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I'm thinking about going to see one for some advice regarding stocks and shares ISA, I was wondering if anyone had been to see one or have any information they wish they had before they went to see one.
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I've tried. They seem to love the sound of their own voices. I've subsequently always done my own research - the fees are less.
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I'd echo this advice with regard to mortgages. When re-mortgaging, I engaged two mortgage brokers, and also did my own research. I found a far cheaper, better deal than either of them managed, and when I showed it to them neither of them had even heard of the building society I found. Bah.
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I thought about doing it myself but don't how much hard it would be. i've spent a bit of time looking at ISA and have a few in mind but it's the first time I've got into stocks and shares. I wonder if it is hard to change ISAs, anyone know what their fees are generally?
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"I wonder if it is hard to change ISAs, anyone know what their fees are generally?" assuming that is not a typo for IFA then it's dead easy. Yur money is invested in ISA A, you want to switch to ISA B. Assuming worst case, different fund provider, then you fill in the application form for Fund B, usually off the net, send it off to fund provider B and they do all of the work. There is no fee. You pay the "buy / sell" spread difference. e.g. units cost 105p to buy but only sell for 100p
Look at Fidelity Fundsnetwork for doing it all online, not just for their funds but for most of what is available. Lok there and at Trustnet for research.
John
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Why do you think you would make a worse job than an IFA?
You have access to all the same data as they do.
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Buy through a bucket shop like Hargreaves Lansdowne and they'll repay you a hefty chunk of the commission (5% or more) your IFA would otherwise receive.
If you buy a FTSE tracker then there are many worse ways to start saving. (The worst way to start saving is by paying 5% to an IFA.)
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>>
>> If you buy a FTSE tracker then there are many worse ways to start saving.
>>
Tried that acouple of years ago invested £1000 five years later got £1018 back :-)
Had a look at H&L may well go through them not as complicated as I thought, thanks.
Last edited by: sooty123 on Wed 26 Jan 11 at 12:38
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Mappy is spot on. Don't pick stocks, buy markets. For gneral equities use trackers, and pick one with low charges bought through a funds supermarket. HSBC FTSE trackers though Hargreaves Lansdowne have 0.25% charges and full commission rebate.
If you must use an adviser, negotiate a fee basis (they hate this), otherwise they only eat if they recommend things that pay them commssion. They are not and cannot be independent as in 'best advice', the independent bit just means they are not tied to particular providers. They are salespeople.
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I take it within the isa wrapper you can have several different funds but can you also add stocks as well all within the isa wrapper?
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>> I take it within the isa wrapper you can have several different funds but can
>> you also add stocks as well all within the isa wrapper?
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Correct. It depends of course on the particular isa wrapper.
And whilst you may have had a bad result over 5 years with the Footsie, did you stick with it or did you get bored?
1. Investments are for the long term, say 10+ years.
2. If the value of your investments falls over night by 50%, it might, how would you feel?
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I don't think there was an option to stick with it, it was a fixed term one with ns&i. My view is probably 30 years + when I retire i'd like a nice lump sum. If they fell by a half I'd feel pretty bad but I'm thinking of looking at some of the far east funds at first so there maybe a bumps along the road.
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I may have posted this suggestion before, but I unhesitatingly recommend a book called 'Smarter Investing' by Tim Hale. currently £11.49 on Amazon (get the latest edition with the yellowy cover).
You can read enough on Amazon to get the drift. Skip the foreword and the preface and read the Introduction.
Whether you follow the advice to the letter, or modify it to suit your own instincts, you can't fail IMO to get £11.49 of value from this book (I am not related to the author either).
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I don't mind admitting that I cannot follow or understand isa's and the rest of the 'stuff'. All I do is property and that usually stands me in good stead. As with everything financial, timing is all.
Or......... pay off your mortgage.
Reg's, M
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Or......... pay off your mortgage.
Best bit of advice, unless you can get better net interest in a savings account that you're getting on your mortgage, it's a no-brainer.
Last edited by: Pugugly on Wed 26 Jan 11 at 19:12
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>> Or......... pay off your mortgage.
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Oh yes, once that's gone (and all other credit too), they've no longer got you where they want you which is by the short and curlies...believe me it's a very good day when you do it.
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Like having a good S eh GB??
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Leaving that 'orrible company before it finished me made it so sweet Mart, never a day goes by i don't offer thanks.
Our mucker Old Holborn's blog reveals ever better gems, his take on the economy (his most recent) puts much into perspective.
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Mart, try oldholborn.net and therantingpenguin.blogspot
for starters, and go where your nose takes you, there's more of us than they think.
non clickable as the odd swear word may crop up.
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Cheers GB. Going now. Keep me covered.
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OMG GB. Hurrah hurrah!! Right up my street and a few of my Pals too.
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The more I read the BETTER I like it. Oh! Deep Joy.
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Tee hee and some of the other bloggers do have a way with words..;)
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IFA advice - bathtub tom
