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  • FIRST POST
    • 5aday
    • By 5aday 5th Mar 18, 10:29 PM
    • 9Posts
    • 5Thanks
    5aday
    How do I use my 30 mins with a Financial Advisor ?
    • #1
    • 5th Mar 18, 10:29 PM
    How do I use my 30 mins with a Financial Advisor ? 5th Mar 18 at 10:29 PM
    Having arranged my first-ever 30 minutes with a Financial Advisor (Tuesday), I have just realised that I don't know how to best make use of what could be very valuable the time.

    Perhaps somebody has good (or bad) experience with their financial adviser which we could hope to replicate (or avoid), or maybe there is a financial adviser here who can say how I might become a good (or avoid becoming a bad) client.

    For example, is there anything which a financial adviser could provide which I am unlikely to be able to find using Google or a MoneySavingExpert search ?

    If expertise is still of value in spite of the above, is there anything I can do to judge the level of expertise being offered ?

    Then assuming value is being offered, what should I expect to pay for this ?

    The prompting question was whether, and if so how, I could best help a disabled relative in Local Authority care, and another who is unemployed and on state benefits, however a range of financial advice could be useful, from Housing Benefit right up to IHT planning.
Page 1
    • venison
    • By venison 5th Mar 18, 10:51 PM
    • 2,152 Posts
    • 2,297 Thanks
    venison
    • #2
    • 5th Mar 18, 10:51 PM
    • #2
    • 5th Mar 18, 10:51 PM
    I think you have too many issues to be dealt with in 30 mins and I'm scratching my head as to which part of mse would get you the best response if I knew the answer to that I could move this thread.
    Your relative who is unemployed could get a benefits check done by someone like CAB, a disabled relative in LA care should have been given/ be getting advice from social services.
    IHT planning would only be helpful if they had an estate worth more than the amount where IHT kicks in.
    Sorry I can't be of more help.
    Ex Board Guide
    • 5aday
    • By 5aday 5th Mar 18, 11:43 PM
    • 9 Posts
    • 5 Thanks
    5aday
    • #3
    • 5th Mar 18, 11:43 PM
    • #3
    • 5th Mar 18, 11:43 PM
    Thanks Venison. What you said about 30 minutes not being enough, was useful in making me realise that I should start by asking the FA what her area of expertise is and let her concentrate on that. This makes it likely that she has experience and/or expertise in her self selected fields, so giving at least a partial answer to the "level of expertise" part of the question.

    I shall check back tomorrow to see if there are any other suggestions or advice about how to handle the FA's visit; or even just some comments or anecdotes.
    • 5aday
    • By 5aday 6th Mar 18, 5:53 PM
    • 9 Posts
    • 5 Thanks
    5aday
    • #4
    • 6th Mar 18, 5:53 PM
    • #4
    • 6th Mar 18, 5:53 PM
    Just to conclude...

    I eventually searched for "Financial Advisor" in Google videos, and found an excellent youtube video showing the value of discussing your life aims, and how money could help you to achieve these.

    During the interview itself this may have worked as it became apparent that our IHT problems were almost irrelevant. The problems of helping a relative under LA care and one on state benefits, however appeared to be more important and difficult. They could do something, but admitted that these were areas in which FA's have little experience.

    The visit was free. However, using the FA to look after our capital would cost 1%, plus 1% of the capital looked after per year. While the initial fee does not seem significant, this amounts to over 11% over ten years, which I have difficulty justifying.
    • pmlindyloo
    • By pmlindyloo 6th Mar 18, 6:04 PM
    • 11,568 Posts
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    pmlindyloo
    • #5
    • 6th Mar 18, 6:04 PM
    • #5
    • 6th Mar 18, 6:04 PM
    Just to conclude...

    I eventually searched for "Financial Advisor" in Google videos, and found an excellent youtube video showing the value of discussing your life aims, and how money could help you to achieve these.

    During the interview itself this may have worked as it became apparent that our IHT problems were almost irrelevant. The problems of helping a relative under LA care and one on state benefits, however appeared to be more important and difficult. They could do something, but admitted that these were areas in which FA's have little experience.

    The visit was free. However, using the FA to look after our capital would cost 1%, plus 1% of the capital looked after per year. While the initial fee does not seem significant, this amounts to over 11% over ten years, which I have difficulty justifying.
    Originally posted by 5aday
    You could always try posting your questions about benefits on this forum. Many people will be happy to help.
    • venison
    • By venison 6th Mar 18, 6:05 PM
    • 2,152 Posts
    • 2,297 Thanks
    venison
    • #6
    • 6th Mar 18, 6:05 PM
    • #6
    • 6th Mar 18, 6:05 PM
    It doesn't come cheap and for us mere mortals they are often best used for pension planning.
    Ex Board Guide
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