Phil O'Toole - Finance Expert

I work with OnlyDads helping them to deliver effective much needed advice to Lone Parents. Through this work I have built up in depth understanding of the challenges faced by many Dads and I am now recognised as a specialist in the area of Financial Advice to Lone Parents.

I have worked in the Financial Services industry for over 21 years, initially in the Midlands. I moved to Devon in 2001 for a better lifestyle with my family. Particular areas of interest include pensions and retirement planning, equity release, investments and mortgages.

If you have any issue or question that you would like to ask about, please get in touch.

I look forward to hearing from you.

Question
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Q. I've got just under £7000 saved for my child, currently in various tax free accounts. I want to move it all into 1 place.. do you have any suggestions for where? I'm also worried that I might have to start paying tax on it. Any advice? Have never even seen a self-cert form, let alone filled one in!
A. You should be able to transfer into a single product and keep the tax free status. The right product will depend on your attitude to investment risk. I advise that you speak to an Independent Financial Adviser who will assess your current position, your future requirements regarding this saving and find the right product from the "Whole of the Market".

Kind regards,

Philip O'Toole
IFA Partner
Positive Solutions (Financial Services) Ltd
Q. My 5 year old son has a Child Trust fund with Family
Investments/Barclays. Its linked to stocks and shares and the returns so far are very poor. Though I realise the long term nature of this type of
savings is what really counts. Would I be better off perhaps splitting my monthly contribution with a different type of savings account or indeed abandoning the Barclays account completely?
A. The Child Trust fun is a long term investment (18 years). Historically Stocks and Shares have over the long term produced very good returns and I would normally look at this asset class in the first 10 years or so then switching to low risk funds to protect any gains in the last few years.
However it would seem that your Attitude to Risk is lower than the fund risk your trust is currently invested in. You should therefore ask Barclays is there any other funds more suited to your Attitude to Risk that you could transfer into. If that is not possible then you could look at alternative providers who have wider fund choices. You need to be aware of any charges either action may incur. An Independent Financial Adviser would be able to help with this situation as they will be able to advise on the whole of the market not just one product.
Finally you should also be aware that any money in the Child Trust Fund will go to you Son on his 18th Birthday and you have no say in the matter. So if he wants a motorbike but you want it to go towards University costs then you may have difficult conversation at that point. With this in mind you might want to have any future saving from yourself to be in a product that you control and only the Government money in the Child Trust Fund.

Kind regards,

Philip O'Toole
Q. Hi, I know my wife and I are going to separate. We have two children and live in the same house. We have been married for 13 years. We have discussed separation, or should I say divorce. We both agree that this should be the way forward. But, (this sopunds terrible I know), but my wife will try and get all she possible can out of this messy situation.
Can I get some financial advice now - or does that come from my solicitor?

Any help you can give would be great
A. The answer is that if you can agree an amicable split then all the better and less in, if any, legal costs. A financial Adviser would be able to help you both with what assets and liabilities you have. When you then have a clear picture of where you are now you can then work out how you can best conclude the separation/divorce financially. Please note assets mean everything including Pensions, savings and property. The adviser will be able to total all this up and advise a suitable solution. This possibly will not be an ideal solution to both of you but it will be an honest sober opinion from a third party. In my experience the solution the adviser finds is the same or better that a court will impose after costly legal fees. So my advice is to see an Independent Financial Adviser first then a solicitor(if needed) second, at the very least you will save time on legal fees as you can give the solicitor a comprehensive summary of your financial position rather than they have to work one out. Please remember there are children involved and sometimes a compromise of finances can be less unsettling for them.

I hope you can work this out and wish you well for the future.
Q. Hello. I have been a single dad for 10 years. I have four children (12, 11, and twins aged 8). My wife died shortly after the birth of the twins.

Financially, we are sort of secure - the house has been paid for, and I have some limited savings. I am self-employed, and while I can only work part-time, the income sorts of keeps us afloat.

My issues is a simple one - and one that I have been putting off addressing for a couple of years now.

I spend more than I earn by a couple of hundred pounds a month, every month. The savings I mentioned fund this over-spend, but I know life can't
go on like this. (As children grow - the costs grow too!).

Is there any help available for sitting down with a professional advisor just to see if any savings can be made in the money I spend - and if so, how much will this cost?

Many thanks
A.
Q. Am sure I am paying too much for my mortgage when compared to my mates. Simple question really - how can I transfer to the cheapest mortgage possible. Thanks
A. The best option is to contact either an Independent Financial Adviser (IFA) or an Independent Mortgage Broker (IMB). They will access to the "Whole of the market" for Mortgage products. They will also assess if the mortgage is suitable for your own individual situation as with anything the cheapest may not be the best. Ask all about initail fess and redemption penalties and any other costs. Also ask what happens when the current rate ends and are there any tie ins.

By using an adviser authorised by the Financial Services Authority (FSA) to give Mortgage Advice you will be covered if the product is deemed inappropiate where as if you go direct you may forego this protection.

Remember : You home is at risk if you do not keep up the repayments on any mortage attached to it.
Q. I am a single dad with a solely owned house and one son. How can I make sure he inherits the house if I were to go into care later in life as I am an "older dad". Thank you
A. The answer is to place your house into a trust with a new Will to ensure that you Son inherits the house. A Family Protection Trust can also protect
against future Divorce, Bankruptcy, Probate and in some cases use of the asset to pay for long term care fees. As an "Older Dad" you should also
look at Power of Attorney arrangements. All of this can be arranged through a Professional Will Writer or a Solicitor. I would obtain quotes from both before instructing anyone.I hope this answers your question.