Discussion
I'm very new to investing, I'd like to start but very short on time at the moment to do the necessary amounts of research. I have a reasonable amount to play with, but will be starting small at £1k.
I've seen a Fiver a Day mentioned on here a few times, I've had a look at them and gone through their Q&A process to get started - so far I'm very impressed with how they come across for a complete novice. Does anyone here use them? Any reason why I shouldn't?
I've seen a Fiver a Day mentioned on here a few times, I've had a look at them and gone through their Q&A process to get started - so far I'm very impressed with how they come across for a complete novice. Does anyone here use them? Any reason why I shouldn't?
I suppose I'm as well qualified as any to answer seeing as it's my name on the shingle and on the advice. I thought it up a few years ago to help my military clients who were deployed on Ops Herrick and Telic. The idea evolved over the past couple of years to becoming a more general mainstream proposition. Initially, it involved buying shares but that added cost as well as complexity. And it became a lot more simpler too.
My gut instincts. For many though, it's *too* simple. The fund portfolios are risk rated and are passive and you get discretionary management at no additional cost. It's an advised service so if you want to Skype or FaceTime me and chat about things, you can do that - you'll never hear the sound of a clock ticking away. It doesn't offer a pension (yet), but it soon will. It's cheap (hey, I'm a bad capitalist) and it's a helluva lot cheaper than (I think) anything remotely similar.
It's not good for anyone decumulating in retirement (I decline about 20% of applications), it's absolutely no good if you want to buy and sell every two minutes and (honestly?) unless you're prepared to grit your teeth and accept the lows as well as highs of investing without banging out, it's not for you either. If you have complicated needs, you really would be better served by engaging with an adviser. It's not independent either. Although I'm an IFA, this particular proposition is not drawn from across the whole market. I use passives.
I hope I haven't put you off! Like I said, it's not perfect because it's not for everyone, but that's only because I haven't designed it for everyone. It's cheap, it's simple, it's elegant, it's legible and it uses tech to be brutally efficient. If you're paying a lot of money (needlessly) for, for instance, H-L, it's absolutely suitable for you. If you're paying a lot of money for a sophisticated service somewhere but absolutely use the functionality on offer to the gunnels though, then it's not for you!
It's Robo Investing, but it's not Robo planning. If you have sophisticate needs, sit down with an adviser. Finally, and ironically, I'm doing a column today for Citywire about why services which are too cheap stand to disadvantage a client, not just those which are too expensive. But, I think I've got it just right, it's a perfect solution for clients who have simple investment needs and who want a clear, cost effective, simple, very well priced and competitive solution. Hey, I would say that! Hope it helps though.
I tried to make this as brutally honest as I could.
Moderator edit: no promotion please.
My gut instincts. For many though, it's *too* simple. The fund portfolios are risk rated and are passive and you get discretionary management at no additional cost. It's an advised service so if you want to Skype or FaceTime me and chat about things, you can do that - you'll never hear the sound of a clock ticking away. It doesn't offer a pension (yet), but it soon will. It's cheap (hey, I'm a bad capitalist) and it's a helluva lot cheaper than (I think) anything remotely similar.
It's not good for anyone decumulating in retirement (I decline about 20% of applications), it's absolutely no good if you want to buy and sell every two minutes and (honestly?) unless you're prepared to grit your teeth and accept the lows as well as highs of investing without banging out, it's not for you either. If you have complicated needs, you really would be better served by engaging with an adviser. It's not independent either. Although I'm an IFA, this particular proposition is not drawn from across the whole market. I use passives.
I hope I haven't put you off! Like I said, it's not perfect because it's not for everyone, but that's only because I haven't designed it for everyone. It's cheap, it's simple, it's elegant, it's legible and it uses tech to be brutally efficient. If you're paying a lot of money (needlessly) for, for instance, H-L, it's absolutely suitable for you. If you're paying a lot of money for a sophisticated service somewhere but absolutely use the functionality on offer to the gunnels though, then it's not for you!
It's Robo Investing, but it's not Robo planning. If you have sophisticate needs, sit down with an adviser. Finally, and ironically, I'm doing a column today for Citywire about why services which are too cheap stand to disadvantage a client, not just those which are too expensive. But, I think I've got it just right, it's a perfect solution for clients who have simple investment needs and who want a clear, cost effective, simple, very well priced and competitive solution. Hey, I would say that! Hope it helps though.
I tried to make this as brutally honest as I could.
Moderator edit: no promotion please.
Edited by jeremyc on Saturday 27th February 21:41
Shrimper, thanks very much - I look forward to chatting sometime; if you ever need a steer, just get in touch - I'm always happy to help too as things evolve. You're not alone.
Mods - apols, and understood. I saw the question and felt well placed to answer, and did so (I hope!) honestly. I have always tried to help here objectively - I understand though, if you'd prefer to delete my response - there was absolutely no breach of the guidelines intended. Mea culpa.
Mods - apols, and understood. I saw the question and felt well placed to answer, and did so (I hope!) honestly. I have always tried to help here objectively - I understand though, if you'd prefer to delete my response - there was absolutely no breach of the guidelines intended. Mea culpa.
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