeguarded benefits" (Guaranteed Annuity Rate perhaps) on the SW plan?

You are considering a SIPP?

Had you explored the option of a transfer in to your current pension?

You had looked at platform charges for your S&S ISA/ (maybe)SIPP?

You can "do it yourself" and many people do but you need to educate yourself on investment first.

Some reading to start:

http://monevator.com/find-the-best-online-broker/

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

http://monevator.com/understand-your-investment/

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

Have you and your wife checked your state pension position?

https://www.gov.uk/check-state-pension

You have checked that you/your wife have the best current accounts for your needs?

https://www.moneysavingexpert.com/banking/compare-best-bank-accounts/?utm_expid=.YuDrgWgaQqKpJMIgme8Z6w.0&utm_referrer=https%3A%2F%2Fwww.moneysavingexpert.com%2Fbank-accounts%2F

Certain current accounts have 5% regular monthly savers.

For example if you had a First Direct current account you and your wife could contribute £300 a month - with a Nationwide Flexdirect as well you could each contribute £250 a month.

Andyed201

Wow - I couldn't even remember posting that, how life has changed! May need to delete that as a lot of stuff in there is very wrong now. So....

Now aged 43, I must have rounded up previously.

Yes I pay into a employers pension, 7% matched. They will match up to 10% so I am going to increase to that. This is actually a third pension, the other two I mentioned aren't getting any contributions.

The other 2 are a Scottish Widows Stakeholder, and a Legal and General DC. The L&G one has very limited fund access, so I am considering moving it.

There are no safeguarded benefits on either.

I haven't a SIPP, I am not sure if I want the responsibility of managing a SIPP.

I can't transfer anything to my new pension, I checked.

I haven't checked any charges on anything.

No longer a wife to check anything about. My state pension is on track.

My current account offers nothing, interest rate of next to Sweet FA. Are multiple current accounts really worth it for such small amounts? It feels like a lot of effort for a tiny return. I don't want to spend hours chasing a few pounds each year.

dunstonh

An IFA will cost you in terms of advice but often the products they recommend can be cheaper than the DIY versions. The key to DIY is to do it well. If you do it badly, it can be more expensive.

BLB53

It can be very easy to diy investments provided you know the basics and have a clear plan of what you want to achieve. I think the hardest part for some people is the psychological aspect of investing and being able to stick with a plan when the markets are bumpy/volatile.

So if you do some reading around SIPPs and ISAs via the likes of Monevator links above AND you have the right temperament for the asset mix you select, then go for it.

You may find some of the articles on the DIY Investor basics page useful?
http://diyinvestoruk.blogspot.com/p/basics.html