To get my teen 17 year old a Financial Advisor?

[Ischial]

I want to DS to know how money works and to help him set up a plan. I am hopeless and I want him to learn whilst he is young.

I am a bit nervous about how to find legitimate Financial Advisors.

I personally don't think this is unreasonable.

Is he interested in money?

At that age I used to be fascinated my money and how it all worked, and listened to MoneyBox on Radio 4. Paul Lewis (the presenter) wrote a book which I believe covers the basics.

On In private schools they learn how money and wealth works from an early age. They practise on Investopedia from 12 years old. I don’t think this is particularly accurate. It is possible some private schools have an investment club or similar but for one thing not all private school kids are rich so it would be a bit off-putting in many settings.

Financial advisors often operate with people with around £100,000 to invest (in order that they percentage they cream off is enough to pay their salary and expenses). A friend who is a financial advisor is willing to give an initial talk to someone with less, in the hope that they'll be first port of call when the person does have enough money for them to be a worthwhile customer.

I am a bit nervous about how to find legitimate Financial Advisors. Legitimate FAs are registered with the Financial Conduct Authority so you can always check someone you find against that.

You say you know nothing about FAs - useful to know there are two sorts. The FAs linked to building societies, banks etc are allowed only to recommend products from that building society or bank (even if there are products that would better suit you available elsewhere). Independent Financial Advisers can advise on the whole range, and are registered with the FCA.

@cloudtree I worked in an exclusive private school (crème de La crème) and I know what was taught - it was not just that. Perhaps in the more standard ones don't but this one certainly did!

I just want to give DS the start I didn't have, that is all.

Brilliant suggestions here other than the above. Thank you.

I don't agree that having an interest in finance as a career necessarily makes you good with money. I know someone who's made over £300k a year for a while in banking and saved nothing/makes poor personal financial decisions. The more money you make, the more risk there is of lifestyle creep as you meet more and more even wealthier people.

So OP you have the right instincts - some great resources here!

This really isn't true you know.

Also coming on to say the Private School thing isn't (necessarily) true! I think there is some sort of 'investment club' at one but it's more about the workings of the stock market etc.
otherwise just limited to a bit of 'get ready for leaving school' type info in sixth form.

@laclochette I have seen that for myself and agree!

He actually said he can't wait to start managing his money well.

My nephew did business and I was letdown by the finance side to be honest.
I thought he would learn about investing but it was glossed over as gambling and even normal isa were presented as something you lock money into.
Nothing about Lisa either... Get him to do his own research.

@wasthesummerof69 I would think that would be very useful though and a lot more in depth than your average state school. I think it's fabulous.

He needs a simple spreadsheet or write on paper, incoming and outgoing.

What does he want to save, is it enough does he need to cut backing on spending.

Explain compound interest to him.

My DS is starting core maths As level this year and that is about budgeting Apr etc.

A financial advisor is not a teacher. There are plenty of (free) resources online. I'd ask him to have a read through MoneySavingExpert. Once he's read through that, ask him to look through the debt free wannabes threads. That will show him the impact of poor money management. He doesn't need a financial advisor; save your money.

@Fabulousfeb I think he just generally wants to use money in the best possible way and the best returns etc. Find out how it works to speak.

How do FAs learn?

Was it this one, referred to by a pp?

amzn.eu/d/6Y2xtpW

He needs to learn it himself really but to get the best return on his money he needs to invest it.

@tealgate

That money box book link you posted said he gets you to look at the finance industry as a vague aqaintence you do not really trust and that's certainly how I see it

@Fabulousfeb How do people learn how to do that eventually?

In private schools they learn how money and wealth works from an early age. They practise on Investopedia from 12 years old

That’s news to me. All 3 of my DSis kids aged 14-25 awent to or are at private schools (different ones as they moved around) and none have taught this.

I’ve taught my own children to budget and invest. It’s pretty east to introduce them to savings, budgeting, ISAs and shares. Both have online banking and started off with an easy access account, savings account & Government Child trust fund & now the eldest has an adult ISA and buys his owns shares in companies he’s interest in.

Op is not hard.

Google it, index funds, what's best investment.

It all usually leads you back to index funds which are little bits of everything.

But usually give steady returns, that's it!

When old enough get him to open up normal saving account and a stocks and shares isa.

But 100 into each and buy 100 index and 100 of something else and watch what happens to all 3 over a year or 2 and that will tell him everything

I went to private school and can confirm there were no lessons on money management nor "Investopedia practice at 12 years old".

I did, however, learn very useful things like Latin and can tell you the various educational pathways to becoming a Lawyer or Doctor, none of which prevented me from learning money management the hard way when I made a serious of poor financial decisions in my 20's.

When it did come to learn, I got everything from MoneySavingExpert which was amazing.

Perhaps I shouldn't have generalised, but this one sure did.

@Fabulousfeb I will! Sounds ominous lol!

I have DC in Y7 and Y10 at private school. Neither of mine have had in depth lessons in managing their wealth either. They need to earn it first - then worry about investing it!