How financial advice has helped one of our customers
“Having that helping hand and advice has been absolutely vital to me in terms of how I look at my financial planning”
Even experienced investors can benefit from the personal touch of speaking to an expert
It is not easy to grow your money at the moment. Interest rates on savings accounts are at historically low levels and investing can be difficult given there are thousands of options to choose from. That is why sitting down with a financial adviser to discuss your plans could make a huge difference.
Experienced investor Bernard McNaboe, who lives in Lancashire, previously used the services of one of the UK’s biggest banks for financial advice. In 2009 Bernard chose to move his investments to Skipton, who are the carefully chosen partners of Mail Finance.
Bernard explained, “After 2008, when all the big banks were involved in the financial crisis, I decided to start looking more seriously at genuine building societies who were not going to sell out to banks or become banks themselves.
“I talked to the Skipton financial adviser at the time, and the way they invested customers’ funds interested me greatly.”
In-depth research of the market
Skipton’s technical research team reviews thousands of funds from across the market on a regular basis. This is to put together a preferred panel of funds, which their financial advisers use to make tailored recommendations.
Bernard stated, “The advice system in place is exceptionally helpful for people who know little about investments. Although I have invested quite liberally over the years, I was investing in the dark. I didn’t really have the knowledge and the expertise to look at the bigger picture, look at the long-term and look at the way my investments were going. Having that helping hand and advice has been absolutely vital to me in terms of how I look at my financial planning.”
One of the key reasons Bernard chose Skipton is the ongoing service they provide. In return for paying an ongoing fee, this Monitored Informed Investing ( MII) service offers you greater clarity over how your investments are performing. Bernard continued, “MII means the funds I have invested into are monitored on a regular basis. If a particular investment isn’t performing well they would monitor it and if it continued to perform poorly they might also offer the option to switch funds. I know that investments can go down and up, but at least they are monitoring where my money is invested and I like that attitude.” The MII service features a range of promises to keep you informed. For example, you receive quarterly reports, updating you on recent performance and the strategy being taken by the fund manager. An ongoing service is optional and may not be suitable for everyone. For example, if you are happy monitoring your own investments and do not want to pay an ongoing fee.
Most importantly of all to Bernard is the ability to meet with his financial adviser, Kelly, whenever he needs to discuss his finances. “I get quarterly reports and I’ve got access online, which is great, but you can’t beat the personal touch of sitting down with someone and going through your investments, having a general chat about your situation and where you see yourself going,” he commented. “I think Kelly is great. You could talk openly to her about any issue. We talk about specific financial issues that affect me personally as well as things in general. For example, we share a mutual interest in the countryside. My investments are exceptionally important, but money doesn’t dominate my life. My parents taught me to be thrifty and respect money, and I have done that all my life. My investments give me a feeling of security in an uncertain world.” Please remember that stock marketbased investments are not like bank and building society savings accounts as your capital is at risk and you may get back less than you invested. The value of your investments and any income from them may fall as well as rise.
Bernard McNaboe with his personal Skipton financial adviser