Can anyone recommend an independent financial adviser for an 18-year-old?

[SweatyWarrenBetty]

My child turns 18 soon and will have access to their ISAs, around £30k. I'd like to give them an appointment with an independent Financial Advisor, and was wondering if anyone can recommend someone?
About a third of the total is from a relative to be used on education, which is great as, aiming for biology and conservation, that will cover several study trips.
Her father and I have ok salaries, hence saving some ourselves for her, but aren't great at "money", so I'm keen for her to start off doing it properly, not just flinging any spare cash into mortgages and random savings accounts like I always have.
Any advice would be greatly welcomed. We are based in London, with family in Wiltshire and Oxford.

It’s probably not worth paying an IFA for advice on this amount of money. I would encourage your 18 year old to do their own research and make use of the reputable websites that are available for free.

Definitely no need for a financial advisor here.

For anything he needs in the next few years (eg study costs) he should hold it in cash or equivalent. This can stay within the ISA wrapper and he should research the best rates.

Money he won’t need for 5 years +- global tracker in a S&S ISA.

He must make sure he transfers the funds where he wants them without taking them out of the ISA wrapper. Providers will explain in their website how to do it. Trading 212 is fee free for his purposes so might be a good choice.

To learn about money, I’d recommend the Bank of Dad podcast- this is a new one from the makers of Meaningful Money aimed at young people.

No one will be interested for that little amount. ISAs are a good bet for now if need instant access.

@LifeAt60 @Tatenk @mondaytosunday
Thank you for your advice! I'll get a birthday card written up with it on and put it in a folder ready for her banking papers 🤓

I thought you were going to say he had £300,000!

You could always speak to an adviser. I always see the kids of my clients when they turn 18 and talk about money, budgeting, investing, short/medium/longterm strategies. I don't think this sounds crazy. They wouldn't take on £30k but the advice could be very valuable. That said lots of resources online, but getting them to engage might be easier with a person

Get them to do Rebel Finance School, free on FB and YT…do not fork out money for something you can learn yourself.

Yes absolutely don't pay someone for that amount of money. Jut stick it in a stocks and shares ISA on trading 212.

What would you hope a IFA would do for them ? Much, much better have them educate themselves on simple finances, the rebel course on Facebook is highly recommended

Yeah that's not worth getting paid for advice about.

PPs are correct that you do not need an FA. Spend some time on the websites mentioned above for a good foundation in the basics. Mainly, it's already happening since (some of?) the money saved for your DD is in ISAs.

FAs are for serious money: £100K or more which is when you start needing a GIA (general investment account) and/or a property portfolio.

There are many, many threads on MN about how to structure finances similar your DD's, so do have a google.

Short-term, top tips for 18yr olds are look at savings bonds or high interest accounts to boost interest for additional income and keep as much in the ISA accounts as possible to avoid tax on any interest over £1,000.

Your own strategy of 'flinging extra money into mortgage or random savings accounts' is not a bad one. Don't forget to top up your pensions too. Make sure that those 'random savings' accounts are ISAs if possible, ideally stocks & shares, and paying good interest.

Another recommendation for Bank of Dad.

The dad is an IFA who uses the Meaningful Money podcast to educate people and tell most of them they don't need an IFA. The Bank of Dad Instagram version he does with his 20 something DD.

Also the Financial Flow chart tells her everything she needs to know and won't need an IFA until she has completed all the steps.

https://ukpersonal.finance/flowchart/