The story so far...
Lynda’s mother has died, leaving her £350,000 in cash. It is probably the largest amount she will ever have in one lump sum. Having come to her from her mother, the money has a strong emotional charge.
Lynda’s daughter, Sophie, has an idea …
Sophie: We can be invested straight away. Look, this is great. They do a risk assessment and recommend an appropriate portfolio.
Lynda: A risk assessment?
Sophie: Hang on. How much are you prepared to lose?
Lynda: I don’t want to lose anything.
Sophie: Not how much you’re going to lose, but if something goes wrong.
Lynda: I don’t want anything to go wrong. I do think we should speak to someone.
Sophie: We can get the whole thing sorted out online – it says here in ten minutes.
Lynda: And then we wait for something to go wrong?
Sophie: Mum, listen, I know you don’t trust the internet. What they say here, they give the same service as a traditional investment adviser, but they take out the cost and the complexity. Isn’t that exactly what we want?
Lynda: Well, yes…
Sophie: Then let’s do it.
Lynda: Grandad and grandma worked hard for that money. It didn’t appear out of nowhere. We need to look after it.
Sophie: That’s why we’re investing it. Look, we decide on a goal…
Lynda: Isn’t the goal to keep the money safe?
Sophie: We want it to be safe but to grow, too, and it makes sense, as it says here, to keep costs and taxes to a minimum.
Lynda: And isn’t that why we need a real person to give us some guidance? How do we even know what a minimum is? We don’t.
Sophie: Seeing a real person is just going to add to the costs. Mum, I know you’re upset. We’re all upset, we’ve had a dreadful time of it.
Lynda: I’m not giving up our family money to be put I don’t know where by a robot.
Sophie: Well I don’t see why we should pay money for someone to tell us what we could as easily find out for ourselves.