Fixed Bonds

Mumum

Well that didn’t take long. None of my local building societies accept trust accounts, although one of them has just teamed up with a local finance company. They are suggested that said finance company may offer me guidance and will ring back tomorrow to let me know.

I have also rung Skiptons to ask if they have any other better rate low risk products. They will find out if their financial advisers will advise me and will let me know within the next day or two.

I’ll see where this leads me...

coyrls

Mumum wrote: »

Well that didn’t take long. None of my local building societies accept trust accounts, although one of them has just teamed up with a local finance company. They are suggested that said finance company may offer me guidance and will ring back tomorrow to let me know.

I have also rung Skiptons to ask if they have any other better rate low risk products. They will find out if their financial advisers will advise me and will let me know within the next day or two.

I’ll see where this leads me...

If you are after fixed rate savings accounts, you don't need to speak to a financial advisor. If you think you need financial advice, you should find your own Independent Financial Advisor. You will have to accept that interest rates are low and having a trust will limit your choice. In your case now, I would just go for the 1 year Skipton account. Please note that "low" risk financial products are not the same as "no" risk savings accounts. With a timescale of one year, I would stick to savings accounts.

Mumum

Very helpful advice Coyris, thank you.

PaddingtonBear27

My 70 year old dad was close to taking out a bond with JPMorgan called JP Morgan New Client Bond. It offers rates from 2.75% for 1 year, up to 5.4% for 5 years.

I've just spoken with JP Morgan's fraud team who confirm it's a scam, they are aware and all their real investments/bonds are listed on their website.

AnotherJoe

Mumum wrote: »

Hello 👋

I have £35,700 to invest in a Trust Account. What with the uncertainties of Brexit, I thought to invest it for a year in a fixed bond and then review the market. I do not want to take any chances (stocks etc) as this money will be for my son’s future.

Then it should be invested globally, preferably. Anything else is a poor choice with a high choice of losing out to inflation, especially if this is a ten year or more period and if he has any savvy when hes 18 he's going to berate you for making the choice of bonds that barely and maybe dont, match inflation.



Buy a global low cost index tracker like HMWO.

Mumum

I rang them too and they said something about there being a link from the MoneySupermarket website, so perhaps that’s where I got it from. I’m glad you stopped your poor dad from making a big mistake :beer:

Mumum

I’m giving him my compensation money so he shall have to be grateful for what he gets but I’m off to find out more about the global low cost index tracker you mention. Do you think it’s worth hiring a financial adviser for that relatively (at least in the financial world) small amount?

jimjames

PaddingtonBear27 wrote: »

My 70 year old dad was close to taking out a bond with JPMorgan called JP Morgan New Client Bond. It offers rates from 2.75% for 1 year, up to 5.4% for 5 years.

I've just spoken with JP Morgan's fraud team who confirm it's a scam, they are aware and all their real investments/bonds are listed on their website.

Just to be clear. He wasn't about to take out a bond with JP Morgan. He was about to hand money over to scammers pretending to be JP Morgan, it was nothing to do with them at all.

Mumum

JimJames: if your message was directed towards me, yes I realised thank you, though I appreciate you taking the time to reinforce that point.

Does anyone have any thoughts on whether the cost of a financial advisor is worth it for £35,000?

Thank you!

masonic

Mumum wrote: »

Does anyone have any thoughts on whether the cost of a financial advisor is worth it for £35,000?

The cost of a financial adviser could be based on a percentage of the assets being managed, an hourly rate, or a fixed fee for a specific piece of work. Some advisers might consider £35,000 not worth it for them, while others may want to charge fees that wouldn't be worth it for you. The only way to find out is to approach a few Independent Financial Advisers and see what they propose. Presumably you do feel that you need advice?