Trust Advice

spock007

I am trustee for disabled daughter.

Financial advisor has set up two investments relating to this. 

Owing to fees, poor growth and tbh mainly poor communications I would really like to drop the advisor and manage things myself.

I have no idea how to do this and I think I have to keep the monies within the trust (else it goes to daughter and will affect her benefits). Since each of two funds have a different trust name, it all feels very legal. 

Ideally I would sell up and move to some other investment of my choice (some low cost tracker under my control). 

Has anybody done this? Advice very much appreciated. 

dunstonh

I have no idea how to do this and I think I have to keep the monies within the trust (else it goes to daughter and will affect her benefits). Since each of two funds have a different trust name, it all feels very legal. 

Trusts are a legal entity and have legal requirements.   Hence why it feels very legal.

Ideally I would sell up and move to some other investment of my choice (some low cost tracker under my control). 

As a trustee, you have legal responsibility to act in the best interests of the beneficiary.     So, you can do that but you need to know what you are doing.  Its unlikely that a single tracker would be suitable for use in a trust as that would mean either going high risk (e.g. global tracker) or too focused (country/region specific tracker) or too low risk (fixed interest securities tracker).    If you want to use trackers, then you are looking at a portfolio of trackers being needed.  Not just one.  You would also need to justify why you have selected those funds and how much into each.   Maybe you should stick to multi-asset funds instead?

You mention poor growth on the existing.   Is that down to asset class or poor performance?  Before you pick alternatives, you need to know what you have and why it needs to be changed.
For example, defensive assets have had a torrid 7 years, although are better placed going forward.   Some of them have had their worst period in over 100 years.    So, is the performance relative to the assets or is there another issue?