Lord Edgingtons "Get Rich Slowly" Stocks and shares bonanza

Mr Loathsome

Forum Patron
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Hmmmmm..........I have two conundrums and would be grateful for any advice.

1. Is it worth getting a Financial Advisor and how can I be sure the person is completely independent?

2. I think I should be turning to shares as my ISA returns have dried up and I've started pulling them out. But, I only want to invest in ethical funds.

I've done some research but to be honest I'm finding it a minefield and don't want to spend money on an IFA and fees to share platforms that may take me a while to get back. So at the moment a fair proportion of my savings are sat in my current account whilst I prevaricate on what to do.
Whether you need a financial adviser is a difficult question. Paradoxically financial advisers are best placed to tell you if you really need one, but there’s the obvious conflict of interest that they’d rather not pass up on any new business. If you really think you need to talk to one, I’d say a referral from someone who already has an adviser and is satisfied would be the best place to go. But failing that Unbiased, as mentioned by Jake, is best.

If it’s just your ISAs you probably don’t need one. A well intentioned adviser would tell you that, and probably give you a push in the right direction for sorting things yourself.
 

Dirty Harry

Advisor to the Owner
Probably lucrative for the HM Government if pensions can’t be traced. Even lodging a will seems an onerous and still archaic process.

Envelopes and cheques only and a process that takes weeks or months
I took out a small insurance policy last year, just to cover a few grand extra that we took out on our mortgage a few years ago that I forgot to get covered. It was with Budget Insurance, and you got a free will with the policy which was a decent offer really, because wills can cost hundreds. Easy to fill out and you can lodge it in their vaults with no additional charges if ever you need to alter the will, which can also cost hundreds should the need arise. The will is still valid if you scrapped the policy early, too.
 

giro

Forum Patron
Patron
I admit, I’m totally risk averse. I took my maximum lump some, 16 years ago. My logic being, once you’ve got it, it’s yours. So if you pop your clogs, your family have it. The rest went into Premium Bonds and ISA’s.

I don’t regret the decision, one bit.
 

Dirty Harry

Advisor to the Owner
I admit, I’m totally risk averse. I took my maximum lump some, 16 years ago. My logic being, once you’ve got it, it’s yours. So if you pop your clogs, your family have it. The rest went into Premium Bonds and ISA’s.

I don’t regret the decision, one bit.
That's how I'll be doing my pension in about 5-6 years. My state pension would then kick in about 5 years after that, which I suppose will feel like a nice pay rise then.
 

jakehake

Preachs PA
Staff member
Patron
I admit, I’m totally risk averse. I took my maximum lump some, 16 years ago. My logic being, once you’ve got it, it’s yours. So if you pop your clogs, your family have it. The rest went into Premium Bonds and ISA’s.

I don’t regret the decision, one bit.
One of the few “benefits” of Defined Benefit pensions disappearing is at least people may be able to leave their inheritance that they’ve accrued behind rather than seeing it disappear in many cases. Not ideal whichever way the rules go as am sure those in charge will just adjust to make sure they can get a claim on them one way or another
 

Bardas

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One of the few “benefits” of Defined Benefit pensions disappearing is at least people may be able to leave their inheritance that they’ve accrued behind rather than seeing it disappear in many cases. Not ideal whichever way the rules go as am sure those in charge will just adjust to make sure they can get a claim on them one way or another

One issue with taking the lump sum from DB pensions is that the conversion factor is quite poor, compared with non-DB funds. And although it`s much reduced, an index linked `Widows Pension` is a factor that may be important to some, so it doesn`t entirely disappear.

Personally, I think my health at retirement ( IE, figuring out how much longer I `may` live) is going to be a deciding factor as to whether or not I take any out at all as cash.

In short, if you think you`ll have a long life expectancy ( non smoker, etc) it might be best to leave it be, if you only expect to live a few years, grab as much as you can for yourself and your dependants.
 

jcfartpants

Chief Anal Acoustician
Patron
Whether you need a financial adviser is a difficult question. Paradoxically financial advisers are best placed to tell you if you really need one, but there’s the obvious conflict of interest that they’d rather not pass up on any new business. If you really think you need to talk to one, I’d say a referral from someone who already has an adviser and is satisfied would be the best place to go. But failing that Unbiased, as mentioned by Jake, is best.

If it’s just your ISAs you probably don’t need one. A well intentioned adviser would tell you that, and probably give you a push in the right direction for sorting things yourself.
Why's that?

I think I could sort myself, but I see it as a bit of a clunge into the unknown.
 

jcfartpants

Chief Anal Acoustician
Patron
yeah you can subscribe every year up to the limits to put it back within the tax free limits.

Almost all funds will be some form of stocks and shares or other commodities so it’s all much of a muchness I guess. Only reason not to technically invest is if you intend to take it out in the short term and need the cash as anything invested in funds/stocks is obviously at risk of short or long term drops. If it’s a long term investment obviously that’s less of an issue as the aim is to ride out any corrections. (I think that’s what you asked but if not then ignore me!)
I think I meant am I better to invest in a S&S ISA, rather than a non-ISA S&S fund?
 

Mr Loathsome

Forum Patron
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Why's that?

I think I could sort myself, but I see it as a bit of a clunge into the unknown.
Because if you only want an adviser to pick an investment fund in the ISA, you probably won’t get value for money. The more complex your situation, the more you get, and the fee often doesn’t vary as much as you’d expect in order to reflect that.

A little research, and I am sure you can find something sensible in line with your own ethical views.
 

jakehake

Preachs PA
Staff member
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I think I meant am I better to invest in a S&S ISA, rather than a non-ISA S&S fund?

ISA just simplified the tax issues. A non-ISA is probably fine for most people until the dividends etc start becoming an ache to report. Sounds like either won’t make a massive difference to you but at least an ISA is tax free so it’s an “every little helps” argument I think
 

jakehake

Preachs PA
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Feels like it's been a small bloodbath in recent weeks since start of September, yesterdays outages highlighting the sway tech companies hold over lots of indexes and stocks and take a big hit when things get panicked. Evergrande in HongKong looks like a house of cards set to collapse which probably doesn't help either
 

LostinSpace

Exile
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I am tempted to sell some holdings and go back into gold, getting that same uneasy feeling that I had during 06/07.
Gold doesn't do anything in the long term, I think you'd be better off with some good quality multi asset funds. I have 3 and they've hardly fallen at all in the last month.
 

jakehake

Preachs PA
Staff member
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More uplifting news of how much you need not to have a miserable retirement


A single person will need an annual income of £10,900 for a minimum standard of living in retirement, academics have estimated.
That budget increases to £16,700 for a couple, the calculations for The Pensions and Lifetime Savings Association (PLSA) suggest.
The moderate retirement living standard includes a two-week holiday in Europe and more frequent eating out.
This was assessed to require a budget of £20,800 for a single person, £600 higher than two years ago, and £30,600 for a couple, up £1,500.
The annual budget needed for a comfortable retirement living standard has increased since 2019 by £600 to £33,600 for one person and £2,200 to £49,700 for a couple.
This covered items such as regular beauty treatments, theatre trips, and annual maintenance and servicing of a burglar alarm.

I mean if a burglar alarm is as exciting as it gets for a comfortable retirement I reckon I might need to aim higher
 

LostinSpace

Exile
Staff member
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More uplifting news of how much you need not to have a miserable retirement






I mean if a burglar alarm is as exciting as it gets for a comfortable retirement I reckon I might need to aim higher
It isn't really that simple though. For example, you will spend more in the early years of retirement while you're still active.
 

jakehake

Preachs PA
Staff member
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It isn't really that simple though. For example, you will spend more in the early years of retirement while you're still active.

I don't think they intend it to be a definitive retirement guide but is used as a reference of an initial "cost of living" at a point of retirement and any adjustments people may have to make if not salaried anymore

 

Liberation

Forum Patron
Patron
I don't think they intend it to be a definitive retirement guide but is used as a reference of an initial "cost of living" at a point of retirement and any adjustments people may have to make if not salaried anymore


Slightly off whack/subject but after a recent bereavement I'm finding that third party ( handlers ) for shares are an absolute bunch of tossers.... Most of the companies I've dealt with have been brilliant but not this lot.. ... I was told this morning that "they were sorry to talk to me like a robot but were only a call centre and were only following the companies instructions and that they represented many different brokers". Completely faceless and unaccountable.
 

LostinSpace

Exile
Staff member
Patron
Slightly off whack/subject but after a recent bereavement I'm finding that third party ( handlers ) for shares are an absolute bunch of tossers.... Most of the companies I've dealt with have been brilliant but not this lot.. ... I was told this morning that "they were sorry to talk to me like a robot but were only a call centre and were only following the companies instructions and that they represented many different brokers". Completely faceless and unaccountable.
Obviously I'm not aware of the details, but if you're looking to keep the shares, I'd ask if it's possible to transfer them to an online investment platform such as Hargreaves Lansdown, A J Bell or Interactive Investor. All three companies give you full control and have real people to talk to over the telephone.
 

Liberation

Forum Patron
Patron
Obviously I'm not aware of the details, but if you're looking to keep the shares, I'd ask if it's possible to transfer them to an online investment platform such as Hargreaves Lansdown, A J Bell or Interactive Investor. All three companies give you full control and have real people to talk to over the telephone.

I'm trying to sell them LiS ... I want rid and it's a bloody nightmare.. I had a real person on the phone this morning but not a rep of " Link " ... just a third party. If I can eventually shift these shares I certainly won't be getting involved again but thanks for taking the time to advise.
 
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