Financial Advisors

Barrow he might. I will send you details offline.

Thanks to everyone who replied. JessM, we live in Bristol so don't think your financial advisor would be willing to make the journey! We haven't given anyone the business yet - instead are considering investing in property. The problem with that is we wouldn't have access to our money. It really is a minefield and very confusing!!

Yes - to reiterate the lovely Grant Maunder in Cardiff, who is an absolute whizz and has been advising us for about 15 years does NOT charge us anything. But he is still doing ok.
Run a mile if anyone wants to give your financial advice and wants your money. Really!

If the Financial Advisor drives a battered old car, and lives in a battered house, and starts whinging about having no money, run.

Barrow, i have just checked with Mrs. P, the company she worked for did not make any charge for the initial interview, I would be cautious of any company charging you for an initial consultation. The companies make their money from the commission they get from the investment companies, only if you are investing a large amount and need in depth analysis of you finances should they charge. Any adviser needs to be a member of the FSA.

Many thanks for the replies. The first one we had call was an Independent but was only "pushing" one type of investment. His fees started at 3% which he then said he would reduce to 2% and then finally 1 1/2% with 1% p.a. management fee It wasn't until I spoke to him a couple of days later on the phone and asked what other charges would be made that he told us the investment itself would carry a set up fee of 2% a 1% p.a. management fee plus of £68.50 p.a. administration fee. Which by my calculations would mean I would be paying 3 1/2% to set up the investment 2% p.a. management fees plus the £68.50 administration (why do they need to charge a management fee and an administration fee?)

We then had an advisor from a big investment advisory company whose fees are much less and is advising on a spread of investments. Their fees, again, are based on a percentage of what is invested.

I don't expect anyone to work for nothing and expected to have to pay fees but not at these levels - do these sound right to everyone else? We are looking to invest our life savings to produce an income so obviously want to get the best value.

Mrs. P worked for an "Independent Financial Adviser". Just make sure the word "Independent" is in their description, other financial advisers will have connections to banks etc. and will only recommend their products. They may leave you with more questions than answers, but that is their job, to provide you with all the options. At the end of the process, you don't have to take their advice, but you will be able to make your decision from a well informed viewpoint.

Often this service is free, as they get commissions on any financial products.
We have a great one, based in Cardiff, if anyone wants a contact. Very straight and up front. Gets you to explain your approach to risk in investment. I don't think we have ever paid him a penny.

My husband used an independent financial advisor to sort out his pensions before retirement. Worth the fee because he was working for my husband not to promote an establishment. My daughter suggested we speak to her advisor because he had some good ideas and could invest our money abroad, we did not go down that route even though it is legal .. daughter lives in Europe. I think you need to take care, as the saying goes, you get what you pay for and it is not cheap.