How to be a DIY investor
THE new system is likely to drive more people to become their own financial advisers, says James Baxter, of financial planning specialist Tideway Investment Partners.
“Most people on modest incomes will loathe the idea of paying an upfront fee to an adviser. The good news is that with a little effort, you can do most of the legwork yourself.”
You can buy pensions, Isas and other investments at discounted prices by using an “execution-only” service, which offers cheaper rates because there is no advice.
Hargreaves Lansdown is the most popular but a number of other companies offer discounted investments, including Cavendish Online, FundExpert.co.uk, Chelsea Financial Services, Bestinvest and Fidelity FundsNetwork.
You can also get financial advice online, through websites such as Nutmeg, MoneyVista and the Government-backed Money Advice Service.