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Starting out in Investments. Paying an Independent Financial Advisor?
Comments
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grumble_100 said:kidmugsy said:- active investing is probably a bad idea; it tends to be costly and, averaged over the population of active investors, it will return less than passive investing.
Since coming into an inheritance I’ve used two IFAs over the last thirteen years.
I changed adviser because of moving house. No other reason. I have had solid returns which more than meet my needs.
When I started I had no knowledge or experience so having someone then was a bonus. And I am a nervy person who
might well react wrongly if the market falls etc. My current IFA is very good at calming my fears and giving reassurance. Others may get better returns DIYing - I am happier leaving it to someone else who I trust
But that’s me. DIY works well for others and there is no one size fits all. What I would say is try not to listen to those who say definitely do/do not use an IFA. There’s a lot of good advice on here - in general the more balanced replies are the ones I would look at
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grumble_100 said:kidmugsy said:- active investing is probably a bad idea; it tends to be costly and, averaged over the population of active investors, it will return less than passive investing.“So we beat on, boats against the current, borne back ceaselessly into the past.”2
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grumble_100 said:kidmugsy said:- active investing is probably a bad idea; it tends to be costly and, averaged over the population of active investors, it will return less than passive investing.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.3
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grumble_100 said:kidmugsy said:- active investing is probably a bad idea; it tends to be costly and, averaged over the population of active investors, it will return less than passive investing.0
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barnstar2077 said:Does some of your pension transfer to your wife should you die first? If so, and as you say your wifes provisions are not as robust as your own, could it would be worth looking at how much she would still recieve if you didn't take such a large lump sum?
If I die before my wife she would be entitled to half my annual pension, regardless of if/how much I commute. So on current figures she would get £18243 pa
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Thrugelmir said:
Are you comfortable in making your investment decisions? Stock markets don't effortlessly rise in perpetuity. Even though it may seem that way.
Not at all, that's why I think I was attracted to the Vanguard Lifestrategy funds/Target retirement funds
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grumble_100 said:Thrugelmir said:
Are you comfortable in making your investment decisions? Stock markets don't effortlessly rise in perpetuity. Even though it may seem that way.
Not at all, that's why I think I was attracted to the Vanguard Lifestrategy funds/Target retirement funds1 -
I would turn to an IFA if I thought I needed tax advice or advice on, say, insurance policies. I expect I'd do so if I were the trustee of a discretionary trust. (I was a trustee when I was younger: we didn't hire an IFA because another trustee was an investment manager by trade.)
But if you feel you'd like help for a couple of years until your confidence has built up, why not? The point of having money is to save you from anxiety. If an IFA can help with that he may well be worth his fee.Free the dunston one next time too.1 -
grumble_100 said:Thrugelmir said:
Are you comfortable in making your investment decisions? Stock markets don't effortlessly rise in perpetuity. Even though it may seem that way.
Not at all, that's why I think I was attracted to the Vanguard Lifestrategy funds/Target retirement funds“So we beat on, boats against the current, borne back ceaselessly into the past.”2 -
I had thought that paying the costs/fees of all the relevant parties, including the IFA, would get you better returns?
Not everybody is after 'better returns' whether they use an IFA or not .
For example someone who is retired , is often looking for stability and some protection against market drops, rather than big growth .
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