Worth getting financial advice?

justme111

Hi, to cut a long story short, my mother (the previous owner of this account) recently passed on. Her finances were spread across lots of different pots of money, and whilst I have a plan of action, I want to make sure I am doing everything as 'correctly' as possible, to make the most out of what I have inherited. I am thinking about getting a single session with a FA to talk my plan through, and be told about any improvements.

I plan to open a new S&S ISA, and max this out yearly along with my cash ISA in a 15:5 ratio (S&S: cash). I have put together some sort of investment portfolio, which I am content with, but since this was done with the help of Google and YouTube I think a second, professional opinion would be helpful. I have also opened a Premium Bonds account, which I plan to use to store a portion of the funds.

I would just want one talk where everything is settled so that I feel more comfortable about my choices, and then I would take it from there.

On the other hand, is it worth spending the fee? I wouldn't want my finances managed on an ongoing basis, but even a one-off is still quite expensive for something that may not give me all that much extra or useful information.

Is advice from a FA the right way forward?

ps. I hope I put this in the correct thread, apologies if not.

Edited for clarity

tls123

Not sure whether it’s worth it as I self invested but Skipton Building society offer financial advice I guess it would depend on the amounts you are looking to invest 

tls123

https://www.skipton.co.uk/financial-advice

justme111

tls123 said:

Not sure whether it’s worth it as I self invested but Skipton Building society offer financial advice I guess it would depend on the amounts you are looking to invest 

Thank you for the recommendation, however I have already found someone I would go to if I choose to go down the FA route.

p00hsticks

justme111 said:

Hi, to cut a long story short, my mother (the previous owner of this account) recently passed on. Her finances were spread across lots of different pots of money, and whilst I have a POA, I want to make sure I am doing everything as 'correctly' as possible, to make the most out of what I have inherited.

I'm sorry for your loss. 

I don't fully understand the above part of your post. 
Are you saying that the account in question is still in your mothers name, or have you had it transferred to yourself ?
Have the financial institutions involved been told that your mother has died ?
Have you appreoached them to see if the will release the funds without the need to obtain probate ?

Any PoA is extinguished on the point of death. 
Did your mother leave a will and if so who is named as the executor ?  

Bobziz

I assume you realise that as your mother has passed away it means that you no longer have poa ?

justme111

p00hsticks said:

justme111 said:

Hi, to cut a long story short, my mother (the previous owner of this account) recently passed on. Her finances were spread across lots of different pots of money, and whilst I have a POA, I want to make sure I am doing everything as 'correctly' as possible, to make the most out of what I have inherited.

I'm sorry for your loss. 

I don't fully understand the above part of your post. 
Are you saying that the account in question is still in your mothers name, or have you had it transferred to yourself ?
Have the financial institutions involved been told that your mother has died ?
Have you appreoached them to see if the will release the funds without the need to obtain probate ?

Any PoA is extinguished on the point of death. 
Did your mother leave a will and if so who is named as the executor ?  

Apologies, should've made it clearer. I meant she is the previous owner of this MSE account. The majority of posts are from her, she really liked this forum page.

Yes all financial institutions have been informed of her death. Some have already released not large funds, others will require grant of probate. I am in the process of submitting my application now. 

Will was made; I am the sole executor and beneficiary.

justme111

Bobziz said:

I assume you realise that as your mother has passed away it means that you no longer have poa ?

Ohh, oops! I understand where the confusion comes from - I meant "plan of action". It does seem silly to use that acronym in this forum, my bad.

Bobziz

justme111 said:

Bobziz said:

I assume you realise that as your mother has passed away it means that you no longer have poa ?

Ohh, oops! I understand where the confusion comes from - I meant "plan of action". It does seem silly to use that acronym in this forum, my bad.

If you shared your choices on the savings and investment forum, there are plenty of experienced investors who will give you their views. This may help provide the comfort you seek without the need for an INDEPENDENT financial advisor.

If you do that then you'll get better responses if you provide some background information on your objectives, time frame, risk tolerance, sums involved and what existing investments you have, particularly your current pension provision.

justme111

Bobziz said:

justme111 said:

Bobziz said:

I assume you realise that as your mother has passed away it means that you no longer have poa ?

Ohh, oops! I understand where the confusion comes from - I meant "plan of action". It does seem silly to use that acronym in this forum, my bad.

If you shared your choices on the savings and investment forum, there are plenty of experienced investors who will give you their views. This may help provide the comfort you seek without the need for an INDEPENDENT financial advisor.

If you do that then you'll get better responses if you provide some background information on your objectives, time frame, risk tolerance, sums involved and what existing investments you have, particularly your current pension provision.

Logical, thank you. I will post on there now.

Savvy_Sue

I'm not entirely sure you'd get away with just one visit to an IFA: in my experience you have the 'fact-finding' and assessment of your appetite for risk, and you tell them how much money you're playing with, and then you go back for the recommendations.