Daughter finally flying the nest

Jimbobdibob

Little one and boyfriend have bought a house (a gazillion £ compared to the ten bob me and Mum paid for ours)

Both work for NHS @ about 50k each.

They are asking for financial advice. 

NHS pension great but neither wants to work beyond 60 (55).

All their savings have been going to house but what now?

Have suggested automate savings.

Each. Monthly SIPP £100, SS ISA £100, Cash ISA £500 (holidays, emergencies etc.)

Low SIPP & SS ISA because they want to update every room in house.

No bank of Mum & Dad.

Crux of post, what platform should they use?

Jimbobdibob

Forgot to add, both have blown LISA on failed houses/relationships 

Albermarle

For convenience I would have the SIPP and S&S Isa on the same platform.
As there will be only low amounts in there for a few years , a platform that charges a %fee would be best and one with free regular investing.
Have a look at Hargreaves Lansdown; Fidelity: Vanguard : Dodl.
Plus many others.
Due to their age they should pick higher risk / higher growth investments to hold, especially in the SIPP.
The cash ISa is probably best held separately, with whoever is offering a decent rate .

aroominyork

Is SnowMan's Excel still current? https://forums.moneysavingexpert.com/discussion/5583030/coolly-comparing-investment-platform-charges-snowmans-spreadsheet/p1

eskbanker

Jimbobdibob said:

Crux of post, what platform should they use?

Perhaps worth emphasising that the decisions are very different for saving versus investing.

For cash deposit accounts, including ISAs, it's fairy standard to research interest rates and choose the provider offering the highest (that fits the timeframe/style of saving), subject to FSCS coverage.

For investing, whether ISA or pension, it's more important to choose what to invest in, which may in turn influence where to do so....

Jimbobdibob

eskbanker said:

Jimbobdibob said:

Crux of post, what platform should they use?

For investing, whether ISA or pension, it's more important to choose what to invest in, which may in turn influence where to do so....

Was just going to suggest one of the  trackers ACWI or WVRP???

eskbanker

Jimbobdibob said:

eskbanker said:

Jimbobdibob said:

Crux of post, what platform should they use?

For investing, whether ISA or pension, it's more important to choose what to invest in, which may in turn influence where to do so....

Was just going to suggest one of the  trackers ACWI or WVRP???

No idea whether those are suitable for their objectives, or if ETFs are more appropriate than OEICs for that matter, but mainstream products will be available from the vast majority of platforms, so it then comes down to which criteria they'd use to choose, i.e. not just fees but product range, tech offering(s), customer service, etc (some of these may also apply to choice of savings too, in that cheapest fees (or highest returns) in themselves aren't necessarily best....

Jimbobdibob

@eskbanker

Wow

All a lot more complicated than I thought. 

Any chance just a recommendation, she is 27, a critical care pharmacist and saves lives daily also sees deaths daily. 

And she is just great. Could earn more in community pharmacy but paying it forwards.

Albermarle

Jimbobdibob said:

@eskbanker

Wow

All a lot more complicated than I thought. 

Any chance just a recommendation, she is 27, a critical care pharmacist and saves lives daily also sees deaths daily. 

And she is just great. Could earn more in community pharmacy but paying it forwards.

A lot of investment choosing comes down to the time scale of when the money might need to be accessed.
Within 5 years - stick to cash savings
Over 10 years - stick to mainly investments, usually more at the riskier/high growth potential end like the trackers you mentioned. Especially for the SIPP, which is very long term.
5-10 years - a mixture- perhaps with more medium risk investments like multi asset funds.

eskbanker

Jimbobdibob said:

@eskbanker

Wow

All a lot more complicated than I thought. 

Any chance just a recommendation, she is 27, a critical care pharmacist and saves lives daily also sees deaths daily. 

And she is just great. Could earn more in community pharmacy but paying it forwards.

With all due respect, it shouldn't be about how complicated you think it is - a 27 year old contemplating investment really needs to research it herself rather than relying on parents to do the legwork.  Chances are that a global equity tracker or a multi-asset fund will be appropriate for most, but she needs to understand why, so IMHO it would be worth directing her towards sites like this to get to grips with how to start out on an investment journey....

Jimbobdibob

"With all due respect"

Opening with this usually has little to do with respect. 

We are not all blessed with your financial wizardry.

@Albermarle thank you for your measured response.