Stocks and shares ISA - IFA or DIY
Discussion
I am going to open a stocks and shares ISA before the end of this FY, all current savings in a savings account/cash ISA.
I went to see an IFA last week to talk things through, useful conversation and confirmed what I already knew about my approach to risk – mid 30s, with a family, looking at it as a long term investment – so 7/10 for my risk appetite.
Plan is to put in maybe £2k upfront, then add around £500 a month for the time being (wife currently on second mat leave in 3 years) and topping up/increasing the monthly when possible.
Crux of it is, I can’t decide if I am better off going with something like one of TPInvestor’s ready made portfolios that reflect my appetite for risk or paying the IFA’s commission to get them to build a portfolio, which on the above would equate to £1,560 in the first year not including ongoing charges?
Guess I’m just struggling to see benefit of the IFA over and above using TPInvestor (for example). Would an IFA for this level of investment use something similar to a ready made portfolio anyway?
For what it’s worth the IFA seemed very good, small independent in Mossley Hill, Liverpool.
Any thoughts?
I went to see an IFA last week to talk things through, useful conversation and confirmed what I already knew about my approach to risk – mid 30s, with a family, looking at it as a long term investment – so 7/10 for my risk appetite.
Plan is to put in maybe £2k upfront, then add around £500 a month for the time being (wife currently on second mat leave in 3 years) and topping up/increasing the monthly when possible.
Crux of it is, I can’t decide if I am better off going with something like one of TPInvestor’s ready made portfolios that reflect my appetite for risk or paying the IFA’s commission to get them to build a portfolio, which on the above would equate to £1,560 in the first year not including ongoing charges?
Guess I’m just struggling to see benefit of the IFA over and above using TPInvestor (for example). Would an IFA for this level of investment use something similar to a ready made portfolio anyway?
For what it’s worth the IFA seemed very good, small independent in Mossley Hill, Liverpool.
Any thoughts?
This has been a really helpful thread guys, thanks.
Have done some more reading and narrowed down my options to the following:
1. Charles Stanley Direct ISA (seems to be fairly low annual fee at 0.25%) with Vanguard life strategy 80 or 60
2. Charles Stanley Direct ISA with a fund index portfolio covering UK and intl share and bonds - as per Millionaire Teacher's theory - just trying to identify some good funds now
3. Ginge R's fiver a day, came out as a 7/10 risk.
From what I can tell, all three would broadly do a similar job, with slightly different fees and slightly different levels of involvement.
Cheers
Have done some more reading and narrowed down my options to the following:
1. Charles Stanley Direct ISA (seems to be fairly low annual fee at 0.25%) with Vanguard life strategy 80 or 60
2. Charles Stanley Direct ISA with a fund index portfolio covering UK and intl share and bonds - as per Millionaire Teacher's theory - just trying to identify some good funds now
3. Ginge R's fiver a day, came out as a 7/10 risk.
From what I can tell, all three would broadly do a similar job, with slightly different fees and slightly different levels of involvement.
Cheers
Decision made, given the chaos of dealing with a young family at the moment (20 months and 3 months), need something I can leave to tick along on it's own for a while.
Going to go with Charles Stanley and a mixture of Vanguard Lifestrategy 80 and 60, set up a monthly DD, only 0.47% in fees, job done.
That way, can look at it in more detail when I have a little more time, without losing the chance to invest.
Going to go with Charles Stanley and a mixture of Vanguard Lifestrategy 80 and 60, set up a monthly DD, only 0.47% in fees, job done.
That way, can look at it in more detail when I have a little more time, without losing the chance to invest.
I'm going to stick in a lump sum to get it started this FY and then make a regular monthly payment, hopefully benefit from averaging out the cost a bit that way.
I looked at doing my own portfolio of funds, but on Charles Stanley I would have had to throw £500 at each fund I wanted to include to get started, which didn't really reflect how I wanted to set it up.
Interested to see how triggering Article 50 might impact the prices.
I looked at doing my own portfolio of funds, but on Charles Stanley I would have had to throw £500 at each fund I wanted to include to get started, which didn't really reflect how I wanted to set it up.
Interested to see how triggering Article 50 might impact the prices.
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