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Should I manage my investment portfolio myself?

09/05/2017

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It's a tough one - manage your investments yourself or pay annual fees for some help?

I’m having my annual meeting soon with my SIPP investment advisers who are recommending some fairly significant changes to my portfolio despite the fact it’s been performing well.

So your mention of Fidelity Select 50, Trustnet etc has been extremely useful in helping me compile a schedule of what my advisers are suggesting compared to these other people’s recommendations. I’m also using Tilney’s star system and making sure I avoid any of the funds they class as dogs.

Maybe I should just start to manage my portfolio myself and save the adviser’s annual charge, but I think that would be quite a big step. And a little knowledge could be very dangerous!

The interesting thing is that none of these recommendations is for an investment trust, even though it appears that these have performed better in many cases over the years. My advisers don’t invest in investment trusts either, they said because of possible problems with the discounts/premia. It would therefore be very useful if you could provide some sources for comparing investment trusts in a similar way to what you’ve provided for funds.

I wouldn’t necessarily worry about fairly significant changes – markets shift and yesterday’s winners may not keep making you money. These are unusual times, and low interest rates have created a tricky investment environment. In particular, the income available on bonds has slumped, so if you had a high bond weighting, it may just be that your advisers is trying to rebalance your portfolio to areas where they believe you’ll make a stronger return.

Alternatively, they might be recommending a shift simply because you are getting closer to retirement (without knowing your age!) and are not a position to take as much risk with your investments – if you are likely to need to cash in some stuff soon, you want to get slowly into less spicy stuff. Again, if this is what is happening, this is simply what any responsible adviser should be doing.

That said, if there’s lots of churning in order to charge higher fees, that’s not so good. This isn’t really supposed to happen any more, but there are few unscrupulous souls out there. It is worth checking the costs involved in switching and whether there are commissions involved (this should be in any paperwork).

As to whether you could manage it yourself, that’s a thorny question. There is loads of guidance available on the right funds to pick – like the Fidelity Select 50, or the Hargreaves Lansdown Wealth 150 or Bestinvest’s top rated funds. There is also plenty of advice on the type of investments you should be looking at for your ‘age and stage’. However as a DIY investor, it’s not just picking the funds, it’s also keeping an eye on them over time. Alternatively, you could take the “boring” option and open an account with Vanguard – this is a low-cost all-in-one solution. Your only job is to pick which one of their 5 options you want – from 20% equity (calmest, most cash-like, wont blow up but wont return lots either) or the more hardcore 100% equity option. It's great value through and simple.

The problem with doing it yourself tends to come at the adjustment points – when your personal circumstances change: you change jobs or retire, for example. Alternatively, the market may change. This can best be illustrated by the recent shifts in the government bond markets. Just three years ago, it was possible to achieve an income of around 3% by buying a 10 year government bond. The same bond now pays an income of just 1.5% and has been as low as 0.5%. When looking for income, this is a crucial shift. As a private investor, it can be difficult to keep up with these changes. Advisers can help in this respect.

Advisers also have an important role in ensuring you are saving properly. People who have advisers tend to save more and be better prepared for retirement. This is because their advisers nag them to do the right thing. Paying someone to give you a bad time may sound masochistic, but it could work out better for you over the longer-term.

In conclusion, there are lots of tools available on the platforms to help you do it yourself, but don’t neglect the ‘hidden’ role of an adviser in keeping you on the straight and narrow. Do check their fees, however. In a world where investment returns and interest rates are super-low, fees take up a far greater proportion of your investment return. Make sure you’re not paying too much. Our guide here shows you how much you should be paying and where to find an alternative adviser if you’re paying too much.

On your final point, I quite like investment trusts. You’re right that they may perform better and they can be a really good option for those who want an income from their investments. Investment trusts are a bit weird because they are a) bought and sold like shares not mainstream funds b) managers can gear or borrow in them which dials up the potential returns but also the risks and c) as you say they can trade at a premium i.e. cost more to buy than they are worth on paper but they are flavour of the month OR a discount i.e. be worth more than they cost to buy but people are down on them right now.

Certainly, the discount/premium can add a bit of complexity, but it shouldn’t be beyond the wit of a financial adviser to work it out or you yourself can make a call as to how material this is. Your advisers may not be suggesting them because they don’t feel comfortable with the gearing. They may think the premiums/discounts are tricky. Or what is equally likely is that they don’t like them because they are different from an operations point of view to buy and they don’t fit into some systems.  Finally they don’t always have lots of liquidity (i.e. it can be difficult to buy and sell at times).

If you’re going to stick with your adviser, you may have to make investment trusts a side-line. This is easily done – you can buy them through most of the major platforms and they just trade like a normal share. Hargreaves Lansdown has some useful research. Morningstar’s site is quite technical, but can also give you some insight. The trade body, the AIC, has some useful technical insights – if you want to get more into the nitty-gritty of how they work. And investment platforms Charles Stanley and Bestinvest have research teams which include investment trusts and more traditional funds in the same research bucket, enabling comparison.

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Got a Question?

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  • I've been reading recently about how investment trusts are much the same as funds, but are cheaper to own. A: Is this true? and B: Do you have an article on Investment trusts on your site?

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  • I’m a 20 something year old woman who’d like to learn more about investing. Do you have any books or reading material that gives a complete beginner a better understanding of how investing works?

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  • From my retirement I received a lump sum of money and a monthly pension. I have £100,000 that I do not need for the foreseeable future... One of my main concerns with Financial Advisers are their costs... All I want is simply to see this money grow to its potential, sensibly and above inflation... Therefore my next thoughts are Stocks and Shares ISAs... My only concerns here are the current Brexit problems - I saw the FTSE drop this past week. I cannot find any information out there to assist with my decision making if this is certainly a good time to invest... I am aware that I can place £20,000 for this year. Come April 2019 I place another £20,000 and so on until the £100,000 has been utilised. Do I have to place it into the same fund or can I choose another different fund with a different company?... Please can you help to ease some of this burden, which has proved an awful part of my retirement and made me frightened to spend any money.

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  • I often find that my monthly salary is spent on things I don't need or just saved up; without accumulating much. So what can I do with my money to make money? I am not expecting you to tell me where and when to invest but simply what to read, and I guess I really would like to know how you became an expert, where did you start? I feel like investment is something so big I can barely even touch it, and I would greatly appreciate any words of advice you could share with me.

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  • I'm the sole carer for my chronically ill and elderly mum, as well as a full-time police officer. I have no other family apart from her. Due to mum's condition, and the fact that I'm exhausted performing both roles, the only option is to go part-time, as mum won't accept help from anyone else. To allow me to go part-time, I will need about £25,000 until March 2020 when I will be retiring. I’m confident of getting another job shortly thereafter. In January 2021, I will receive a commutation lump sum of about £50,000. I have a sizeable fund portfolio under an ISA wrapper with Hargreaves Lansdown. That is doing very well, so I don't really want to sell any of these funds and 'lend myself money' from that. My ideal funding solution would be a bond-type IOU agreement, where 'someone' lends me the money. Are you aware of a peer-to-peer site that could assist? Thanks

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  • I’ve been investing in Nutmeg’s Risk 10 profile for three years which helped my deposit for my house. I am now wondering whether to use Nutmeg again, or should I use LifeStrategy for my £1000 per month? Is there a difference between Vanguard's LifeStrategy option and let’s say a well known robo adviser like Nutmeg? I am still a beginner and would like to keep things simple, but happy to take risk and prepared to leave my investments for a long time.

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  • I am 25 and starting to seriously financially plan out my future. I would really welcome a 'sense check' on my thinking as well as some help on which investment choices to make. My goals are: To invest for 15 years - my risk appetite is very high (i.e. I could afford to lose all my money). Goal 1 - More Important: To have an investment pot of £1,500,000. Goal 2 - Less Important: To be mortgage free. My plan is: 1) Open an annual Stocks and Shares ISA each of the next 15 years. 2) Open Share trading/dealing account. 3) Reduce my mortgage term to 6 years by 2025. I appreciate the above is a lot to go though, but I'd welcome any help and guidance.

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  • The recent Metro article which Holly participated in has really inspired me and made me think that investing in shares is something which I would like to do. Unfortunately I am completely thrown about where to start. I would be grateful for any advice you could pass my way. Realistically, I would only have about 2k to invest, so any tips would be gratefully received.

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  • Is there a reason you don’t list Saga in your Best Buys? Additionally, I have purchased a few investment trust shares but can’t work out how the dividends are paid. Scottish Mortgage is an example. I wasn't given an option to choose how to receive the dividends. It would be useful if you could provide some clarity on how investment trusts pay their dividends.

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  • Any advice for two young people trying to get themselves a home? My girlfriend and I are saving for a house together. Currently house prices in our area are a ridiculous £300k. The max we can get from banks is about £220k, meaning somehow saving up a whopping £80k deposit. This would take us about 8 years (and house prices are increasing faster than we're saving!) That's not to mention solicitors fees, stamp duty, the cost of moving, furnishing the house, white goods, and any repairs or renovations. It all just seems impossible!!

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  • Can you advise me on the best approach when looking to invest in a product that offers compound interest? I’m thinking about funds rather than bank accounts. I also have 4 different pensions on the go. Should I keep them separate to diversify the risk? Or consolidate them? How will these pensions be treated when I retire? Will they be considered in aggregate by the tax man?

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  • I invested my money in a St James's Place managed fund, split into ISAs and bonds, after advice from an adviser who was a St James's Place partner. My investments have done reasonably well, but I've read disturbing reports about St James's Place. Should I have concerns? Should I have found an independent financial adviser?

    Glyn | Essex | 09/08/2018 | 6

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    Holly Mackay's Response

  • I wanted an investment trust with an income, so I put £10,000 into The Investment Company. It delivers a reliable quarterly dividend but the capital value has dropped by 10% since I invested 2 years ago. What are your favourite investment trusts?

    Fran | Greater London | 08/08/2018 | 4

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    Mark Dampier's Response

  • Is there an average number of funds that one should ideally hold? I have in excess of 20. I am happy with my portfolio and coverage, but wonder if I have too many funds. The second part to the question is how long should you leave an underperforming fund?

    Richard | Hertfordshire | 06/08/2018 | 3

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    Holly Mackay's Response

  • I'm 24 and would like to begin investing. Am I better off using a robo advisor such as Wealthify/Wealthsimple or a fund such as Vanguard LifeStrategy?

    Amanda | Greater London | 06/08/2018 | 6

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    Holly Mackay's Response

  • I have cash saved in ISAs and savings accounts - probably a 30% deposit on a property - first time buyer. I am at least 12 months away from getting a permanent job, so at least 12 months away from buying a property. What can I do with the cash in the meantime? Best just to leave it in cash for now, or invest a portion in stocks and shares ISAs?

    Malti | London | 25/07/2018 | 2

    • Stocks and Shares ISA
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  • I am 73 and cautious. There are two areas that your advice would be helpful..what if you just spend thousands on buying the gold standard footsie companies like shell and the rest and keep them for five years and then cash them in ?

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    Holly's Response

  • I'm nearly 30 and looking to open a private ready made pension, and also an investment ISA for retirement funds or towards a property, but very unsure what risk level to choose (low to medium, or medium to high)? Any comments or advice welcome.

    Susan | WMD | 24/07/2018 | 1

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    Cherry Reynard's Response

  • I hope you can help. I recently consolidated two modest pensions into a SIPP in readiness to start UPFLS drawdown in May (2018). Whilst I was hoping for growth in my investments I wasn’t expecting it to rocket and now find I could well be looking at exceeding the lifetime allowance, possibly even before my first annual drawdown in May, and I’m unsure what, if anything, I should do.

    John | LDN | 03/07/2018 | 1

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  • What are the differences between income and accumulation income funds? How do you declare income reinvested in a fund on your tax return?

    C | 05/06/2018 | 0

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  • We have a portfolio of ISAs/ PEPs worth around £250k, currently invested via Cofunds, managed by Chelsea and Bestinvest. I'm told this is quite an expensive option regarding platform charges. Are there better options?

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    Helena Wardle, Certified Financial Planner's Response

  • Can you recommend some very basic books for a 69-year-old widow who is now having to manage her money? Thanks

    Martha | 12/04/2018 | 0

    • Shares
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    Helena Wardle, Chartered Financial Planner, Sterling and Law's Response

  • Hi, I've got an old D.B. pension, approximate value £12k. I would like to invest & top up each month. Who would you recommend? Also I would like to make an investment, & don't know where to start? Thanks

    Eve | 04/04/2018 | 5

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    Helena Wardle's Response

  • I am post-divorce with a good settlement which I have only partially invested. Are there any courses you can recommend? I have sat in a number of meetings with accountants and financial advisers feeling somewhat patronised! I am sure that there are plenty of women in a similar position to me (aged 55!).

    Ellie | 14/03/2018 | 3

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    Holly Mackay's Response

  • How can I find a good financial adviser?

    Byron | Greater London | 01/03/2018 | 0

    • Shares
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    Holly Mackay's Response

  • I am in the very lucky position of just having received a gift of £800k which I want to invest for our retirement. My husband and I are in our late 40s and aim to retire in around five years. We have 11 more years of school fees to fund, then hopefully university fees for two after that. I've put together a plan for us - can you have a look and see if it makes sense?

    Fiona | UK | 18/01/2018 | 6

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    Holly Mackay's Response

  • We have four grandchildren (2 English living in UK, and 2 Irish living in Eire). We have decided to start savings plans for their futures. Their ages are 18yrs, 11yrs, 8yrs and 4yrs respectively. My age is 75yrs, and my wife is a little older. What should we do, please?

    John | BKM | 01/01/2018 | 1

    • Junior ISA
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    Martin's Response

  • Given the recent poor performance in Woodford Equity Income, do you think I should sell it or wait for the fund to recover?

    Jenna | Cornwall | 17/12/2017 | 3

    • Funds
    Mark Dampier's Response

  • I am already receiving a pension from a final salary scheme and I am retired. I have a sum of money I want to invest. Can I start another pension as a saver and, if so, how much can I put in every year?

    Collette | Greater London | 25/11/2017 | 0

    • Private Pension
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    Danny Cox's Response

  • I am getting long in the tooth at 79, a little forgetful and I am going through a painful divorce. This has shattered my confidence and I need help.

    Richard | Kent | 05/11/2017 | 3

    • Private Pension
    • Funds
    Holly Mackay's Response

  • Have you a review on Halifax stocks and shares isa

    Moira | LDN | 21/10/2017 | 3

    • Stocks and Shares ISA
    Dr Richard Bradley's Response

  • My mother is 84 and has around £35,000 in cash, realised when she moved to a smaller house. She would like to invest it and draw income that would be slightly higher than the natural yield - say around £2,000. What is the best vehicle for that please?

    Ed | SXE | 18/09/2017 | 4

    • Stocks and Shares ISA
    • Cash
    Danny Cox's Response

  • I have just sold my house and have a significant sum of money I want to invest. I may want to draw some income but also want to achieve capital growth. Are there funds that aim to achieve both or should I just invest for growth and draw money as I need to for income?

    Jon | SRY | 13/09/2017 | 1

    • Funds
    Peter Matthew's Response

  • I am interested in the Fund piece that Holly refers to in today's Money Supplement in the ST’s with 'Lindsell Train Global Equity'. I am looking for a fund for myself (54 yrs old) but also my son (19 yrs old). Is this fund suitable for either of us with an investment strategy of 10 years +.

    Richard | 22/01/2017 | 0

    • Funds
    Holly Mackay's Response

  • I am confused about index funds, e.g. Vanguard Equity fund. Do they track an index or include the yield? In the case of Vanguard, their low cost is attractive but their portfolio is made up of other Vanguard funds. I assume these probably each carry a fee structure - is this correct?

    Robin | Gloucestershire | 03/09/2018 | 0

    • Online Investment Platforms
    • Funds
    Mark Dampier's Response

  • Is it worth using a financial adviser when it comes to switching pensions funds, or should I do the research and pick the funds myself? I am no expert in stocks and shares.

    Helen | Dorset | 10/08/2018 | 4

    • Private Pension
    • Shares
    • Funds
    Helena Wardle's Response

  • I've got £20,000 from an endowment policy (astonishing, I know), and I'm looking into how best to invest to get a reasonable return without excessive risk. Any thoughts much appreciated!!

    Penny | Peterborough | 09/08/2018 | 1

    • Stocks and Shares ISA
    • Cash
    • Online Investment Platforms
    • Life Insurance
    Danny Cox's Response

  • I am looking for a fund for myself (54 yrs old) but also my son (19 yrs old). Is this fund suitable for either of us with an investment strategy of 10 years +.

    | 29/05/2018 | 3

    • Robo Adviser
    • Funds
    Holly Mackay's Response

  • I use H&L and although they are a bit 'plumy' on the phone I quite like their website and the costs are OK. So I was thinking of H&L for [my son]. I would be telling him to open these two funds and regularly invest and forget about them for 10 years!

    R | Greater London | 29/05/2018 | 1

    • Lifetime ISA
    • Robo Adviser
    • Online Investment Platforms
    • Funds
    Holly Mackay's Response

  • Given the recent poor performance in Woodford Equity Income, do you think I should sell it or wait for the fund to recover?

    | 29/05/2018 | 0

    • Funds
    Boring Money's Response

  • I have a bit of excess money to play around with and I have been looking at Investment funds. What is the typical % growth rate of an investment fund?

    David | Greater London | 07/09/2017 | 7

    • Online Investment Platforms
    • Funds
    Cherry Reynard's Response

  • How risky is a Stocks and Shares ISA?

    Alexandra | Greater London | 06/09/2017 | 2

    • Stocks and Shares ISA
    Holly Mackay's Response

  • Should I be even thinking about the stock market?

    Lysa | Greater London | 06/09/2017 | 0

    • Stocks and Shares ISA
    • Shares
    Holly Mackay's Response

  • Pensions vs ISA - which one is best?

    Roderick | Greater London | 06/09/2017 | 0

    • Stocks and Shares ISA
    • Junior ISA
    • Lifetime ISA
    • Pension
    Holly Mackay's Response

  • What funds could my millennial children invest in?

    Anthony | Greater London | 06/09/2017 | 1

    • Funds
    Holly Mackay's Response