scrumpyjack wrote:Using a financial adviser did not work out well for Sven-Goran Eriksson!
https://news.sky.com/story/sven-goran-e ... mpensation.
As long as you have the basic structure of your finances sorted out, I can't see that any sensible person needs to be paying an annual percentage to an IFA. I certainly would not let them decide what to invest in. The views of one IFA will be much much risker than just putting the equity element in a global tracker and doing nothing!
It was a long time ago that I used an IFA, when I was very new to investing and had received an inheritance but I was given a choice of either paying fees by an annual percentage for them to manage my investments for me; or a one-off fee for advice only with no ongoing charges or management. I chose the latter and after my money was invested in some funds I looked after them going forward. The advice also included paying extra into the DB pension scheme I belonged to at the time which had no connection with my adviser so he was fully independent as far as I could tell. The fee did seem a bit expensive at the time (I was only in a junior job) but was soon recovered by the funds' performance; one of them was commercial property which I hadn't considered but did well for several years until I had a chance to educate myself and take on the job of choosing my own portfolio.