Finding a financial planner

RegoR

Advice, please…..

I was with Nationwide for many years investing in stocks and shares some in ISA’s, then everything was transferred over to Aegon later, in that time I have left Aegon to look after my investments and feel they have done reasonably well  (I pay them to keep an eye on things, they appear to be doing ok so hopefully I have done well,)

My financial advisor has said I should sort out my investments etc to protect from CGT & IHT and has recommended seeing one of his colleagues at Origen.

Having read the reviews on Trustpilot I’m a little unsure if it’s good or not.

( 5-star=62%..4=3%.3=3%1-star=32% )

That may be considered a good score but I don’t know…

Do I keep everything under the umbrella of Aegon & Origen.
What is the best way to go about finding a Capital Gains Tax / Ineritance Tax  Planner, what should I look for, what scores should I expect to see.

Thanks

dunstonh

My financial advisor has said I should sort out my investments etc to protect from CGT & IHT and has recommended seeing one of his colleagues at Origen.

Your financial adviser appears to be a tied agent of Origen.    Origen operates a FA Salesforce.

Having read the reviews on Trustpilot I’m a little unsure if it’s good or not.

( 5-star=62%..4=3%.3=3%1-star=32% )

That may be considered a good score but I don’t know…

Trustpilot is not a good way to judge a firm's quality.   Putting aside that your FA is an Origen rep, as you should be able to rate them through your personal experience without the need for Trustpilot, you need to remember the flaws of Trustpilot.     
a) some firms are pro-active on Trustpilot reviews and encourage heaviliy to give reviews just after signing up with them - this means the vast majority of reviews will be 4 or 5 star
b) Some firms have fingers in many pots, and one area could have issues whilst the rest are fine.   Are the reviews about your area or another?
c) Many people have legacy products (i.e. decades old) and expect them to do what modern ones do.   When thy find out they don't they score the review badly even though nothing went wrong.
d) Some people have bad knowledge and understanding and will rate a company poorly even if the company has done nothing wrong.  (very common).

Do I keep everything under the umbrella of Aegon & Origen.

Personally, neither.   Aegon's software is poor.  If you have simple investments and a low value, then you will probably find it just about acceptable.  Ex Nationwide versions of the funds are more expensive than whole of market versions (Nationwide had their own share class that bumped up the cost).   So, there should be scope to improve even if you want the same investments.

Using a tied agent and restricted investment house is not a good idea.   It should be a choice between DIY or IFA.  Not FA/sales rep.

<br>What is the best way to go about finding a Capital Gains Tax / Ineritance Tax &nbsp;Planner, what should I look for, what scores should I expect to see.

Any local IFA would do that for a servicing client.  
Not sure what you mean by scores unless you are referring to Trustpilot (which, again, you shouldn't put any weight on as most IFAs won't be on Trustpilot).

Linton

In order for people to make appropriate suggestions you really need to provide more details about your situation:
For example: 
- Roughly how much money is involved?  £20K , £200K, £2M will all lead to different approaches
- Approximately how old are you? Are you employed, approaching retirement or in retirement? 
- In how soon will you want to access the money?
- how is the money currently invested

If you want paid-for advice it is usually recommended here that you talk to an Independent Financial Advisor (IFA) rather than one who is restricted or tied to a particular supplier.  You pay an IFA for the advice based on your circumstances. If their advice is not appropriate you can claim for compensation. They are not allowed to accept commission or other benefits from recommending a particular supplier.   Origen dont say they are IFAs on their website so I assume they are not.

For most people the best and cheapest IFA is probably a small high street business rather than one of the big companies with smart offices and glossy brochures paid for by the customers.

Small IFA businesses are unlikely to advertise widely nor have Trustpilot scores.  The best way to find one is by personal recommendation and/or  to identify 3 local firms and arrange a free 30min initial chat with each. You can explain what you want and they can explain what they can do for you and likely costs.  Then you can go with the one you feel happiest working with.

A small IFA should be perfectly capable of dealing with most people's problems with CGT and IHT on investments.

Eyeful

 Make sure you understand the difference between
(a) IFA (Independent Financial Advisor) 
(b) FA (Restricted Financial Advisor) 

The following may help you understand:
https://www.moneysavingexpert.com/savings/best-financial-advisers/
https://www.which.co.uk/money/investing/financial-advice/how-to-find-a-financial-adviser-afZ375F6BIiC

jimjames

RegoR said:

Having read the reviews on Trustpilot I’m a little unsure if it’s good or not.

( 5-star=62%..4=3%.3=3%1-star=32% )

That may be considered a good score but I don’t know…

As per comments above be very wary about using Trustpilot as a way to validate if a financial firm is suitable. There are many scams (not that an authorised IFA or FA would be) that have very high ratings because the scammers are so helpful and take their time to lure their victims unlike a normal bank or investment company. As a result you get lots of comments on how good they are until the payments stop and the person realises they've been scammed. 

If you want someone to review your investments then an Independent Financial advisor is the way to go

RegoR

Linton said:

In order for people to make appropriate suggestions you really need to provide more details about your situation:
For example: 
- Roughly how much money is involved?  £20K , £200K, £2M will all lead to different approaches
- Approximately how old are you? Are you employed, approaching retirement or in retirement? 
- In how soon will you want to access the money?
- how is the money currently invested

I’m 75-year-old widower, in reasonably good health, only have my state pension, which I deferred for 10 years and I’ve only just started claiming in July, received a lump sum of approximately £100K, I’m in paid employment working as a carer to my disabled sister-in-law for the past 40 years.
I don’t have any children to leave my wealth to.

My investments are stocks and shares, a lot in ISA’S , cash ISA’s and £200K  in savings accounts.

I’ve never really been a spender more of a saver, which is a bit sad, (ultimately I’m not going to benefit from my wealth.)

My investments are valued at approximately £900K and also have a property, Flat valued approximately £250K.

I fill in my tax return every year, I don’t have an accountant to guide me through so I need to find one  as I may not have been completing my returns properly when it comes to the investments side, and with AI programs in HMRC everything will be picked up.

Having just written it all down, I guess at the moment I don’t really need a financial advisor, I need to get my accounts in order first and then assess the situation.

HELP… maybe I just need a life coach..?

Sorry.. its just hit home what a sad old man I really am

Albermarle

RegoR said:

Linton said:

In order for people to make appropriate suggestions you really need to provide more details about your situation:
For example: 
- Roughly how much money is involved?  £20K , £200K, £2M will all lead to different approaches
- Approximately how old are you? Are you employed, approaching retirement or in retirement? 
- In how soon will you want to access the money?
- how is the money currently invested

I’m 75-year-old widower, in reasonably good health, only have my state pension, which I deferred for 10 years and I’ve only just started claiming in July, received a lump sum of approximately £100K, I’m in paid employment working as a carer to my disabled sister-in-law for the past 40 years.
I don’t have any children to leave my wealth to.

My investments are stocks and shares, a lot in ISA’S , cash ISA’s and £200K  in savings accounts.

I’ve never really been a spender more of a saver, which is a bit sad, (ultimately I’m not going to benefit from my wealth.)

My investments are valued at approximately £900K and also have a property, Flat valued approximately £250K.

I fill in my tax return every year, I don’t have an accountant to guide me through so I need to find one  as I may not have been completing my returns properly when it comes to the investments side, and with AI programs in HMRC everything will be picked up.

Having just written it all down, I guess at the moment I don’t really need a financial advisor, I need to get my accounts in order first and then assess the situation.

HELP… maybe I just need a life coach..?

Sorry.. its just hit home what a sad old man I really am

At least with all that money it is a comfortable form of sad 

Have you sorted out a will, Power of Attorney , arrangements for your SIL if you die first ?
These are probably more of a priority.

dunstonh

Having just written it all down, I guess at the moment I don’t really need a financial advisor, I need to get my accounts in order first and then assess the situation.

Have you been doing annual CGT allowance use and bed & ISAs?

ShinyStarlight1

RegoR said:

Linton said:

In order for people to make appropriate suggestions you really need to provide more details about your situation:
For example: 
- Roughly how much money is involved?  £20K , £200K, £2M will all lead to different approaches
- Approximately how old are you? Are you employed, approaching retirement or in retirement? 
- In how soon will you want to access the money?
- how is the money currently invested

I’m 75-year-old widower, in reasonably good health, only have my state pension, which I deferred for 10 years and I’ve only just started claiming in July, received a lump sum of approximately £100K, I’m in paid employment working as a carer to my disabled sister-in-law for the past 40 years.
I don’t have any children to leave my wealth to.

My investments are stocks and shares, a lot in ISA’S , cash ISA’s and £200K  in savings accounts.

I’ve never really been a spender more of a saver, which is a bit sad, (ultimately I’m not going to benefit from my wealth.)

My investments are valued at approximately £900K and also have a property, Flat valued approximately £250K.

I fill in my tax return every year, I don’t have an accountant to guide me through so I need to find one  as I may not have been completing my returns properly when it comes to the investments side, and with AI programs in HMRC everything will be picked up.

Having just written it all down, I guess at the moment I don’t really need a financial advisor, I need to get my accounts in order first and then assess the situation.

HELP… maybe I just need a life coach..?

Sorry.. its just hit home what a sad old man I really am

You won’t be a sad old man. No one is. Don’t be hard on yourself x

poseidon1

On the information provided, today's budget will mean future increases of income tax on all your sources of investment income.

However whether that fact should be a trigger for you to  seek paid financial planning advice I am not so sure.

As you say IHT planning is not a pressing consideration with no obvious beneficiaries to consider; you seem to have made a good job of accumulating wealth which in any event you are not spending; you are utilising  and hopefully maximising ISAs.

Beyond what you are already doing, difficult for me to see what a financial planner can do to add measurable value to your financial circumstances.

I can see a benefit in employing an accountant to do your next tax return so you  can check your own past efforts in that regard, and there is of course the future new 2% investment income tax surcharges to contend with.

All in all,  I would have thought only the aspects covered by @Albermarle in his post, are in real need of your attention and those suggest a visit to a solicitor and consideration of who you feel you could  trust to manage your affairs if you could no longer do so.