I have recently won damages for the death of my partner. I need advice on how to invest it for my family, but need help in choosing the right type of advisor. I was ripped off by an IFA just after being bereaved charged 7% on an investment without being told or being advised properly.

I understand and have been approached by Investment Managers who charge 1% per annum on portfolio value which also seems high, but they claim they can get access to funds that others can't? Could that be true?

A friend has mentioned her mums stock broker charges 0.375% and Minimum of £300 which seems more reasonable. But I need advice on all my financial situation and then low cost investment amnagement? How do I get hold of local stockbrokers if thats what I need?

Also I have heard and seen online fund supermarkets. Are they cheaper than using an IFA? I have also read that some advisors/? get the rates of these products cheaper so it pays to go through them? cos you get the advice too, but I'm not clear who and what they are talking about here. THIS IS SOMETHING I PARTICULARLY NEED CLARIFYING.

I just need someone to explain what all these different people are and what they do as I am confused.

Please could you clarify the different types of experts people; investments; and where to get hold of them; where you can get what cheapest; etc

I am paranoid that some IFAs recommend certain investments cos they can get more commission as thats what happened to me before.

Also I'm not sure if its happened recently as I was sold an investment ISA and afterwards when I looked at the fund supermarkets where you could buy them yourself online, they didn't recommend the one I was sold as in the top 5 for anything. Other funds were recommended.

I know they are supposed to be regulated by FSA but are there still untrystworthy ones out there that will advise on best commission?

Hi elisa,

My suggestion is that before you even consider investing you should make it your business with a trusted friend who understands 'saving/investing' to get informed yourself - there is no substitute for this. Once you have then go and see IFAs, don't be afraid to ask questions so that say MEETING ONE you are green, then use from that to get better informed.

1 UNDERSTANDING - look at Hargreaves Lansdown (very good on rebating commission) website and phone them and ask for help (you don't ask, you don't get), look at Legal and General website. Look at newspapers like the Daily Mail, Investors Chronicle available in my local library where librarian can be helpful - eg there are league tables for fund performance and magazines like Moneymanagement. GOOGLE any terms you do't understand/put searches in as you go along with your training.

2 The vast majority of banks and building socities have 'tied advisors' - meaning they can only recommend their own products - they are very keen to get customers in for review. Go in to a few and in due course see if the products they recommended are 'best buys' BUT just use the meetings for information.

3 I ABSOLUTELY share your concern about simply picking an IFA maybe from the online list. I would prefer to be with one that is of sound reputation and substance. You can easily check up on this these with information they give you and internet. Do any of your trusted 'financial' friends have a recommendation for you? Something I learned recently may help you. I needed an IFA but thought Nationwide (tied) could help. They couldn't at all but said would I like the name of an IFA? I would rather go to Nationwide's if I had no other knowledge.

And finally, the best, best thing I can say is don't let the money 'burn a hole in your pocket' or be afraid of missing an unmissable offer (They're like buses). Take your time and get it right.

All the best

drumster