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Bizarro Buddha posted:Financial advisor update - my mum signed a contract with the advisor without getting back in contact with me to talk about what we'd been researching. Hmm, I think with some contracts in the UK there's a 14 day cooling off period if they're not signed in the office. However given your mother signed up to them it's worth having a long chat to work out exactly why. She may feel very uncertain about alternatives for whatever reasons. Any doubts or uncertainties about alternatives need to be addressed at the start, or else they'll just cause issues later down the line. She will need to be 100% happy and not feel forced into something. Edit: In financial terms, they're charging £4,000 a year just in terms of ongoing fees. Even if you change to a non-optimal alternative, you'll save £2,800 a year in fees. That's a huge chunk of income that you'll have regardless of how any investment performs. Not even taking into account their £5,000 upfront charge... Aertuun fucked around with this message at 13:57 on Oct 4, 2020 |
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Oct 4, 2020 13:51
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Bizarro Buddha posted:Financial advisor update - my mum signed a contract with the advisor without getting back in contact with me to talk about what we'd been researching. Contract or terms of business? If it's the latter it's not binding and until she cuts a cheque to invest, the adviser won't be able to charge her a cent as he will absolutely be charging from capital.
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Oct 4, 2020 16:27
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Theophany posted:Contract or terms of business? If it's the latter it's not binding and until she cuts a cheque to invest, the adviser won't be able to charge her a cent as he will absolutely be charging from capital. I'm not sure, she hasn't sent me any documents so far  Hopefully we're gonna talk today about it.Aertuun posted:Hmm, I think with some contracts in the UK there's a 14 day cooling off period if they're not signed in the office. She sounded like she basically made the decision to get it over and done with and to get my dad off her back. She's now gone back and reread the charges and definitely sounds like she regrets it.
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Oct 4, 2020 17:02
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I can't think of a single scenario in which it would be legally binding and I say that with the bitter experience of having done shitloads of work for dumb assholes who just took my work, hosed off and bodged it as best they could after agreeing terms of business and I didn't get paid a penny. Do not let your mother cut a cheque or make a monetary transfer. This is the only way the guy will get paid unless he takes it to a small claims court which will laugh him out on the absurdity of the charges he is demanding. On the insanely small chance he does that, email True Potential and ask how comfortable they are with the practice of one of their advisers and whether or not they would like to see the story made public in the press (insider tip: they will shut it down ASAFP because they hate any kind of press coverage that they don't control the narrative of). Theophany fucked around with this message at 18:16 on Oct 4, 2020 |
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Oct 4, 2020 18:14
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Unfortunately she's already written the check and it seems to have been processed. The last time I spoke to her I thought we had settled on "we need to research lots of options, and we don't need to rush into anything" so this has hit me pretty hard. I'm assuming at the very least we'll be able to back out under some kind of statutory cooling off period, possibly paying some kind of cancellation charge. She hasn't sent me any documents because it was all done online so it's only available through their site. I'll be logging in to check it out once I get the correct account details from her.
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Oct 4, 2020 18:22
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I'm looking at all her documents and while I can find stuff about how cancellation works for all the accounts, I can't find anything about a cooling off period on the financial adviser charges.
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Oct 4, 2020 19:57
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Bizarro Buddha posted:I'm looking at all her documents and while I can find stuff about how cancellation works for all the accounts, I can't find anything about a cooling off period on the financial adviser charges. Pension products have a 30-day cooling-off period. ISAs, GIAs, JISAs have a 14-day cooling-off period. Thinking back to my exams, I'm fairly sure if an investment bond was recommended, that also has a 30-day cooling-off period because it has a life insurance element to the underlying investment, but don't quote me on it, it may just be 14. This is all statutory and I can personally guarantee is mentioned in the True Potential documents that should have been given to your mother. They'll be in the T&Cs documents for each product (and by 'product' I mean tax wrapper e.g. ISA/Pension/GIA, not investment fund). True Potential will be paid and then pass it on to the adviser and if the advice is not taken up by your mother, they will refund it. Financial services is litigious as gently caress. Worst case scenario, cancel the cheque through her bank as if the cheque isn't banked, nobody gets paid. e: reordered paragraphs as it's sunday night and I'm too knackered to make sense. Theophany fucked around with this message at 20:22 on Oct 4, 2020 |
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Oct 4, 2020 20:18
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Their stuff is really disorganized, there's an explicit cooling off period for the ISA (so that if you cancel it you can go and get another ISA without breaking the law?) but not for the GIA. Apprently she sent the check on the 24th of September and the adviser would have passed it on to TP on the 28th.
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Oct 4, 2020 20:58
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Bizarro Buddha posted:Their stuff is really disorganized, there's an explicit cooling off period for the ISA (so that if you cancel it you can go and get another ISA without breaking the law?) but not for the GIA. GIA T&Cs are the same as the ISAs re: cooling off, i.e. statutory. Despite this, the GIA, ISA and JISA T&Cs are all in the same document for TP. You can cancel it and get another ISA without breaking the law. Maybe try calling the adviser to say your mum has changed her mind tomorrow?
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Oct 4, 2020 22:17
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I might try just to lay the groundwork, but I'm going to try and get her to call, because I imagine they'll just tell me that she needs to authorize any chances/cancellation.
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Oct 4, 2020 22:38
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If i set up an ISA (bonds for example) with Vanguard for this tax year can i make a second ISA (S&S), also with Vanguard, in the next tax year?
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Oct 5, 2020 16:08
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You can pay into one Cash ISA (including the Help to Buy ISA), one Stocks and Shares ISA and one Lifetime ISA in a tax year.
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Oct 5, 2020 16:31
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Breath Ray posted:You can pay into one Cash ISA (including the Help to Buy ISA), one Stocks and Shares ISA and one Lifetime ISA in a tax year. That bit i understand, adding up to £20k max in a single tax year. I'm inquiring if i can (with one provider, Vanguard) have a Bond isa in one tax year (2020-2021) and in the next tax year (2021-2022) have a S&S isa (also with Vanguard). Or do i have to seek out a separate provider for each tax year e.g. Vanguard for 2020-2021 tax year and then Trading 212 for 2021-2022? Was hoping to have them both going through Vanguard.
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Oct 5, 2020 17:01
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Just Another Lurker posted:That bit i understand, adding up to £20k max in a single tax year. i'm not sure what you mean by bond isa here? the five types of isa are cash, stock & shares, lisa, junior, and innovative finance. investments in bond securities would still be done via a stocks and shares isa.. if you open an s&s isa with a provider in the current year you can contribute to it next year. you can have different types of isa (e.g cash and s&s) with the same provider if you want.
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Oct 5, 2020 18:03
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Just Another Lurker posted:That bit i understand, adding up to £20k max in a single tax year. Yes, but why?
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Oct 5, 2020 18:10
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Theophany posted:Yes, but why? Just thought it would be easier if i was only transacting with one company. HappyCamperGL posted:...i'm not sure what you mean by bond isa here? The fault is mine for getting the descriptions mixed up, more reading required before i implement anything. 
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Oct 5, 2020 19:34
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It was more 'why have two separate ISAs.' Functionally it's no different to having a single ISA with multiple holdings within it.
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Oct 6, 2020 11:01
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is anyone investing in property here? got a few questions
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Oct 6, 2020 12:10
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Breath Ray posted:is anyone investing in property here? got a few questions Not personally, but I do have multiple live cases of purchases, sales and equity release at the moment. I might be able to offer answers or at least point you in the direction of them.
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Oct 6, 2020 20:14
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excellent. im an accidental l******* renting out a two bed flat. with returns on investment being what they are at the moment im wondering if its worth spending 10k of savings on redoing the kitchen and bathroom and maybe the flooring when the current set of tenants move out. according to zoopla the current rent is right in the middle range and the max is only another 10%, so my main motivation would be increasing the sale price of the place. its ex-council though so presumably a ceiling on any growth. just wondered if others have put their money to work in this way
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Oct 7, 2020 08:23
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It's tough to say and might be worth having an estate agent do a valuation for their opinion on whether or not you're likely to recoup the initial outlay over whatever your time horizon to sell is. I'd also factor in that a new kitchen won't be a new kitchen after a few years of tenants, especially if you get unlucky with tenants, so might not add much if anything to the eventual sale price. From a tax perspective, I don't believe that you would be able to offset the cost of the kitchen against current rental income as it is a capital expense. You would however be able to deduct the expense incurred from the eventual sale price of the property for Capital Gains Tax purposes. Hope what little I can offer is of use!
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Oct 7, 2020 08:56
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thats very helpful, thanks. no plans to sell in the next couple of years so sounds like i should do the place up right before i put it on the market. in terms of valuation i only bought a couple of years back so i doubt its ticked up too much since then. no point buying the freehold either as it has more tthan a hundred years left
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Oct 7, 2020 09:35
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stocks and shares isa.. how soon after investing more money in an existing one does the interest start taking account of the extra money?
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Oct 16, 2020 17:04
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Wow breath Ray are you out of the crime game now? I’m looking for an app or website that’s an equivalent of Robinhood in the states. Some friends have been having fun with it but it isn’t available here. Any recommendations? Maybe Freetrade? Cheers.
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Oct 19, 2020 16:06
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Hargreaves Lansdown is probably the most analogous. Ignore all of their garbage recommendations, mind. AJ Bell have a stockbroking service too. Most banks do, but it'll be £15 or so per trade. It's hideously expensive to trade shares in the UK for retail customers. You may be better off using derivatives and exposing yourself synthetically instead but holy balls I am not recommending you do that unless you absolutley know your poo poo and how they work because it may well be regulated but it is the wild west. e: avoid Plus500 like it's rona e2: unless you're buying their shares in which case go ham Theophany fucked around with this message at 16:19 on Oct 19, 2020 |
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Oct 19, 2020 16:15
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Trading212 has fee-free share trading, just the usual stamp duty on UK stocks. Also has fractional shares and a pies system for auto-rebalancing based on a % holding so you can create your own kinda ETFs. Avoid CFD unless you know what you're doing and have money you're happy to lose. If you're looking for options trading, I was recommended Interactive Brokers but it was a pain in the arse for me, or TastyWorks which I haven't got round to testing.
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Oct 24, 2020 11:52
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Hello Goons, Come for a little advice. I have a (hopefully) interesting situation. Background: - Mortgage on house that we'll probably stay in forever. My share is about £300/mo, about 25 years remain, currently 1.2%. - Vanguard ISA which is slightly dry as I plundered it to buy the house, and have bought furniture etc rather than restart monthly contributions but this will change in 2021 - Job is full time 30 weeks of the year and doesn't pay a lot, but is very very undemanding and low stress, I get paid to sleep 50% of the time, and I top it up regularly with very high paying contract work. About 30-40k PA. - Workplace pension is pretty measley and won't be worth much at 65. Hopefully the interesting bit: - I should be receiving an insurance payout in the Spring worth around 35k - Me and my 2 siblings own patents that will entitle us to royalties worth a minimum of 12.5k PA before tax each from January. Ambition: Not to work forever The questions: - Should I try my best to max out my ISA contributions or start a SIPP? - Should I dump the insurance payout into the mortgage, when we renegotiate? - Is there a tax advantaged way to receive the royalties (we own 50% of the share of a company that is receiving the royalties, so presumably they are dividends?) Or should I just suck up the dividend tax and put it in my ISA?
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Nov 5, 2020 15:03
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Shelvocke posted:- Should I try my best to max out my ISA contributions or start a SIPP? There's alot here to unpick, and i'm sure some smarter guys will help you out a little more. All I would say is pay in the minimum matching into your workplace pension, this should be 5%, and youre employer should have to match with a minimum of 3%. Once you add in the tax relief (that you'd get for paying into a SIPP anyway) you're looking at a return of OVER 100% on that 3%. If your employer also uses salary-sacrifice, you're looking at an even higher return and you'll pay less income tax/mational insurance/student load repayments. It's also accessible from 55! ed balls balls man fucked around with this message at 17:51 on Nov 8, 2020 |
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Nov 8, 2020 17:48
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SIPP vs ISA is effectively a question of whether or not you are likely to need access to the money in it before you reach age 55. If you're comfortable with putting money away and not being able to access it, the 20% bump to contributions through basic rate tax relief are a big flipping deal when compounded over time. The rule of thumb is have 3-6 months expenses in readily realisable accounts (e.g. ISA) and funnel everything else into your pension. I know people love overpaying their mortgages, but it's cheap borrowing and interest rates aren't ever going to spike with the absurd amount of sovereign debt this country has.
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Nov 8, 2020 18:10
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Sloth Life posted:Ok so things as they stand on Jan 1, in order of priority. New credit card opened to cover MOT, insurance and a new freezer. Total stands at 599.97. DD set up to pay it off in 10 months.
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Nov 13, 2020 21:21
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Good job on paying off that credit card! Why did you get a new one, does it have really low interest or something?
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Nov 14, 2020 09:58
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Morning all, I use an app to buy shares here and there, nothing serious just as a way to see how the market works in practice. My best investment so far has been Games Workshop! I am wanting to invest a bit of money in ethical companies but struggling to find a good source of information on them. Google seems to think the likes of puma are good, but when I ask ethical consumer it flags them as a big no. Help me bfc, you're my only hope.
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Nov 14, 2020 10:13
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Can we have some kind of /thing/ against individual stock picking? For retail investors individual stock picking is either intentional gambling in which case actual casino's at least offer things like free bets and other incentives or its people confused and/or mislead and at risk of losing, sometimes in horrendous ways. I'm willing to go so far as to say an individual day trading or individual stock picking and beating the market with any more certainty than blind chance is no longer possible. Sure it used to be possible for the top 5% or whatever slim percentage existed and made consistent returns 20 years ago, but with the way the markets have changed, particularly the introduction of HFT bots front running everything, whatever was there to take isn't anymore. This is generally a view upheld by the few studies taken on it post 2000. Which takes us back to our premise. 1) Picking individual stocks and/or day trading. You have no skill advantage, you have no information advantage, you're exposing yourself to huge additional risk without an additional premium for that risk. 2) If you do win, and outperform the market. Its almost certainly by pure chance. 3) If you are somehow the literal Rainman of the market and can beat it, prove it and people will pay you no joke infinity money to do it for them. Its gambling and speculating not investing. Its provably likely to have really bad outcomes, and nearly certainly worse outcomes than the stock investing answer of passive indexes tracking the market. I'm not trying to be a Debbie downer here but the rash of adverts across TV and social media recently are 100% predatory and get my goat cause people who can't afford it are about to lose a bunch of cash.
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Nov 14, 2020 11:02
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elbkaida posted:Good job on paying off that credit card! Why did you get a new one, does it have really low interest or something? Thank you! I got a new one to cover big annual expenses (mostly car related) and it is 18 months on 0pc. I'm planning to pay it off within the year and then do the same again. All the benefits of paying up front and all the benefits of paying in installments  The last one got away from me a bit because I was using it for online shopping and flights for my dad to come over. Won't be making those mistakes now
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Nov 14, 2020 12:46
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notaspy posted:Morning all, ive made a cool £9 in a month from a small investment in the wealthify ethical fund (ISA or taxable general investment account (if you've already opened a stocks and shares ISA or have maxed out your ISA contribs)). if you or anyone else invest £500 we both get £25 with this handy referral code https://invest.wealthify.com/refer/79256764
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Nov 14, 2020 13:13
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Cast_No_Shadow posted:Can we have some kind of /thing/ against individual stock picking? All stock market stuff is risk/reward. Individual stock picking is greater risk, but the reward can be great. Not to say you're wrong in anything you've said, people tend to get blinded by those infographics that show how much £10,000 would be worth if say, you put it in Amazon ten years ago, but if you're going into something like Cineworld at 20p after it nosedived and expecting to come out at 22p, that's fair enough, quick 10%, minus fees.
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Nov 14, 2020 22:32
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I would be happy to do stock picking chat as long as we all agree it's gambling and the correct advice is a passive fund, the main stock picking thread doesn't do FTSE. It's also really easy chat to do because I don't think there are any good UK stocks that are low hanging fruit (Games Workshop has been on a great run but I think anyone looking to invest now has missed the boat on further growth).
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Nov 14, 2020 22:38
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If you've followed all the OP and have a £1m+ on target pension AND your £20k ISA allowance cleared AND you have some cash you want to GAMBLE then you may be in a position to consult with a financial advisor to *speculate* in higher risk assets. However, from personal experience (and it's like point 3 in the OP) single stocks or advanced instruments are nowhere near the best way to improve your financial position as a retail investor. I think if you want to drop hot stock tips the stock thread is better for that even if it's on a UK platform rather than US but more UK centric macroeconomic events or questions (eg 'help me understand how gilts differ to treasury bonds') are fine for this thread
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Nov 15, 2020 14:45
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Cast_No_Shadow posted:I'm not trying to be a Debbie downer here but the rash of adverts across TV and social media recently are 100% predatory and get my goat cause people who can't afford it are about to lose a bunch of cash. There seems to be a rash of it lately, I'm guessing because we're all cooped up indoors and have nothing better to do. I'm now hearing ads on the radio for people who want to claim for being mis-sold an ISA, which is a big 
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Nov 15, 2020 17:56
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im surprised more people arent investing in the housing market. i suppsoe it's a big upfront cost for most people. my gf keeps getting emails from estate agents in nottingham about £99k homes for sale but ive talked her down for now
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Nov 16, 2020 00:59
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