Are financial planners worth it?

[adviceseeker22]

I've got an inheritance worth £300k, high earner, not a lot of a pension pot. I'm thinking of buying a BTL... However I'm a bit clueless and no clue if I'd benefit from a financial planner. What do you think?

Absolutely

DH is of the idea we just need a good accountant.

I’m both a chartered accountant and financial planner and I’d say start with a very good financial planner, do your research before booking an appointment. You may end up needing an accountant too but I’d definitely with a financial planner

*start with

sorry for the typo

I‘m an accountant (a very good, well paid one I like to think!) who advises individuals and it’s a financial planner that you need.

How do I get to choose one? I talked to one who seemed very disinterested until I actually have the money in the bank. Another one told me he couldn't advice me on property. I'm speaking to a third one who seems very keen (maybe even too much!)

The one I just spoke to said I need an accountant because I want to invest in real estate. Once I get that sorted, he'll figure out how to use my money in pensions

A tax accountant would advise on taxation - most aren't independent financial advisors so can't advise on pensions or other forms of insurance.

An independent financial advisor would primarily advise on investments, pensions, insurance and mortgages, but would be limited with regards to tax advice.

Ideal scenario is to have both, or even more ideal would be to find a qualified accountant who is also a qualified independent financial advisor, but they're as rare as hen's teeth!

Posted to soon, forgot to mention "chartered financial planners" who are a step up from IFAs and do a more "rounded" service above and above insurance, pensions and mortgages and should include tax advice.

Your bank should have a department who would manage a portfolio of investments for you. You can discuss what level of risk you want, if you are interested in ethical investments, if you want your portfolio to give you a regular income or long term growth.

Most of these people would be looking at investing in the money markets, I don't think many of them would include investments in property as well, you might need someone separate for that.

I have used these people in the past and can recommend them.

https://www.visionifp.co.uk/about-vision/independent-financial-advice/

Real estate may not be the best thing to invest in, depending on what assets you have now. If, for example, you already own your house, you could wind up with too much of your net worth in one asset class. You should be diversified. That's why you need a financial planner to examine your situation.

I do have requirements (based on what my family wants) and ideally it should be in real estate. I currently receive a rental income of £800 net and what to keep it that way. I also wanted two properties so it is crystal clear who inherits what (our DC).

Ultimately, I might just stick into some sort of ISA, get the £800 from the interest itself, and then after some time use that money to buy a better/bigger house than what we currently own. Hopefully we wouldn't need the rental income by then.

You can find a local financial adviser who matches to your needs here www.unbiased.co.uk- with that level of inheritance you’d be sensible to at least have an initial chat.

I would talk to a financial advisor.
I have used one since my early 20s and as a result have a very diverse holding (both geographical and cross industry/property/interest bearing etc) using tax efficient investment wrappers. I strongly believe it is that advice which allowed me to retire at 55.

Other option is to simply pay my mortgage and set that money aside into an ISA... maybe . I still need to figure out my pension though.

Oh and BTW the guy I spot to today came from unbiased