Quilter CIA advice

Beddie

truescot said:

Once again I genuinely appreciate  folk taking the time to comment, but knowing what I SHOULDN'T  do doesn't really help me with what I should, so I will find a financial adviser on this occasion even, if some would advise against their use usually.

I did suggest what to do above, not everyone has been feeding you cautionary tales. If you go to an IFA they will not be interested, and an FA will put your money in something very similar to what you already have. Although again they might not want to deal with this amount anyway.

Topping up what you already have seems the obvious choice, given what you've written.

Grandst2

If you can get 4 to 5% in a JISA with no risk then it's a no brainer. If you see an adviser after charges and fees you wont be able to do any better and you could do a lot worse if the markets nosedive.

dunstonh

Grandst2 said:

If you can get 4 to 5% in a JISA with no risk then it's a no brainer. If you see an adviser after charges and fees you wont be able to do any better and you could do a lot worse if the markets nosedive.

How do you put a Junior ISA in trust?

LHW99

If the daughter is 15, why not let her:

a) watch the videos

b) discuss what is already invested, and what you want to add.

c) let her choose either a cash / S&S ISA (adult version) for herself, which she can do I believe at 16.

While increasing the amount invested is a worthy goal, "acting in her best interests" should IMO include preparing her to understand how to manage her own money. If she goes into further education / when she gets a job she will benefit by having some knowledge of how to do that.

Introducing the idea of pensions (not necessarily opening one at this stage however) is also worth thinking about, as there are still too many who feel that opting out of a company pension is OK when you are young. Whereas actually it's the first (usually quite low) contributions in that first job that can end up most valuable in the end.

gravel_2

Must be 18 to open an ISA. It used to be 16.

Malthusian

Grandst2 said:

If you can get 4 to 5% in a JISA with no risk then it's a no brainer. 

If the daughter is unlikely to spend all the money when she gains control at 16 / 18 and more likely to leave it invested for a house deposit or similar future need, that would be an extremely high risk action and likely to lose her a lot of money.

(I've just noticed that I previously assumed England/Wales/NI even though the OP has "scot" in their name, but they haven't yet clarified which jurisdiction applies.)

The OP has a legal duty to invest his daughter's money as a prudent businessperson would, so if they do not yet understand they should continue to educate themselves. They have managed to do pretty well so far (if they had followed advice to dump the money in cash in 2009 they would have little more than the 5k they started with). 

And as we discussed it is time for the daughter to learn as well; if you are old enough to apply to join the Army* you are old enough to learn about money going up and down. 

*15 years 7 months; TIL