1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

Asset/Wealth management

Discussion in 'Speaker's Corner' started by Orionaut, Nov 30, 2018.

  1. Orionaut


    Joined: Aug 2, 2012

    Posts: 6,523


    I have some money.

    (Some would undoubtedly consider it a considerable sum)

    But it isn't really when you consider that this is what I am going to rely on for the next 30 years or so (I am 58 and for various reasons (Health) I need to retire (The health aspects are not life threatening, or even particularly disabling, they "just" mean I cant continue doing what I have always done as a livlyhood)

    Managing the money myself really isn't my thing. I am sure I could learn to do it. But I would hate every minute. I am a hardware person, not a software one.

    Give me a machine to strip down and repair fine. But the idea of spending hours/days/months pouring over company reports in order to work out which equities to invest in ...


    (I could probably learn to do it. But I am really not that interested)

    So, I need to find somebody who is going to do this for me.

    I am sure I am not the only person here who finds themselves in a similar position.

    The question is...

    Who do you use to manage your wealth (And therefore are dependent on for your future prosperity and quality of life) And how did you find them and how did you assess them?
  2. The_Abyss


    Joined: May 15, 2007

    Posts: 11,071

    Location: Ipswich / Bodham

    I'm not sure it is one for Speaker's Corner - a debate about passive vs active investment management would probably be more suitable. The other side of that debate would be people trying to get more information out of you in order to give financial advice without actually giving financial advice, or an argument over growth vs income stocks.

    I used to be a financial adviser, and have worked in specialist pensions for the past 10+ years so still have plenty of contact with all the associated advice and wealth management industries. I don't have an adviser, as I'm still sufficiently current to manage product selection myself, but despite my background I'd be largely uninformed if I was trying to manage my money in anything other than a passive fund.

    It is at times like this - a significant life change or preparing for a significant life change - that using a financial adviser is a really, really good idea. They can give advice on the best products to move into now and, crucially, which ones to keep and the sequence from which to draw income from them to minimise your tax exposure. If you have £100k plus under consideration then it is probably worth it.

    I use Brewin to manage my money. They're a good firm, with a good track record at the risk profile that I currently fit into. Importantly, I have a really good relationship with my manager, and that's important to me.

    Unbiased.co.uk or vouchedfor.co.uk to search for a financial adviser. Once you narrow it down, have a look on LinkedIn and check them out further, and also look at the FCA register to see their history - all before you contact the one you've chosen.

    If anyone - ANYONE - promises a guaranteed return from anything other than cash that's higher than 3%, walk away or do a lot of research and get a second opinion before signing anything. And if it is an unregulated investment, don't walk - run!
  3. mrbell1984


    Joined: Aug 9, 2008

    Posts: 19,984

    Location: UK

    Hire someone to be your advisor and to do the figures for you. If you have that much money you wouldn’t care and be retired living Somewhere else apart from a square box.

    Do you have a owned house now? Sell up that house and move somewhere smaller if you don’t have a family.
  4. kkelly


    Joined: Oct 8, 2003

    Posts: 2,620

    Location: Glasgow

    If it's a large sum seek professional advice, don't do anything on your own.

    There is a decent group on Reddit (r/ukpersonelfinance), they might have recommendations in you're area :)