Getting one off financial advice
Discussion
I'm wondering if it is possible to pay a financial advisor to have a look at my situation and put something together for me for a one-off fee? Is this something that is commonly done? I'm reluctant to have to pay someone 2 or 3 per cent upfront plus annual fees.
I'm fairly clueless on this stuff. I need investment advice and also pension advice.
I'm fairly clueless on this stuff. I need investment advice and also pension advice.
paulguitar said:
I'm wondering if it is possible to pay a financial advisor to have a look at my situation and put something together for me for a one-off fee? Is this something that is commonly done? I'm reluctant to have to pay someone 2 or 3 per cent upfront plus annual fees.
I'm fairly clueless on this stuff. I need investment advice and also pension advice.
I would imagine that any reputable IFA would be prepared to do this for you. The question is how much they would actually charge for the advice. I could be wrong although I suspect that the fee might be fairly hefty.I'm fairly clueless on this stuff. I need investment advice and also pension advice.
I would be inclined to stay away from the bigger players and try and find a local one who has a good reputation. If you use an accountant, then they have some contacts they use.
I think your plan is the best way to go though I'd suggest having it reviewed whenever there's a significant event e.g. wedding / divorce / death etc or every few years in any case.
It's utterly shocking that people get involved with 'wealth managers' who tie them up with early release clauses so they're effectively tied for life and then obliged to continue to pay every year despite said wealth manager generally adding NOTHING to the value to the investor's pot.
Typical example: 5% of the total invested amount charged at the start then 1% per year of the total for 'advice' (which usually amounts to 'it must go into our funds') and for that they will also charge you another 0.7 - 0.9% / year of the total investment charged for 'fund management fees' (and their funds never seem to outperform an ETF-based global tracker) PLUS other hidden fees.
So, if for example, your pot grows in value by 7% per annum whilst you're still working and contributing to it, you're losing about 1/3 of the potential growth to pay the parasites!
It's gets worse... when it comes to drawing on the pension / savings, typically, a safe withdrawal rate is considered to be around 4% per annum, but you will continue to pay them about 2% which means that about HALF of your potential annual pension is going to them!
Check the bid/offer spread for the funds offered by your wealth manager
It's clear whose wealth the wealth manager is concerned with...
It's utterly shocking that people get involved with 'wealth managers' who tie them up with early release clauses so they're effectively tied for life and then obliged to continue to pay every year despite said wealth manager generally adding NOTHING to the value to the investor's pot.
Typical example: 5% of the total invested amount charged at the start then 1% per year of the total for 'advice' (which usually amounts to 'it must go into our funds') and for that they will also charge you another 0.7 - 0.9% / year of the total investment charged for 'fund management fees' (and their funds never seem to outperform an ETF-based global tracker) PLUS other hidden fees.
So, if for example, your pot grows in value by 7% per annum whilst you're still working and contributing to it, you're losing about 1/3 of the potential growth to pay the parasites!
It's gets worse... when it comes to drawing on the pension / savings, typically, a safe withdrawal rate is considered to be around 4% per annum, but you will continue to pay them about 2% which means that about HALF of your potential annual pension is going to them!
Check the bid/offer spread for the funds offered by your wealth manager
It's clear whose wealth the wealth manager is concerned with...
Edited by Tye Green on Wednesday 11th June 10:03
Depends on the specifics. Thats not an encouragement to post them. Probably the biggest determination is likely to be knowledge. Without understanding you financial acumen or knowledge of products, giving an answer is almost impossible. If you have a decent understanding, prepared to put some work in AND understand your attitude to risk; you are likely to be lower end of the fee / cost structure.
Any financial advice needs the specifics of where you are, the objectives and attitude to risk to start. A reputable advisor will be doing a massive fact find before anything happens. You also need to be honest about how lazy you are. That can also drive fees.
Any financial advice needs the specifics of where you are, the objectives and attitude to risk to start. A reputable advisor will be doing a massive fact find before anything happens. You also need to be honest about how lazy you are. That can also drive fees.
LHRFlightman said:
lancslad58 said:
The guys that I use now did a free hour consultation, then it was up to me if I wanted to sign up with them.
Name please?
I follow a guy on YouTube, Ian Shadrack, he mainly does retirement planning etc but also does portfolio coaching.
Have a look at his website, charges £150 for a 40 min Zoom call, https://ianshadrack.com/portfolio-coaching/
Here's his YouTube channel https://www.youtube.com/@IanShadrackInvesting
Have a look at his website, charges £150 for a 40 min Zoom call, https://ianshadrack.com/portfolio-coaching/
Here's his YouTube channel https://www.youtube.com/@IanShadrackInvesting
Boringvolvodriver said:
I would imagine that any reputable IFA would be prepared to do this for you.
Well, be careful. I went into a meeting with my IFA - well, the junior one as my usual one wasn't there for some reason - and an hour later left having unknowingly clocked up a £4K bill. So ask first.Tye Green said:
I think your plan is the best way to go though I d suggest having it reviewed whenever there s a significant event e.g wedding / divorce / death etc.
It s utterly shocking that people get involved with wealth managers who tie them up with early release clauses so they re effectively tied for life and then obliged to continue to pay every year despite said wealth manager generally adding NOTHING to the value to the investor s pot.
Typical example: 5% of the total invested amount charged at the start then 1% per year of the total for advice (which amounts to it must go into our funds ) and for that they will also charge you another 0.7 - 0.9% / year of the total investment charged for fund management fees (which never seem to outperform a global tracker) PLUS other hidden fees.
Typically, a safe withdrawal rate is around 4% per annum which means that when you start to draw your pension later in life about HALF or your wealth is going to the wealth manager and not you. It s worse than that however because during the years when you were building your pot and approaching retirement you were still paying parasites about 2% as well.
Check the bid/offer spread for the funds offered by your wealth manager
It s clear whose wealth the wealth manager is concerned with
The bid/offer spread is a "charge" on the fund by the fund provider, it has nothing to do with the wealth manager, they do benefit from this.It s utterly shocking that people get involved with wealth managers who tie them up with early release clauses so they re effectively tied for life and then obliged to continue to pay every year despite said wealth manager generally adding NOTHING to the value to the investor s pot.
Typical example: 5% of the total invested amount charged at the start then 1% per year of the total for advice (which amounts to it must go into our funds ) and for that they will also charge you another 0.7 - 0.9% / year of the total investment charged for fund management fees (which never seem to outperform a global tracker) PLUS other hidden fees.
Typically, a safe withdrawal rate is around 4% per annum which means that when you start to draw your pension later in life about HALF or your wealth is going to the wealth manager and not you. It s worse than that however because during the years when you were building your pot and approaching retirement you were still paying parasites about 2% as well.
Check the bid/offer spread for the funds offered by your wealth manager
It s clear whose wealth the wealth manager is concerned with
Pmifa said:
Regulated IFA for 25 yrs and never charged a penny for initial consultation (prefer to call it a chat). If they become clients great, if not then it s me that s done a bit of work for nothing but happy to take that risk.
Feel free to pm me if needed
Paul
Impressive lurking! First post in how long?!Feel free to pm me if needed
Paul
OP…certainly take a look at local IFAs, but I would recommend doing some research yourself.
The more you know about your financial situation now, the better prepared you will be for any conversations: you need to be in a position where you can usefully interview the IFA - you would effectively be employing them, even if for a one-off task
For learning more yourself, I’d recommend James Shack on YouTube. Also a fan of spending 30-40 minutes on the videos at https://kroijer.com - fairly old now, but they feel pretty logical to me.
Good luck!
Simpo Two said:
Boringvolvodriver said:
I would imagine that any reputable IFA would be prepared to do this for you.
Well, be careful. I went into a meeting with my IFA - well, the junior one as my usual one wasn't there for some reason - and an hour later left having unknowingly clocked up a £4K bill. So ask first.Simpo Two said:
Boringvolvodriver said:
I would imagine that any reputable IFA would be prepared to do this for you.
Well, be careful. I went into a meeting with my IFA - well, the junior one as my usual one wasn't there for some reason - and an hour later left having unknowingly clocked up a £4K bill. So ask first.This is insane for an hours chat.
mikeiow said:
Impressive lurking! First post in how long?!
OP certainly take a look at local IFAs, but I would recommend doing some research yourself.
The more you know about your financial situation now, the better prepared you will be for any conversations: you need to be in a position where you can usefully interview the IFA - you would effectively be employing them, even if for a one-off task
For learning more yourself, I d recommend James Shack on YouTube. Also a fan of spending 30-40 minutes on the videos at https://kroijer.com - fairly old now, but they feel pretty logical to me.
Good luck!
A simple offer to help another forum member! I enjoy reading the content on here and never feel the need to offer my opinions on something I don’t know much about. Is there a number of posts I need to achieve before I am able to offer to help someone with a free chat ?OP certainly take a look at local IFAs, but I would recommend doing some research yourself.
The more you know about your financial situation now, the better prepared you will be for any conversations: you need to be in a position where you can usefully interview the IFA - you would effectively be employing them, even if for a one-off task
For learning more yourself, I d recommend James Shack on YouTube. Also a fan of spending 30-40 minutes on the videos at https://kroijer.com - fairly old now, but they feel pretty logical to me.
Good luck!
Pmifa said:
A simple offer to help another forum member! I enjoy reading the content on here and never feel the need to offer my opinions on something I don t know much about. Is there a number of posts I need to achieve before I am able to offer to help someone with a free chat ?
Don't take it as a criticism! It is traditional on here to acknowledge impressive lurkage. Please do hang around. ThingsBehindTheSun said:
Hustle_ said:
S&P500
Are you in it for the long term (5+ years) and the sort of person who can just ignore what goes on in the short term (Covid, Trumps trade tariffs etc.) and not panic if the fund goes down in the short term?
Thanks for all of your contributions, everyone, including the offers of advice from those in the business, much appreciated.
I'm leaning towards seeking out a local IFA, but I may take up the offer of advice from someone who has chipped in here. I feel that I just need a steer in the right direction at this stage. I have some money sitting in savings accounts, but I am so underinformed that, for example, I only recently became aware of tax advantages regarding money in a pension.
I'm leaning towards seeking out a local IFA, but I may take up the offer of advice from someone who has chipped in here. I feel that I just need a steer in the right direction at this stage. I have some money sitting in savings accounts, but I am so underinformed that, for example, I only recently became aware of tax advantages regarding money in a pension.
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