Myfordman":235cfyhc said:
Absolutely Terry my estate will be complicated and hence the desire to do something quickly for this beneficiary.
Having worked in financial services, both on my own and as part of my fathers Financial Advisor practise (both him his wife) - I have to ask - is the "complicated" by choice or the much more common "I've got a little bit of everything, spread all over the place, because policies, savign and investments were done ad hoc".
If it's the latter you might wish to take this opportunity to look at the whole thing, and streamline it, to make it easier for probate and to ensure your estate isn't paying any more charges than it has to. If you've not visited your Will in 20 years I'd hazard you've not looked at how your estate is organsied either, and there have been lots of changes in 20 years that could save you and your estate taxes and admininstration charges such as selling shares etc.
Your executor will thank you as well
Someone here lost a relative last year who's sizable estate was as above - "all over the place" and by all accounts quite a task to sort out.
Yes you very likely will have to pay fees - but a quality "tied agent" FA or an IFA (usually) only take commission on business and not on the advice given beforehand.
If they want to charge you upfront regardless - find a better one for two reasons:
- companies that charge up front for FA are less about how good the advise is, and more about
how many they can advise.
- secondly, if they are working commission only, they will have to ENSURE that the advice they give is sound and not to your detriment based on the facts you give in a fact find, because if they give poor / wrong advice the FSA will have thier nuts in a sling and possibly revoke their licence, and here's an important caveat - THERE IS NO STATUTE OF LIMITATIONS ON THIS. None. - If an FA or IFA gives advice that proves to be detrimental to your estate in years to come, you or your estate can make a legal challenge for damages, right up to the point of that advisors death. (certain circumstances apply ofc but that's the general idea - bad advice WILL come back to bite you as an FA / IFA).
Sorry that went on a bit, but the importance of good sound financial advice and estate organisation cannot be underestimated.
Personally I would recommend St James' Place Fund Management (formerly J. Rothschild Assurance when I was there) if your estate is of reasonable value - 7 figures at least.
Banks can be fine for nickel and dime but if you are saying "it's complicated", get a seasoned professional.