Advice on investments - IFA never calls back

megadishu

I decided to buy a hot tub and want to draw out some funds to pay for it. My IFA has not answered my calls or emails - except briefly once saying to use some of my commercial property funds - but has not answered subsequent emails/phone calls asking questions.

I have a significant amount of money spread over the following funds with AXA.

My personal opinion would be that this is the worst time to take out money from my commercial property as they have suffered the most. I took out these investments 1.5 years ago and like many others have to date lost alot of money.

I only need to take out approx £2K so need advice on what would be best to take it from.

Also longer term advice on the best way to manage my funds. I am disappointed with my IFA who just does not make contact with me. It was full on interest when I took advice to take out investments rather than keeping all my money in the housing market.

AXA funds

Property
Active Protector 80
Fidelity European
Invesco Perpetual Income
Morley (Norwich) Property
AXA Schroder Global Prop Sec L
Standard Life Corp Bond L
BlackRock UK Dyn L

All advice welcome.

Thank you.

dunstonh

If you are not happy with the service then change the adviser. Its no different to any other service provider.

AXA's property fund and Aviva Property has a 6 month deferral on it so you cant take it from there if you need it now. The default action they will do is to spread it across the other funds.

megadishu

Are there any views on whether - even with the 6 month deferral - it would be better to leave the property funds to recover and take money from funds that have performed better?

Thank you

dunstonh

There will come a point when commercial property bottoms out and the prices could see a small bounce (as they are also pricing at the lower point). Whether that point has come or will come this year is too early to say. The level of the drops has slowed down and almost stopped. Many property funds are basically at March levels at the moment. That is the first time in two years and could suggest a bottom. However, it could just be a false bottom. with worst to follow. There is more consensus that we are near bottom than those that say worse is to come.

Likely any investing decisions, you make a judgement call and sometimes you will be right and sometimes you will be wrong.

jamesd

I'd go with Invesco Perpetual Income from that selection. I'd avoid taking money from the property, I agree with your concern.

You might instead try getting a 0% credit card deal and using that. Cards in the MBNA family (Virgin and others) let you take cash into your bank acount for a 3% fee and that's a good deal compared to selling investments at the moment.

megadishu

Which is the best website to follow investments on - one that speaks in plain English with not too much financial jargon!!

Many thanks for the advice. It helps to hear others opinion on what is going on. I like the credit card idea! Will get onto that one so hopefully can just leave the investments to recover as they were made not to be touched in the short term.

Thank you.

Hungerdunger

megadishu wrote: »

My personal opinion would be that this is the worst time to take out money from my commercial property as they have suffered the most. I took out these investments 1.5 years ago and like many others have to date lost alot of money.

It could be that your IFA considers that these investments may recover more slowly than the others, or may not fully recover to previous levels, in which case it could be sound advice.

ozzage

Your IFA is almost certainly making commission every year from your investments.

If they are not responding to your emails then you should seriously consider changing advisor so that they no longer receive this income. Otherwise you are rewarding them for bad service.

Castleman

How does the IFA get the commission - can you appoint yourself as the point of contact/whatever the IFa does and therefore you get the commission?

dunstonh

can you appoint yourself as the point of contact/whatever the IFa does and therefore you get the commission?

No. You have to be FSA authorised to hold an agency. Having a policy on your agency also brings with it varying degrees of liability and requirements depending on the contract.

I suspect this IFA isnt getting any annual trail and that is perhaps why the service is shoddy.