Some Investment Advice If possible

Richard1212

Given your medium but promising financial sum, age, regular savings' amounts, low mortgage etc, you may wish to seek investment advice, especially given your admitted lack of detailed knowledge. If you decide to go down that road, I strongly recommend a Wealth Manager ( whose qualifications take up to 5 years to achieve) instead of IFAs ( who can adopt that title after as little as a 6 months course---less than that of an aromatherapist !). I would not have accumulated enormous shares' growth over the years without my Wealth Manager and his specialist team who advise and manage my portfolio. Congratulations on your promising future and determination to make the most of it and looking for growth. 

dunstonh

I strongly recommend a Wealth Manager ( whose qualifications take up to 5 years to achieve) instead of IFAs ( who can adopt that title after as little as a 6 months course---less than that of an aromatherapist !)

That is complete and utter rubbish and not a jot of truth to it.    There is no regulatory or qualification classification called wealth manager.  Its a marketing term used by some FAs and some IFAs.   Typically, wealth managers that are not IFAs are restricted sales reps.  Whereas IFAs that use the wealth management tag are whole of market.

Richard1212

dunstonh said:

I strongly recommend a Wealth Manager ( whose qualifications take up to 5 years to achieve) instead of IFAs ( who can adopt that title after as little as a 6 months course---less than that of an aromatherapist !)

That is complete and utter rubbish and not a jot of truth to it.    There is no regulatory or qualification classification called wealth manager.  Its a marketing term used by some FAs and some IFAs.   Typically, wealth managers that are not IFAs are restricted sales reps.  Whereas IFAs that use the wealth management tag are whole of market.

And of course YOU are an IFA ...............LOL LOL

Clive_Woody

Richard1212 said:

dunstonh said:

I strongly recommend a Wealth Manager ( whose qualifications take up to 5 years to achieve) instead of IFAs ( who can adopt that title after as little as a 6 months course---less than that of an aromatherapist !)

That is complete and utter rubbish and not a jot of truth to it.    There is no regulatory or qualification classification called wealth manager.  Its a marketing term used by some FAs and some IFAs.   Typically, wealth managers that are not IFAs are restricted sales reps.  Whereas IFAs that use the wealth management tag are whole of market.

And of course YOU are an IFA ...............LOL LOL

A more convincing rebuttal would have been you listing all of the  required qualifications one would need to call oneself a "wealth manager". 

Perhaps you could enlighten us?

Albermarle

Clive_Woody said:

Richard1212 said:

dunstonh said:

I strongly recommend a Wealth Manager ( whose qualifications take up to 5 years to achieve) instead of IFAs ( who can adopt that title after as little as a 6 months course---less than that of an aromatherapist !)

That is complete and utter rubbish and not a jot of truth to it.    There is no regulatory or qualification classification called wealth manager.  Its a marketing term used by some FAs and some IFAs.   Typically, wealth managers that are not IFAs are restricted sales reps.  Whereas IFAs that use the wealth management tag are whole of market.

And of course YOU are an IFA ...............LOL LOL

A more convincing rebuttal would have been you listing all of the  required qualifications one would need to call oneself a "wealth manager". 

Perhaps you could enlighten us?

If you check the posters previous posts, they are all pretty much along the same lines.

Albermarle

Just want to comment on one small part of the informative post from @Eyeful as follows.

INVESTING: Putting your money at risk where there is the potential loss of all your money. You hope to take out more than you put in, but this is not guaranteed. If you invest in diversified mainstream passive products then the chance of losing all your money is practically zero, as it would mean all major companies and governments in the world had collapsed. However significant short and medium term losses are quite possible, hence the importance of the next comment.

Think of investing for at least 10 years at least.

Investments are not covered by the FSCS protection. They are covered to some extent in case of fraud or serious mismanagement, but not from normal investing losses.

dunstonh

Richard1212 said:

dunstonh said:

I strongly recommend a Wealth Manager ( whose qualifications take up to 5 years to achieve) instead of IFAs ( who can adopt that title after as little as a 6 months course---less than that of an aromatherapist !)

That is complete and utter rubbish and not a jot of truth to it.    There is no regulatory or qualification classification called wealth manager.  Its a marketing term used by some FAs and some IFAs.   Typically, wealth managers that are not IFAs are restricted sales reps.  Whereas IFAs that use the wealth management tag are whole of market.

And of course YOU are an IFA ...............LOL LOL

And I can call myself a Wealth Manager if I want.  Indeed, I used to in my company tagline until I personally felt the wealth management phrase was being tarnished by the sales reps.    Another well-regarded IFA on this site does use the Wealth Manager tag.        The qualification standards are the same across all types of adviser and all business models.

You may laugh at me but everyone else is laughing at you.

Eyeful

Richard1212

Out of interest could you please tell me the following:-

1. The name of the Wealth Manager firm that allowed you to "accumulated enormous shares' growth over the years".

2. As a percentage what do you consider " enormous shares' growth"  to be.

3. Over how many years did this growth take place.

4. What did your managers put you money into, a portfolio mainly of
(a) Just shares
(b) Investment Trusts
(c) OEIC
(d) ETF's

A rising tide lifts all ships.

Even without a  Wealth Manager telling me where to put my money, a quick look tells me that over the last 10 years
a simple  S&P 500 ETF (LSPX) with an ongoing charge of 0.15% has risen by about 232%.
a simple All World ETF (HMWO) with an ongoing charge of 0.15% has risen by about 148%.

So by what % did your portfolio grow over 10 years?
What was the % yearly ongoing charge? 

rabbit87

I think people are slightly over complicating things for paye. If he doesnt yet have much knowledge around money which is normal really (school teaches people to be stupid and make dumb decisions so that banks and big business can rip them off). I was in a similar position to PAYE few years ago. My advice would be keep things as simple as you can. That way you can learn slowly and a get a sense of what is right for you by reading here and other places. So i think.

1. Pay off as much debt as you can now. Mortgage and loan

2. Split your money into chunks of £80000 and put it in 1 year fixed bonds with interest between 5% - 6% making sure it is FSCS protected.

Beauty of this is that you dont have to think about it or do anything for a year except watch your money grow. During year you will be learning just by opening and keeping an eye on the accounts. Then in a year reasses it all again and then slowly do something more ambitious ie stocks and shares or such like if you feel comfortable with that.

SavingsBoo

paye said:

I will most certainly look into adding more in towards my pension considering I'm 42 and will also look into opening up previously mentioned saving accounts.

The reason why I haven't done this yet is because I’m concerned (unsure why) that it could affect my credit rating should I have multiple accounts running. I was initially thinking of buying a property but because there is so much uncertainty surrounding the housing market, I have decided to hold off for the time being. 

I asked a similar question about my credit rating today, I have been moving pots of money into various savings accounts over the last year, including opening some which I haven't ended up depositing money into as interest rates have been changing and new accounts being released all the time!  The answer I got is that if you're not applying for credit then it won't affect your credit score (seems obvious doesn't it!).