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Asking my financial adviser to get me a better ISA
Laurence_WMF
Posts: 146 Forumite
Is this the sort of thing in a financial adviser's remit, or would he charge me for the advice? (The rate on my ISA is now not one of the best.)
He was helpful in setting me up with a Wrap investment but I haven't consulted him since, as he charges over £100 for a review. I am not really sure whether this means any further advice of any consequence will be charged similarly.
It would save a little embarassment and time if I knew whether or not that this was a reasonable request, before I approach him.
Many thanks,
Laurence
He was helpful in setting me up with a Wrap investment but I haven't consulted him since, as he charges over £100 for a review. I am not really sure whether this means any further advice of any consequence will be charged similarly.
It would save a little embarassment and time if I knew whether or not that this was a reasonable request, before I approach him.
Many thanks,
Laurence
0
Comments
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how will you know its a better isa?
why can't you do it yourself?
are you happy with the advice so far?0 -
Do you mean a cash ISA, or a stocks & shares ISA?
If it's a cash ISA, as in you asked him to invest X% and put Y% in cash, you could do that but he'll just look at the best buy tables like you could. And will probably miss the tricks you can find out here (eg ISAs linked to current accounts, etc).
If it's a S&S ISA, do you mean that you want to keep what you're invested in, but just reduce the charges, or you want to invest in something else? The latter sounds like a review, the former sounds like something you could negotiate with. For example, he set up this investment years ago and is still receiving 0.5%pa commission for exactly zero ongoing services, you could try and wangle a better deal. In the worst case you could transfer your fund to a broker who doesn't charge commission - so that's one figure for negotiation.0 -
do you mean a cash ISA, or S&S ISA?
a cash ISA you can easily do yourself. i.e. do you want instant access, or to tie the money up, if tied up then for how long? then look for the best rates (see links on the banking/saving tab above).
S&S ISA is a bit more effort. you could do it yourself, but there's more to learn if you haven't done this sort of thing before. £100 sounds cheap if you want an IFA to do it.0 -
The adviser will just look up savings rates on the web. Possibly by viewing the lists linked at this site. Savings accounts are not really what people pay for advisers to look up.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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Sorry, I should have said that I meant a cash ISA.
I can do it myself, but as I have paid for the adviser's services I thought it might save time for him to do it. But from your comments it looks like the norm is for advisers not to help with cash isas.
Thanks,
Laurence0
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