Investment advice when moving money from a low interest deposit rate
Sunday Independent 2 November 2014 - Rory Nelson of Nelson Life Investment & Pension advisors recommended "Don't invest in anything too complex - or a product which you don't understand".
"Investors often suffer from a fear of being left behind," said Rory Nelson. "They like the idea of owning the new, sophisticated investments and constantly trading. These extra layers cost money and potential extra counter-parties add risk."
Similarly, don't just invest in shares because you recognise the name. People who move into shares for the first time often choose to invest in a share with which they are familiar, such as a household name or a well-known bank.
This approach has had disastrous consequences for many investors - particularly during the banking crisis, when many people lost their life savings after pouring their money into a bank whose shares then tanked.
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