Investing life assurance lump sum

flustered&confused

Apologies if this is covered somewhere else, I couldn’t see it. I realise I’m in a financially good position here.

my husband passed away recently. Through various policies all debt was cleared and mortgage paid.

There is still a significant amount left. I had invested a chunk of it with St James Place (who are topping up and ISA). I am wary in investing all of the money in one company though as I’m aware only the first 85k is insured.

can anyone suggest what/where I should invest. I see mention of premium bonds….I’m at least 10 years off retiring. 

I don’t want to take risks, I just want to keep the money safe and hopefully earning a little interest at least. 

Thank you 

JGB1955

I think the first suggestion would be to approach an IFA - i.e. Independent.  SJP are far from that and (AIUI) have eye-watering fees.

flustered&confused

JGB1955 said:

I think the first suggestion would be to approach an IFA - i.e. Independent.  SJP are far from that and (AIUI) have eye-watering fees.

Thank you. We used them after following a friends advice but yes, I am wondering if we did the right thing

dunstonh

There is still a significant amount left. I had invested a chunk of it with St James Place (who are topping up and ISA). I am wary in investing all of the money in one company though as I’m aware only the first 85k is insured.

SJP are sales reps of their own product.   They are the most expensive distribution channel in the UK.    You should have used an IFA.

An IFA could (and would) have diversified the portfolio.  However, with modern investment options, you don't have to worry about the investment platform.   Although you have used a provider that does it the old way and have tied everything into the same company (seller: SJP.  Provider: SJP,  Funds: SJP).

if you are still in the cancellation rights period, you may wish to reconsider your options.  Your friend let you down.  However, SJP are very good at brainwashing their clients (metaphorically speaking)

can anyone suggest what/where I should invest. I see mention of premium bonds….I’m at least 10 years off retiring. 

Insufficient information to say but pension beats ISA for retiring.    Didn't the sales rep tell you that?

I don’t want to take risks, I just want to keep the money safe and hopefully earning a little interest at least.

Everything has risks.   Just different risks.   Premium bonds have risk.    They don't have investment risk but they have shortfall risk and inflation risk.  

flustered&confused

dunstonh said:

There is still a significant amount left. I had invested a chunk of it with St James Place (who are topping up and ISA). I am wary in investing all of the money in one company though as I’m aware only the first 85k is insured.

SJP are sales reps of their own product.   They are the most expensive distribution channel in the UK.    You should have used an IFA.

An IFA could (and would) have diversified the portfolio.  However, with modern investment options, you don't have to worry about the investment platform.   Although you have used a provider that does it the old way and have tied everything into the same company (seller: SJP.  Provider: SJP,  Funds: SJP).

if you are still in the cancellation rights period, you may wish to reconsider your options.  Your friend let you down.  However, SJP are very good at brainwashing their clients (metaphorically speaking)

can anyone suggest what/where I should invest. I see mention of premium bonds….I’m at least 10 years off retiring. 

Insufficient information to say but pension beats ISA for retiring.    Didn't the sales rep tell you that?

I don’t want to take risks, I just want to keep the money safe and hopefully earning a little interest at least.

Everything has risks.   Just different risks.   Premium bonds have risk.    They don't have investment risk but they have shortfall risk and inflation risk.  

I am out of the cancellation window - I have found the financial advisors on MSE and made contact, so hopefully will get a fuller picture going forward.

dunstonh

muppetshazzy said:

dunstonh said:

There is still a significant amount left. I had invested a chunk of it with St James Place (who are topping up and ISA). I am wary in investing all of the money in one company though as I’m aware only the first 85k is insured.

SJP are sales reps of their own product.   They are the most expensive distribution channel in the UK.    You should have used an IFA.

An IFA could (and would) have diversified the portfolio.  However, with modern investment options, you don't have to worry about the investment platform.   Although you have used a provider that does it the old way and have tied everything into the same company (seller: SJP.  Provider: SJP,  Funds: SJP).

if you are still in the cancellation rights period, you may wish to reconsider your options.  Your friend let you down.  However, SJP are very good at brainwashing their clients (metaphorically speaking)

can anyone suggest what/where I should invest. I see mention of premium bonds….I’m at least 10 years off retiring. 

Insufficient information to say but pension beats ISA for retiring.    Didn't the sales rep tell you that?

I don’t want to take risks, I just want to keep the money safe and hopefully earning a little interest at least.

Everything has risks.   Just different risks.   Premium bonds have risk.    They don't have investment risk but they have shortfall risk and inflation risk.  

I am out of the cancellation window - I have found the financial advisors on MSE and made contact, so hopefully will get a fuller picture going forward.

MSE doesn't recommend any financial advisers specifically.   Most IFAs are small localised firms of 1-5 advisers and wouldn't be big enough to handle a promotion from MSE.

Alexland

muppetshazzy said:
I have found the financial advisors on MSE and made contact, so hopefully will get a fuller picture going forward.

Sorry for your loss. Please be very careful with engaging new people as someone recently bereaved looking to make new investments is a prime target for scammers who may claim to be linked to MSE etc. Although SJP charge very high fees at least they are unlikely to take all your money (they need your investments to be successful enough to keep milking the fees from). For now I suggest you take your time, consider your options carefully, stick to mainstream providers and don't let anyone put you under pressure to invest. There's no hurry so get it right. Read widely and maybe have a play with some small investment accounts to learn the ropes and build knowledge.

flustered&confused

Alexland said:

muppetshazzy said:
I have found the financial advisors on MSE and made contact, so hopefully will get a fuller picture going forward.

Sorry for your loss. Please be very careful with engaging new people as someone recently bereaved looking to make new investments is a prime target for scammers who may claim to be linked to MSE etc. Although SJP charge very high fees at least they are unlikely to take all your money (they need your investments to be successful enough to keep milking the fees from). For now I suggest you take your time, consider your options carefully, stick to mainstream providers and don't let anyone put you under pressure to invest. There's no hurry so get it right. Read widely and maybe have a play with some small investment accounts to learn the ropes and build knowledge.

Thank you,I really appreciate your advice. Unfortunately I think initial emotion fuelled haste is what led to previous decisions.

I spent much of last night researching - although it’s making me realise just how little I know, you are right, I need to take my time.

I have looked at independent financial advisors (some I found via search tools on this website) but the trust pilot reviews were frightening. 

Thanks again

dunstonh

I have looked at independent financial advisors (some I found via search tools on this website) but the trust pilot reviews were frightening.

Are these actually IFAs?    As I mentioned, most IFA firms are small and have a similar internet footprint to your local butcher.   Most won't appear on places like Trustpilot.     IFAs are still mostly like solicitors and accounts of old with a small local office in a village or converted barn on a farm.  They haven't consolidated into national size yet (although its trending that way).    The salesforces, which are mostly FAs rather than IFAs, tend to have big offices and big internet presence and also tend to get mixed reviews.

Alexland

muppetshazzy said:

I spent much of last night researching - although it’s making me realise just how little I know, you are right, I need to take my time.

There is so much written about investments it can seem overwhelming but after a while you start being able to recognise the dross (hot individual share tips, active managers suggesting they have a method to outperform the markets at lower risk, conspiracy theorists predicting the next crash, marketing department drivel, platform 'best buy' fund lists, etc) and focusing on the useful information (like when and how to use the different tax wrappers, different ways to invest, what return and risks to expect from different assets classes, the alchemy of diversification, geographic and sector weightings, suitable investment timescales, maintaining spending power against inflation, active vs passive, etc).

xylophone

Re IFA had you tried

https://adviserbook.co.uk/

Tick confirmed independent and other options required when the menu comes up.