Financial Advice Regarding Large Compensation

davejjt5

Hi, i am currently waiting to find out about a large compensation which could be over £500,000. We probably need to be advised to what to do with the money. We are with Santander and I am wondering if it's best to ask them for advice or go to an independent advisor . 

El_Torro

If you get advice from Santander they can only offer Santander products. You should speak to an Independent Financial Advisor. 

Initial meetings with IFAs will be free, after that there will be a cost. Either for subsequent meetings or for investing your money. If you are not sure what to do with the money and you are not used to having this kind of money I would say it is money well spent though.

It's worth meeting with 2 or 3 IFAs (free of charge) and choose the best one from there.

Keep_pedalling

This would appear to be the result of a medical negligence claim, if you have ongoing medical issues resulting from this a personal injury trust may be worth considering. The following link onn PI trusts is from Head Space but it applies to other long term medical issues as well. 

https://www.headway.org.uk/media/11999/personal-injury-trusts-after-brain-injury-publication.pdf

Albermarle

Find a local IFA. Usually they work in small groups of 3 or 4 of them, but not always.
Avoid large national companies.