finding a financial advisor

GreenQueen

My mother died earlier this year, and I have inherited half her estate.
- We have just received the grant of probate
- already have £40,000 from banks/final payments from pensions
- expect around £100,000 from investments with St James Place
- expect around £150,000 once her house is sold.

A few questions:
- Is it a good time to cash in the St James Place investments with the current financial situation?
- How do I find a good, local financial advisor?

We have some significant work to do on our own property (not yet quantified)
We have around £30,000 of our own savings
I am retired - between my husband and myself, we pay our bills and put away around £200 in savings per month.
Our own property is worth around £350,000, without the work mentioned above.

Albermarle

Is it a good time to cash in the St James Place investments with the current financial situation?

Although markets have dropped this year, there have been much worse drops in the past and will be no doubt in future ( and gains) Unless you need the money it is is usually best not to cash out investments, especially when they are down. Investing is a long term business.

On the other hand St James Place are  expensive in terms of fees etc and they are restricted to offering their own funds. It may well be a good idea to find an IFA to reinvest the money somewhere else. The best way to find a good IFA is through word of mouth and to find one locally, perhaps one working within a small group.

GreenQueen

Thank you, I must admit the fees shocked me when I saw them, but not having been an investor on that scale wasn't sure whether they were standard. I'll have a word to see if there is a good IFA around.

barnstar2077

I second taking a long hard look at the St James Place investments:

https://www.youtube.com/watch?v=F-UP-XDUPWM

Albermarle

GreenQueen said:

Thank you, I must admit the fees shocked me when I saw them, but not having been an investor on that scale wasn't sure whether they were standard. I'll have a word to see if there is a good IFA around.

There is no standard as such as different investment funds have different charges, but as a guidleine.

DIY investor with a focus on low fees - around 0.25% in total
DIY investor with a more varied portfolio - around 0.5% in total
IFA with low cost funds - 1%+
IFA average  - 1.3%
IFA expensive 1.8%
SJP > 2 %

xylophone

You could try

https://adviserbook.co.uk/

Tick "confirmed independent" and any specialism (s) required when the menu comes up.

You can then ring round to discuss requirements/terms of business etc.

Audaxer

GreenQueen said:

Thank you, I must admit the fees shocked me when I saw them, but not having been an investor on that scale wasn't sure whether they were standard. I'll have a word to see if there is a good IFA around.

Or to save on costs, you could consider DIY with the likes of a low cost, globally diversified multi asset fund, after doing some research on here and sites like Monevator. I think you should take your time and do some research, as it will also help you ask the right questions if you are going down the route of finding a good IFA.

MX5huggy

It’s always a good time to cash in SJP investments. They have expensive exit fees, which I presume you won’t be tied to if you take the money now but will be if you set up a new account with them.