Advice on financial advice!

Burnsie1983

Hi all

So I am 42, with a mortgage, live alone, no kids, a secure job which has a good pension (relatively speaking), earning above average wage. But I am not in the higher tax bracket, I do not have a posh car or a huge amount of outgoings. I am increasing my mortgage so I could improve my home (kitchen and bathroom).. I can afford the repayments by cutting back on a couple of things that are not essential. 

I don't really have significant outgoings that I can put my finger on. I don't have expensive holidays etc, I don't buy designer clothes. I don't eat out a lot or have a huge amount of takeaways anymore (although do buy meal prep). I have just finished paying for my PhD a couple of years ago....

All this means that I don't have a huge amount of savings, especially given my time in life and the apparent lack of need to spend anywhere (ie kids etc).

We recently had a talk at work about our pension, and that got me thinking that I need to get a better understanding of everything financially related. 

Unfortunately this is where I've hit my first roadblock, as it appears that each area of financial advice (pensions, savings and investments etc) has its own specialist advisor... So I'm not really sure who I should see, the estimated cost of such appointments, and whether it actually is beneficial given my relatively low financial power?!

Anyone get any good idea about where to start (I have purchased a couple of books.... Second hand of course!)

Bostonerimus1

Do a budget so you can put your finger on where you are spending and possible places to save.

Don't go into more debt to improve your home. You've paid off your student loans so don't go paying more
interest on a bigger mortgage as that will limit your ability to save and invest. Carrying debt and paying interest contribute to poor personal finance outcomes.

Take a look at this flowchart and webpage and invest in multi-asset funds or index trackers from big firms like Vanguard, Fidelity, Blackrock, HSBC etc.

https://ukpersonal.finance/flowchart/

https://www.bogleheads.org/wiki/Investing_from_the_UK

wjr4

Burnsie1983 said:

Unfortunately this is where I've hit my first roadblock, as it appears that each area of financial advice (pensions, savings and investments etc) has its own specialist advisor... 

That is not true. An IFA/independent financial planner can do all of this. 

Albermarle

Burnsie1983 said:

Hi all

So I am 42, with a mortgage, live alone, no kids, a secure job which has a good pension (relatively speaking), earning above average wage. But I am not in the higher tax bracket, I do not have a posh car or a huge amount of outgoings. I am increasing my mortgage so I could improve my home (kitchen and bathroom).. I can afford the repayments by cutting back on a couple of things that are not essential. 

I don't really have significant outgoings that I can put my finger on. I don't have expensive holidays etc, I don't buy designer clothes. I don't eat out a lot or have a huge amount of takeaways anymore (although do buy meal prep). I have just finished paying for my PhD a couple of years ago....

All this means that I don't have a huge amount of savings, especially given my time in life and the apparent lack of need to spend anywhere (ie kids etc).

We recently had a talk at work about our pension, and that got me thinking that I need to get a better understanding of everything financially related. 

Unfortunately this is where I've hit my first roadblock, as it appears that each area of financial advice (pensions, savings and investments etc) has its own specialist advisor... So I'm not really sure who I should see, the estimated cost of such appointments, and whether it actually is beneficial given my relatively low financial power?!

Anyone get any good idea about where to start (I have purchased a couple of books.... Second hand of course!)

A typical financial advisor will do all of those things, so not sure where you got that idea from.
The main difference is between an FA, who will work for a financial provider, and can only offer their products.
Or an IFA, who can recommend any products.
Both are highly regulated and both cost money !

I any case you are right that normally they are only interested mainly in people who have a good level of funds to invest, or put into their pension.
Possibly you might find an IFA who is willing to have a look at your work pension and make recommendations on which investments to hold in the pension, although with many workplace pensions there is limited choice.
Have you ever looked into how your pension is invested ?