Investing for a young adult

[Founex1297]

Hello all

It is a tentative, first question for you.

I am looking for some advice, my son is about to turn 18. We were UK residents at the time of his birth and were entitled to join the Child Trust Fund scheme which was up and running at the time. I contributed a little each month and at the last statement it's worth about £45,000.

Whilst the money is my son's to decide how it's used, I think it would be a good idea to put £20,000 into two ETF's such as VANGUARD TOT WORLD STK ETF (VT) and another to be decided with the intention to leave the money there until he is 30 or later. I would also like to be able to contribute to this as time goes by.

I am now a Swiss resident and have just opened an account with Interactive Brokers I have yet to make my first investment. My son is now a French resident. My question is what do we do to invest his money? Should we open Interactive brokers account in my son’s name in France when he turns 18 and manage it ourselves or does anyone have a recommendation for a French broker? My concern is that I am at the start of this journey, I am at a beginner level with investing, and I don’t want to make any mistakes with his money.

Any advice would be welcome.

 

[Baptiste Wicht]

Hi @Founex1297

Welcome to the forum!

If you already have an Interactive Brokers account, I think it makes sense to have one for you son as well once he's 18. It's available in all of Europe and has a good reputation.
However, there may be one problem: as a Swiss resident, you can get a .co.uk account, but I am not sure a French resident can (to be verified). And you can trade US ETFs while your son can't.

At this point, you should probably try to involve your son at each decision since it's his money and it will teach him.

 

[newiron8]

Get a high-paying degree in 4-years, including two years at community college if you have a good relationship with your parents for that time