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Financial management - Ed's journal
sobrique
sobrique
Financial management
Silly question perhaps, but does such a thing exist as a personal financial manager? I keep thinking that playing with pensions, savings, and just general income each month (not to mention, loans/mortgages) that there's surely scope for 'some kind' of service that involves managing that on someone's behalf.

Does such a thing exist? I mean, in the general unbiased financial advisor sense, but prepared to help keep all these ugly things like 'pension snippets' collated, together and ... well doing the best thing really.

I got a letter today, to say my previous employer is offering an increased pension transfer value, if I do so before 31st of Jan. And ... basically I have utterly no clue what that means, why that might be relevant, or if it's even remotely a good idea. Playing 'hunt the paperwork' for my current scheme, and trying to evaluated it, is ... well proving to myself, to be shockingly boring, and thus gets postponed more than it should.

But also in a more general sense. Independant financial advisors exist, I'm aware, and perhaps I should be talking to one (ok, so no 'perhaps') but ... well, that's also something I've no real experience of - how do you pick one to deal with, for example?
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Comments
From: feanelwa Date: September 26th, 2007 04:54 pm (UTC) (Link)
Is the thing you mean actually an accountant?
jorune From: jorune Date: September 26th, 2007 04:55 pm (UTC) (Link)
Yes they exist and they are always willing to help you for a fee.

The more money you pay the more advice they will give you. What I would do is access Barclays Premier Banking internal drives and see how much data/profiles/recommendations you can get for free.

Financial advisors are heavily regulated by the govt, the EU and their own compliance department so an initial trip will take about an hour to get any real advice beyond someone handing you brouchers and leaflets.

It's known as KYC - Know Your Customer. They have to be sure that they are not going to be sued for misselling or if you need to be suspected of money laundering. Therefore to know this it probably won't hurt to offer you every financial product known to man just in case you were interested.

All financial advisors will have their meeting targets, sales conversions targets, etc, etc.
From: sebbo Date: September 26th, 2007 05:52 pm (UTC) (Link)
I know they exist, beats me what they are called here though (and yes maybe I should know).

Parents tend to know about this sort of thing I find, having struggled half a life time to sort out their finances ...
purp1e_magic From: purp1e_magic Date: September 26th, 2007 06:51 pm (UTC) (Link)
Whilst an independent financial advisor could potentially be very useful, it's usually cheaper and more worthwhile to talk to a tied one first. They get paid by the companies of the products they sell, so the range of what is available is usually more limited, but it's free. So you can spend quite a long time with them talking through what it all means and what's best for you. Often, the deals they can get you are better than what might otherwise be available, and they do all the paperwork for you. And you don't need to take anything they're offering. The downside is that they tend to specialise in one product, eg. mortgages or pensions or whatever.

What I would do in your position is find a high-street bank that also sells pensions, and arrange a meeting to discuss investing into a private pension. They will discuss your work pension with you, and cover the options available on it in order to figure out which of their products might suit you best. Be honest and tell them you're not sure you should invest in a private pension. See what they say.

I don't know how to contact an independent financial advisor. Maybe the bank might e able to tell you.
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