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Discuss investments with other users on our Investment forum. For more advice read our tips for saving for your child's future.

Original poster

Wealth manager / investments

26 replies

applespearsbears · 29/03/2022 18:25

I'm looking for anyone with experience of using wealth management services or of managing their own investments and can give some pointers on where to start.
Due to an inheritance we've got some cash to invest, mortgage is paid off.

  • school fees set aside in premium bonds
  • no savings specifically set aside
  • paid into nhs pension for 10 yrs part time
  • no life insurance
  • no debt
  • no isa's open
  • would like to retire in our 50's

Would a wealth manager be a good person to talk to? Or is self managed best?

OP posts:
KatsuKatsu · 29/03/2022 19:04

How much roughly is it you're looking to invest?

Original poster
applespearsbears · 29/03/2022 19:10

£200k to start with

OP posts:
Inyourhonor · 29/03/2022 19:13

Do you know anything about investments eg what kind is suitable for the risk and return you want? That would determine whether I think you could self manage.

KatsuKatsu · 29/03/2022 19:14

@Inyourhonor

Do you know anything about investments eg what kind is suitable for the risk and return you want? That would determine whether I think you could self manage.
I agree with this.
mintbiscuit · 29/03/2022 19:30

IME 200k is unlikely to get you in the door with a wealth manager. Unless you are going to make significant investments each year.

If you need it for your pension you can open a SIPP and choose a well diversified fund that will de risk as you approach retirement. Lots of choices on the market.

You will also get tax relief (so minimum 20%) = free money. You can take forward of your carry forward allowances unused from last 3 years too. Consider maxing out an ISA each (again are ready made fund options to choose from).

mintbiscuit · 29/03/2022 19:31

PS. You don’t need to be an investment expert or manage your investments if you pick a ready made option. The fund manager does it for you

KatsuKatsu · 29/03/2022 19:33

I'd start by putting £20,000 (each if you have partner) in a cash ISA now as there's not long left of this tax year and you can always transfer it.

hattie43 · 29/03/2022 19:44

I'm with a wealth management company and you need £250k min to have a personal wealth manager .

I just got my fees statement and it costs over £10k per year which is a lot of money . Having said that I don't have a choice as I just don't have enough knowledge to manage my money . It's also nice having someone who can answer questions / queries quickly .

Original poster
applespearsbears · 29/03/2022 19:46

Thank you all - I'm goi g to have to look up some of this terminology! Yes I was thinking of maxing out isa's first of all.

I don't know much about investments but would be looking over a 10-20 year period?

I was wondering if it was worth topping up nhs pension as well as very tiny private pension if we were Hoping to retire before state pension age or whether to keep cash easily accessible?

OP posts:
Original poster
applespearsbears · 29/03/2022 19:47

@hattie43

I'm with a wealth management company and you need £250k min to have a personal wealth manager .

I just got my fees statement and it costs over £10k per year which is a lot of money . Having said that I don't have a choice as I just don't have enough knowledge to manage my money . It's also nice having someone who can answer questions / queries quickly .

That's really useful to know thank you
OP posts:
Original poster
applespearsbears · 29/03/2022 19:48

@mintbiscuit

IME 200k is unlikely to get you in the door with a wealth manager. Unless you are going to make significant investments each year.

If you need it for your pension you can open a SIPP and choose a well diversified fund that will de risk as you approach retirement. Lots of choices on the market.

You will also get tax relief (so minimum 20%) = free money. You can take forward of your carry forward allowances unused from last 3 years too. Consider maxing out an ISA each (again are ready made fund options to choose from).

Thank you I'll look into this, it's embarrassing how little I understand about these matters but I've never been in this position
OP posts:
KatsuKatsu · 29/03/2022 19:49

You've only got 5 working days to get it into an ISA this tax year bte

Magenta82 · 29/03/2022 19:54

The fees for wealth management would be too high to make it worth your while on £200k. A normal financial adviser would be your best bet, they will help you come up with a good overall financial plan. You can find one on a directory site like Unbiased or MyLocalAdviser.

FeelinSpendy · 29/03/2022 20:17

I agree with @KatsuKatsu - get £20k each in an ISA as soon as you can. You can always transfer at a later date but if you miss this year’s window, then it’s gone.

Original poster
applespearsbears · 29/03/2022 20:19

Isa's is it worth having cash and stocks and shares? I assume that's when people use things like AJBell?

OP posts:
TooManyPJs · 29/03/2022 20:27

@applespearsbears

Isa's is it worth having cash and stocks and shares? I assume that's when people use things like AJBell?
I would stick £20k in an ISA (you could do £40k as there's two of you) before the end of the tax year and then you won't have wasted this year's allowance. If you really don't know what you are doing or understand your attitude to risk, pop it in a cash ISA while you get advice and you can always move it later.
KatsuKatsu · 29/03/2022 20:30

pop it in a cash ISA while you get advice and you can always move it later. I'd do this, and then you can always transfer it next tax year.

FeelinSpendy · 29/03/2022 20:45

Yes, or you can open an ISA with Hargreaves Lansdown or Vanguard, transfer the money so that it’s made it into this year’s allowance, then actually decide on which investments you want later on.

If you’re completely new to ISAs and investments then moneysavingexpert is good for basic knowledge.

oldwhyno · 29/03/2022 20:53

Wealth Managers are VERY expensive and mostly offer nothing that you can't do yourself.

I've just left one and it's barely an exaggeration to say that I feel like I've finally escaped a coercive relationship after years of being gaslit into thinking I couldn't survive on my own.

They've cost me tens of thousands in fees over the last 10 years, and the knock on impact over the next 20 years of lost investment of that money, I can barely bring myself to think about. And my initial investment was less than £200k.

This is the wiki for the UKPersonalFinance group on reddit, handsdown the best source of free impartial advice on this kind of subject: ukpersonal.finance/. One of the best places to start learning.

Good luck, and feel free to DM me any questions.

Original poster
applespearsbears · 29/03/2022 21:01

@oldwhyno

Wealth Managers are VERY expensive and mostly offer nothing that you can't do yourself.

I've just left one and it's barely an exaggeration to say that I feel like I've finally escaped a coercive relationship after years of being gaslit into thinking I couldn't survive on my own.

They've cost me tens of thousands in fees over the last 10 years, and the knock on impact over the next 20 years of lost investment of that money, I can barely bring myself to think about. And my initial investment was less than £200k.

This is the wiki for the UKPersonalFinance group on reddit, handsdown the best source of free impartial advice on this kind of subject: ukpersonal.finance/. One of the best places to start learning.

Good luck, and feel free to DM me any questions.

I'm sorry to hear of your experience but grateful you've shared it. I'll definitely look at the link and start trying to educate myself thank you
OP posts:
buckeejit · 30/03/2022 21:55

AJB have good customer service - you could apply online now & pay this years in tonight. Then in a week you can pay in the same amount again for the new tax year. People often leave it until the year end but makes much more sense to do it asap.

My fil is an investor - he's really interested in economics & politics & usually makes the right call, but he's retired & likes to know stuff. I'm not that interested, terrible at making decisions & haven't a lot of time. I have put in an order for solar panels which might be an idea for you too if you'll save a good % in the long run. So, anyway, you need to know how interested you can & want to be in your portfolio, it can be very exciting picking your own investments, otherwise managed funds are good, check the underlying investments, fund manager & ensure you're happy with recent activity

whataboutbob · 01/04/2022 16:49

Brave of you to admit this firstly to yourself and then on this platform @hattie43. But good that realised the situation and have taken action.
I have learnt a lot by listening to the Meaningful Money podcast, it’s by a FA and he is quite ambivalent about the profession sometimes.

whataboutbob · 01/04/2022 16:49

Apologies that was meant for @oldwhyno.

oldwhyno · 01/04/2022 17:30

@whataboutbob "good that realised the situation and have taken action" - that's exactly how I feel to be honest.

They will be taking another 1.5% of a significant proportion of the overall portfolio because they held certain investments that can't be transferred to my new provider, so needed to be sold first.

A bit like ripping a plaster off, it hurts, but will be better in the future. Although in this case it takes weeks and weeks to rip the plaster off as they're soooooo slow.

whataboutbob · 02/04/2022 12:27

The main thing is to take action, as you know so many don’t because it means confronting the losses. Check out the Meaningful Money podcast or the YouTube channel , the episode for example meaningfulmoney.tv/2021/11/18/do-you-need-a-financial-adviser/
Personally I don’t have enough money to use a FA but have learnt so much form the podcasts.