Financial Advisor For Savings Account

I have a managed savings account with Royal Skandia for just under £4,500. Without talking to a financial advisor, I need to know should I cash it in? I appreciate there could be charges for doing so, but Royal Skandia won't tell me how much. Nay help and advice,warmly received.

Check your bank statement, it should list all charges and deductions on it.

2010-01-04 03:18:09 by Ted

Funds. 6. Registered Retirement Savings Plans. 7. Independent Investment Advice. 8. Exchange Listed Securities. 9. Tax Free Savings Accounts. 10 ...

I also want to create an investment account to make my savings money more productive, Im not sure how to start and a financial advisor charges fees that I would rather not pay if I can do it on my own, any advice?

If you are saving for college expenses, you should take advantage of federal tax breaks aimed at families saving and paying for college. These include the following:

Qualified Tuition Programs (529 plans)—Earnings grow tax-deferred and distributions are tax-free when used for qualified post-secondary education costs.

Coverdell Education Savings Accounts— Earnings grow tax-deferred and distributions are tax-free when used for qualified post-secondary education costs. May also be withdrawn tax-free for primary and secondary school expenses.

You can read about these at
http://www.savingforcollege.com/

If you are comfortable with the idea of investing in mutual funds, you can invest on your own. If you have not invested in mutual funds before, you need to read up on this. Some people feel comfortable doing it on their own, others need a financial advisor to hold their hand. I don't know enough about you to say what type of person you are. Below is one link about mutual funds.

http://finance.yahoo.com/funds/mutual_fu nds_101

2007-09-02 19:25:19 by E27G

specifics: Company is CollegeAmerica

sponsored by Virginia College savings plan

...financial adviser is not sure and i called CollegeAmerica who is clueless as well.

Yeah I suppose because you have to have reliable transportation to and from school

2009-05-22 16:29:13 by Token

Can anyone please recommend their financial advisor. It doesnt matter to me if they are out of state (as long as they do phone conferences).
I have 25k in an online savings acct earning 3.5%
9k in a Roth IRA retirement fund through Vanguard
I want to retire rich and I'd like to have an investment now so that in me 40's I have some muoney working for me. I dont know if I should get a mutual fund in addition to what I have, if I should invest with sharebuilder (even though i dont know how to pick stocks). I would like to meet with someone that can offer me the best advice on reaching my goal. The thing is I did speak to a financial advisor before and he only sold american funds and that is the company he wanted me to buy from and it was a loaded fund, and from everything I've read it said don't buy loaded funds. So id ont know what is the best way to pay a financial advisor. SHould i look for an advisor that charges a fee rather than charges for each transaction.

Also i'd prefer if you all could refer me to a specific financial advisor and not just a website directory.

I am single and I just feel overwhelmed with
what hsould i invest in
am i saving enough for retirement
should i get life insurance now (since it will probably be cheap and maybe a fixed rate)

CD's wont be good for me since they are offering pretty much what I get what with my savings account plus my money is liquid...

OH on another note:
My dad is giving me 100 for a bond. Which bond should he get that will give me the highest return? is it worth getting a tax free bond although the rate is lower and where (what site) can I get that from?

You can do some reading and certainly be able to take care of your own situation...or you can get some help at a place like Fidelity...log on there and print up anything from " basics" to long-term investment strategies.
Basically, you seem to be in good shape...just keep maxxing that IRA...and certainly open a second " investment" account...get some of that 3.5% money into a few funds that could at least double that return...but still be available at the click of a mouse to be withdrawn.

If you take things a step at a time, you won't be " overwhelmed"... nothing has to be " set in concrete" right now...not every penny has to be placed in some " strategic" place. Get into one or two funds...see haw they perform for you after six or nine months... add to them...or move them around ..as the results will tell you what to do. It is Soooo simple now in this computer age.
If you still think you need more attention, that Fidelity site also has a phone number ..you can talk to a rep...have them send any info you think you might need...or ask them to suggest some...there is no " hard sell" with them...they know they have a good thing and just present it to you.
As far as the bond...I'd say ALWAYS go tax-free...just one less headache...and returns are still decent.

2008-09-12 17:47:17 by Ellie

Here is a situation: "my friend" has 8900 dollars in a tax deferred savings acct for teachers called STRS, it earns a few hundred dollars per year interest (that is 4 or 5 percent i guess). It is a retirement account but he will not get any benefits whatsoever unless he works as a teacher for another 2 years in California. Teachers did not make Money magazine's list of top 50 jobs. Except college profs. So right now it is just a savings account.

He would take a hit on taxes if he pulls it out (about 30 percent on the amt deposited, plus capital gains on the interest...I think)

He also has about 13,000 in credit card debt from world travel and school - not high interest but higher than 4 or 5 percent. Oh, and student loans of about the same amount. He has an entrepreneurial mindset and knows that cash (even a small amount like this) can be good in times like this. So here are the options.
1. leave the money in the account to earn 4-5 percent for another 25 years or so.
2. Get a job as a teacher again and leave the money in the account for at least two years, he will then have a very small retirement benefit (he is 32 now)..benefit equal to twice what is deposited (total at 55 would be 30,000 roughly plus or minus interest depending on the economy)
3. Pull the money out and pay off a credit card.
4. Pull the money out put into a savings account until he can finalize a business/investment plan that will catapult him out of teaching (or bury him under debt)

He has switched careers several times and has 1-3 yrs experience in several fields relating to science research and education. Also, he tends to get really into drastic lifestyle ideas - like "The 4 Hour Work Week".

Financial advisers? Life coaches? Small Biz owners? Yoga Teachers? Help him out, please!!!

pay off the credit card debt. The debt will accumulate faster than any investment will grow.

There is a book I recommend that "your friend" read. It's called "Secrets of the Millionaire Mind" by T. Harv Eker. Your friend's career switches are evidence of something in his mindset (and not the circumstances) that says he shouldn't be making a lot of money. Something buried deep in his psychology. The book teaches you how to identify and get rid of those mindsets, and reset yourself to make money. I read the book, and it has really changed the way I think.

2009-05-22 11:23:11 by Wes D