Adam

I assume you are suggesting transferring your existing Cash ISA into a Stocks and Shares ISA? If so there are several things to bear in mind.

You have a long-term time horizon, you mention 33 years, so you can probably afford to take full equity risk but please be aware that with this approach you will undoubtedly feel the pain in some years. If this is in the early years it may feel even worse but if you decide to set out down this route then stick with it.

Many people think that it is possible to time the markets but all the data suggests that not even the very clever professionals can do this. So go with the strategy which you feel comfortable with risk wise over the longer term, rather than the risk you feel comfortable with now.

You ask about whether to invest in one go or not and understanding pound cost averaging is useful here. This shows that you achieve a better overall return in rising and falling markets if you drip feed money into investments. In practice this may be difficult to do as many ISA companies won't like repeated small ISA transfers. As an alternative you could start paying in monthly to an equity ISA (assuming you are not using your allowances elsewhere) and then once you are comfortable with the set-up, transfer the Cash ISA amount across to the same ISA account in 3-4 tranches.

If you intend to manage this yourself then I would invest via an online fund supermarket (there are many out there to choose from). This will allow you to access a huge range of funds and to monitor your portfolio easily. You will also be able to switch funds easily youself. It is important to regularly check your portfolio and make adjustments if you feel it appropriate.

If you do nothing else please try not to follow the high return. Generally speaking if a sector or fund has done spectacularly well in the recent past it has probably already started to run out of steam. There are a few expceptions to this rule but try to be a bit contrarian in your investing.

Before you set up your account read up on the various international equity markets and funds and decide where you want to invest. Personally I always recommend a mixture of UK shares, US shares, European shares, Asian shares, Emerging Market shares, Commercial Property, Gilts, Corporate Bonds and Gold but this may be a bit cautious for your liking in which case stick to purely shares.

Matt Pitcher is a wealth adviser at Towry Law Group and a Moneywise Ask The Professionals columnist