Financial advisor - Scotland - inheritance issue

benin

About 20 years ago my late Mother in Law put her financial affairs in the hands of a high street bank after the death of her husband, They put her into some pretty bog standard funds of their own and charged her 3% per annum in effect taking half the returns. No idea what banks charge nowadays.

Technosaurus

https://forums.moneysavingexpert.com/discussion/comment/82162296#Comment_82162296

Ours is a sliding scale depending on the amount invested, but works out around 2%, which I think is very high and as you say the funds are not exactly showstopping… almost all of them you can buy for yourself on apps like Trading212, indeed there was a lot of crossover with my own S&S ISA which I did myself some years ago based on some cursory research on the internet!

So yes it's far from the best way of doing it, can't argue with that. But they did take the time to explain all the tax situations/pitfalls/benefits which was a real comfort to my M-I-L. She has absolutely zero interest in doing any of it for herself and sees all form of investment as 'for rich people' even though we had to tell her she sort of is one now!

The IFA would, in my opinion, have been a better call but she didn't want the hassle of "filling out lots of forms", whereas my F-I-L's accounts were all with said high street bank so it was a case of whatever's easiest. The OP, dealing with younger folk, could start off with the bank's advice without committing to anything, then graduate to an IFA once they've got their head around it all, decided what they want from it and, crucially, found one they trust.