Question and help about financial advisors.

[Carlawith]

My husband died suddenly at work 10 years ago. His firm were really good and a financial advisor they used helped me sort out his pension - he did the first year free…but I agreed to carry on with him . My money invested and I get a monthly allowance from it . However when I look at the annual fee - I feel I’d be better to just have my money and put it in a building society and just use it if I need it. I now get my state pension and tho working will retire soon and ge5 a small pension.
I live in a small house and we are not talking large sums of money. I get stressed when I get paperwork from them etc - how difficult will it be for it to be transferred.
i am not from a world that uses advisors - I was just so stressed after the death of my husband but - I dread asking them as I get overwhelmed by men in suits …..sorry if not making sense. Do many people have financial advisors - is it better to have a lump sum and use that for funds rather than a pension.

It depends on the figures op

What is the money invested in? There could be Capital Gains Tax issues if you just withdraw the lot from the investment. What sort of figures are we talking?

Thank you - you see I know nothing . Capital gains tax etc . I wish I’d just put the lump sum into the building society at the time. The lump sum was £130,000 obviously that’s gone down - I get a pension of £500 that I put in an ISA . The advisor fees are a couple of hundred a month. I just see him once a year when he talks about things I really don’t follow. It’s like a different world. All I ever said was I want low risk as I never felt the money belonged to me and I want it for my kids.
I know I sound a bit pathetic - but my background and upbringing was very much lacking in money and I feel out of my depth..

Can you get a free session with a neutral financial advisor?

Consider - this may be difficult - whether you feel financially taken advantage of at the time and have continued to be regarding the fees for what is a small amount (more than many have ever had but small for the cost of the monthly fees). You may wish to ask for support to pursue some compensation.

The adviser will be able to tell you everything about this- that’s one of the things you’re paying his large fee for. Without knowing whether it’s inside any kind of tax wrapper or the terms of your agreement with the adviser, it’s not possible for us to help. But I would encourage you to ask questions until you’re completely clear on it all. Helping you to understand it all is literally his job.

Only if you are feeling brave and are prepared to answer a good few questions about your situation with respect to pension provision etc, ask on the investment forum on Money saving expert (maybe called savings and investments- can't recall but pretty sure it's 2 words)

They are very sharp investment obsessives from what I have seen (they often argue with each other about investment funds, returns etc).

Personally I wouldn't use a FA for that amount of money and I suspect they will say the same.

It's a big step though if you are not confident with money.

Good luck

I work closely with a company of financial advisors but I am not an FA and a few hundred a month to manage a £130,000 investment definitely doesn't seem right. I would ask the FA to send you a report of exactly what you have and where and take it to an independent advisor to get advice on what to do next.

Thank you everyone …..got some thinking to do.