IFA

Albermarle

michael1234 said:

So first cards on the table. There are many financial advisors on this forum and I'm sure many are conscientious and do a good job. I am not one of them and I've regularly put my head above the proverbial parapet to say I don't like the industry.

Since we know the pot here lets stop talking in percentages - those who are taking your money love doing that. So your friend was charged £11,700 as a one off fee followed by £3900 annually or £325 every month. Enough to lease a brand new BMW every 3 years. 

And all that to just "advise" keeping the cash in a low rate savings account?

So first cards on the table. There are many financial advisors on this forum and I'm sure many are conscientious and do a good job.
Any financial advisor on the forum is obliged to state that at the bottom of their posts.
In which case there are only three, and only one of them is a very regular poster.
It is not obvious there are any hiding !
In addition there are maybe ten? posters who are not advisors, but clearly work/have worked in the financial services/pensions sector, and are very knowledgeable. ( not me by the way !) 

poseidon1

michael1234 said:

So first cards on the table. There are many financial advisors on this forum and I'm sure many are conscientious and do a good job. I am not one of them and I've regularly put my head above the proverbial parapet to say I don't like the industry.

Since we know the pot here lets stop talking in percentages - those who are taking your money love doing that. So your friend was charged £11,700 as a one off fee followed by £3900 annually or £325 every month. Enough to lease a brand new BMW every 3 years. 

And all that to just "advise" keeping the cash in a low rate savings account?

Perhaps if you had carefully read the thread carefully ( rather than selectively) you would have ascertained  half the money going into trust for the brother with all  the set up costs that entails.

 We also have no idea how the trust and personal funds will be eventually invested. Certainly there is no indication at all that the  final outcome is 'cash in a low rate savings account' , indeed that sounds quite unlikely and not something that could attract annual 1% management fees.

Perhaps when the OP knows more of the final outcome, they can return with an update. I would certainly be interested in the arrangements ultimately made for the trust.

talexuser

No, the whole idea was to get a better result than a very low interest bank savings account with the relevant level of risk she was prepared to take (which would need some learning and explaining).

The level of fees reasonable for the amount of work involved is the question under consideration.