IFA

Enzo_L

https://forums.moneysavingexpert.com/discussion/comment/82142905#Comment_82142905

Did you miss that the OP posted: "the other reaon is my son is an only child, and will therefore inherit my money, unless I change my will and leave it to the cats home, so going to spend as much of it as I can in the years I have left."

The responses you seem to have a problem with are clearly relevant to that posting by the OP.

begbeer

just to clarifty when Iposted in October last year as far as I was aware my son was still managing my portfolio, I even emailed him on a later date to say thank you as it was going up nicely.\

it was only in the last week that I checked my Quilter account, to find there were no advisory fees coming out I emailed my son to ask why, and didn't hear from him, so phoned Quilter who confirmed that he was no longer getting fees, I assume this meant he was not managing it.

I finally did hear from him "fees were stopped in September of last year. final payment oct 25". no explanation or apology for not letting me know.

with interest rates now quite high on Cash ISA's I feel it is the best solution to transfer it (yes /i know the rules) and then only I am in control of my money

begbeer

with regards to my will, am going to try and spend all the money instead much more fun!!

la531983

https://forums.moneysavingexpert.com/discussion/comment/82142973#Comment_82142973

How about your house? Still worth making an amendment.

Enzo_L

https://forums.moneysavingexpert.com/discussion/comment/82142973#Comment_82142973

The problem with that philosophy is that if you have a very long retirement you could be left with a less than ideal amount of capital or income in extreme old age, depending on your other circumstances. For example, you could be in your late 90s with little capital and no family to help when you have significant care needs.

It is all your choice though, of course. I hope everything turns out well for you.

Arctos

Two issues immediately struck me. Unless the son is professionally qualified would that make him "independent" enough and as Quilter seems to be a genuine investment platform do you need an intermediary to run your account? Secondly, you may wish to consult a professional IFA. This may be important if you have more to invest.

The second said, not all professional IFAs are equally good. In the 1990s we had a shocking experience which cost us - whilst other comparable products increased in value we were losing value on our platform. [That, local company is no longer trading]. We moved to a different, local company and have done very well both with increasing value of our investments and also with free advice on handling MIL's POA - it proved very good advice, too! We also understood sensible advice to consider diversifying our investment, so we approached our building society who were quite persuasive and confident that they could perform competitively. Within months the BS had transferred all portfolios to another provider and the value of our portfolio dropped. In contrast our main portfolio with the second IFA was steadily rising. At the time of our annual review of our main portfolio we discussed the markedly different performances: result - we transferred out of the BS one in favour of the main portfolio. We were given a favourable discount for fees incurred. We are very pleased with how the main portfolio continues to do, and we get detailed monthly reports which are clear to lay people such as us.

A genuine and good IFA company will also be up to speed on Wills - if not in-house solicitors they have contacts and the problem of the estranged single offspring will not be beyond their ken.