Ripped off by financial advisor? Ombudsman?

dunstonh

Anyone (dunstonh?) got any thoughts about their behaviour? There's also the question of what to do going forwards, but I'm going to leave that for another post.

If I was to guess the bank based on what you have said, it would be Lloyds Private banking (1% charge on top of the investments they use plus a trend to be too heavy in Scot Widows which really should not be the case)?

It should be noted, as I mentioned higher up, that DIMs are different to IFAs. They do not do financial planning. Their objective it to invest and control money. A good DIM is good value for money. A bank DIM is never going to be good value for money. That is unfortunatly something that cannot be complained about it.

princeofpounds

Well obviously I wouldn't like to name the bank in case I get picked on as a result, but let's just say I think you've picked up on the key characteristics that might identify it...

Thing is, now that I've explained that she's getting a bad deal, I'm just hoping that she can negotiate for some proper service... it would be such a disruption to move.

I'll come back when I've written up some points on the options going forward.

dunstonh

it would be such a disruption to move.

Not nessarily a big disruption. Its something i have done a few times and no doubt many other IFAs have as well. A lot of the investments are usually transferrable and not require encashment.

That said, it still brings her back to what her level of risk would be as there is no point pulling out, going into similar, albeit cheaper only to find herself in the same position in 5-7 years time when the next market crash or recession starts.