Friday, 17 December 2010

"Rip Off Britain"....3 Golden Rules to Investing.

Anyone whose been watching "Rip off Britain" on BBCTV on a weekday morning just after 9am, will be struck at how many companies & individuals seem to think the UK public are there to be simply conned & mis-sold to.

Is it any surprise that as a nation our savings,investments & pensions pots are the lowest in Europe?!!!

If you are thinking of investing any monies then please remember the 3 golden rules to investing as outlined in the programme :-

1. Make sure you fully understand the product you are investing in and you understand ALL the risks and are happy with them. Never be rushed into anything. If you're not sure don't be afraid to ask for more information. Agree the fees or commission with the adviser before you invest and again don't be afraid neither to ask a trusted family member,friend to have a look also or meet with the adviser. Especially with elderly clients I personally think it's a good idea, if appropriate, if other family members are present at meetings.

2. Don't put all your eggs in one basket. Spread the risk between different asset classes if possible, in case one asset underperforms or indeed goes belly up.

3. If it sounds too good to be true, then it probably is! Seek advice from someone who is totally independent and preferably by someone you've been recommended to and don't be afraid to ask for testimonials -
Independent Advice should provide you with impartial outcomes. If you're not happy get another opinion. I'm now a member of the Lakes & Lancs branch of STEP - the Society of Trust & Estate Practioners.

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