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PostPosted: Mon Jul 05, 2010 11:25 am 
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Joined: Tue Jul 21, 2009 9:56 pm
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Someone I know of has a child who at 18 will get full control of a goodly sum of money, not long before going off to university. The parents are possibly not in the best situation to advise the child. Anyone any experience of how to handle this in order that the child once 18 avoids potential pitfalls - blowing the lot, not taking holiday jobs, having false friends who have realised you are "in the money" etc etc. Are there any professional advisers out there experienced in this? Please PM me if necessary if your answer will contravene the advertising rules on this website.

With thanks


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PostPosted: Mon Jul 05, 2010 1:48 pm 
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Depends where the money has come from but it might be possible for the donor to tie it up in trust for longer?
Sounds like a long term investement that they can't access is best bet is there someone the teenager respects that could persuade them of this - then it s a question of getting a local recommendation of a financial adviser.
The main question to be considered is the risk they should be taking - the financial adviser should determine this at the outset & advise accordingly.
I would have thought that a long-term investment with a very low risk would be correct approach.
Maybe they might be interested in purchasing a property when they are at Uni & renting out rooms to other students. Its not necessarily they way to a fast buck that it used to be but it stops the money being spent & property should still be a good long term investment.


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PostPosted: Mon Jul 05, 2010 3:10 pm 
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Banks and building societieis probable have financial advisers.


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PostPosted: Mon Jul 05, 2010 4:17 pm 
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Need to be careful to be clear if they are an Independent Financial adviser (selling products from all companies) or tied to a particular institution.


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