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advice from high street banks

I have 60000 to invest in something of moderate risk. Looking for an increase in the value of the investment plus about 1000 pocket money each year. So far I've had a chat with advisers Barclays, Nationwide and Alliance and Leicester. I don't know a thing about investing so all their advice and glossy brouchers goes above my head and I don't see what one of them offers that is better than the others. Should I invest on the basis of advice from an adviser that :

  1. Offered me a coffee on a cold morning

  1. Was the more confidant and experienced

  2. The adviser appeared 'dodgy' If he ws dodgy looking should I assume a. he was going to break the rules and give me advice to beat the system? b. he was pulling a fast one to the benefit of the bank? c. he was a useless waste of space that did'nt care whatever the outcome?

Seriously, do most beginners like my self use the above three criteria?

Really seriously, please would some of you readers out there post a few snippets of where I should to inversting my cash.

Thanks

Reply to
andy
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I wouldn't trust Alliance and Leicester after they ripped my pensioner mother off for 75 charges (and a laughable 9p interest) for inadvertantly straying 40 overdrawn for 4 days!

Go for the Nationwide. Normally such a largish sum should be invested in shares on the Stock Market but the Stock Market is (arguably) high at the moment and what goes up will certainly go down. Wait until the next low then move your money out of the Nationwide and into shares.

Buy shares in big companies you are familiar with and think will do well. Your 60K can grow very quickly and you'll have income as well.

Reply to
Matthew Church

Whether the market is due for a fall is a moot point. It might be a good idea to stick it in a high interest account, (Nw's postal?) and set up a scheme to transffer some each month to some sort of unit trust, if you don't want to bother with individual shares. You're only looking for income of 2% so there must be loads to choose from offering this plus capital growth. An independent financial adviser might be better than a tied adviser... but be cautious of any of either breed.

Reply to
Tiddy Ogg

Point 1. Never use a tied advisor when you could use an independent. Why would you want to?

Point 2 The tied advisors you've mentioned will not mention the best savings account, i.e. Alliance & Leicester.

Point 3 I'm not sure that I would recommend shares if you don't know anything about investing.

Rob Graham

Reply to
Rob graham

This "best savings account" has a maximum investment of 25000. Why would that be?

Reply to
Alec McKenzie

In message , Matthew Church writes

How will we know when that is then?

NO!!!! Pay somebody else to do it, such a a UT Fund Manager who operates form a 'bottom up' stock picking approach, and (with one or two exceptions, big ISNT beautiful, middle and small caps do better overall.

Reply to
john boyle

andy

i would also suggest that you ask about capital protected investments.

as a new investor, you may want your first efforts to not keep you awake at night.

i think hsbc do capital protected ISAs which could soak up a small amount of your 60,000 (an ISA is an investment where the returns are tax-free). you can invest in one ISA per tax year - the tax year ends on 5th April, so you could use two years of investment allowance in a short period (there is a limit on what you can invest in ISAs per tax year).

from (not always successful) experience, investing in equities (shares, etc) can be nerve-wracking and potentially capital-diminishing. be aware that share prices can fall horrendously - if a company goes out of favour, it can easily halve in value in a 12 month period. there can be few quicker ways to lose money. so be sure to choose a home for your money carefully

Reply to
??????????

A large number of people seem to make decisions based on how well they get along with an advisor. Your post reminded me of a comment about an advisor from some customers I read in last weekends Telegraph Money - "We got on well and that's important to us.". People with this attitude will always be cannon fodder for ripoff merchants the world over.

Put everything bar the money required for the duration in a Guaranteed Equity Bond (GEB) . Beware the charges vary - the best are usually those from National Savings , the worst are usually from insurance companies. Put the remainder in high interest bank/building society/cash ISA accounts

Comments on the recent issue from HSBC and background here - ,

Daytona

Reply to
Daytona

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