Andy Egwim explains why doctors need life insurance trusts and warns that recurring investment fees of 3% compound over 10-15 years and can materially delay retirement. He advises vetting platforms for FCA registration and getting financial advice for complex situations like trusts and multiple income sources.
Fees really matter. Basically what we look at is we are looking for the lowest possible fees. So check a reputable platform. Take a platform, hopefully that is vetted. Check that their FCA registered, they have all the necessary stuff. And also the next thing is check fees. Fees really matter. If you're ending up with a lot of fees that could actually delay your investment group. You could end up paying a lot. That's why it's very funny when you say a financial advisor says, oh, it's free to pay me anything, but there's 3%. They don't pay me any fee. But there's 3% fees on your funds. That 3%, if you check it in, compounding over the next 10 to 15 years, it could actually mean tens of thousands of pounds. That could actually mean that you could have retired a little bit earlier if only you paid attention to things and learned how to do a few things yourself. I'm not saying it's wrong to get financial advice. For instance, you might have complex finances. Finances, you might need to set up a trust. You might need to. You might have a child that has additional needs. I want, I'll cover them. And you might just, you know, have a bit more complex finance. You have money from your income, from your business. You're a consultant, you do private practice. I might need them. An advice about just the same way is really important when you're going to your doctor to know your symptoms, know where you need help.
