Question
I've recently being given the name of a financial adviser who I'm now working with and who is starting to guide me on the right path with some inheritance money I've been left, which is more than can be said about financial advice I got from Barclays!!
He advised me on a number of options and with his guidance he has started to invest some of the money with Cofunds, who I expect you're familiar with the company name. Could you tell me if this company has a good reputation within the market place as I value your opinion.Answer
Yes, I'd be wary when taking financial advice from banks - in my experience it's all too often flawed and/or biased.
Cofunds are fine, but they're effectively only an administration company who provide a fund supermarket platform - what really matters are the investments held within.
Fund supermarkets are a good idea as they allow you to mix and match investment funds from a range of different fund managers in one place - especially useful when you want to mix different funds within your annual ISA allowance. In this respect Cofunds is really no better or worse than its competitors. My only gripe is that they make it difficult to transfer ISAs away to a different supermarket, but this is unlikely to be a problem given you're just starting to invest.
The success of your investments will depend on the funds that the adviser has recommended you hold within Cofunds. As there's over 1,500 to choose from it's hard to second guess here what they might be. But if you care to post a list below I'd be happy to give a brief opinion.
The funds chosen should be suitable given your objectives and the amount of risk you're comfortable taking. Also make sure the adviser is using your ISA allowance and, if relevant, plans to make use of your capital gains tax allowance.
Finally, too many advisers don't bother looking after their clients after the initial 'sale'. So seek re-assurance from your adviser that they'll continue looking after you (most likely in return for receiving 'trail commission of about 0.5% a year), including monitoring your funds and making suggestions for changes when appropriate, for example if there are fund manager changes or a change in your situation.
Good luck!
I've recently being given the name of a financial adviser who I'm now working with and who is starting to guide me on the right path with some inheritance money I've been left, which is more than can be said about financial advice I got from Barclays!!
He advised me on a number of options and with his guidance he has started to invest some of the money with Cofunds, who I expect you're familiar with the company name. Could you tell me if this company has a good reputation within the market place as I value your opinion.Answer
Yes, I'd be wary when taking financial advice from banks - in my experience it's all too often flawed and/or biased.
Cofunds are fine, but they're effectively only an administration company who provide a fund supermarket platform - what really matters are the investments held within.
Fund supermarkets are a good idea as they allow you to mix and match investment funds from a range of different fund managers in one place - especially useful when you want to mix different funds within your annual ISA allowance. In this respect Cofunds is really no better or worse than its competitors. My only gripe is that they make it difficult to transfer ISAs away to a different supermarket, but this is unlikely to be a problem given you're just starting to invest.
The success of your investments will depend on the funds that the adviser has recommended you hold within Cofunds. As there's over 1,500 to choose from it's hard to second guess here what they might be. But if you care to post a list below I'd be happy to give a brief opinion.
The funds chosen should be suitable given your objectives and the amount of risk you're comfortable taking. Also make sure the adviser is using your ISA allowance and, if relevant, plans to make use of your capital gains tax allowance.
Finally, too many advisers don't bother looking after their clients after the initial 'sale'. So seek re-assurance from your adviser that they'll continue looking after you (most likely in return for receiving 'trail commission of about 0.5% a year), including monitoring your funds and making suggestions for changes when appropriate, for example if there are fund manager changes or a change in your situation.
Good luck!
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