HSBC IMA and its HSBC Income Portfolio

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I bank with First Direct

Against all advice on this forum (I do that kind of thing sometimes just to see for myself) I had a telephone interview with an 'Independent Financial Adviser' at FD/HSBC. He is free to look at the whole market anmd make recommendations.

He has recommended an HSBC Investment Management Account and the IMA Income Portfolio.

So
Has anyhoughts about this choice.

and for fun..

Has anyone been to FD/HSBC and been directed to any investment outside the group?

D

dunstonh

Against all advice on this forum (I do that kind of thing sometimes just to see for myself) I had a telephone interview with an 'Independent Financial Adviser' at FD/HSBC. He is free to look at the whole market anmd make recommendations.

He has recommended an HSBC Investment Management Account and the IMA Income Portfolio.
So
Has anyhoughts about this choice.

Just shows how rubbish their claim that they are independent. He works for HSBC and recommends an HSBC investment that is easily bettered on the whole of market. Whilst they may fit just within the FSA criteria for using the independent tag line, they really push it.

HSBC offers little or nothing that cannot be got better elsewhere. So, when you get an HSBC recommendation from an HSBC employee, that really tells you the quality of advice you are "not" getting. If you want independent advice then go to a real independent. Not a sales rep with targets to sell their own in house products as long as they dont exceed 20% of their overall mix.

Aegis

HSBC "Independent" Financial Advisers are fairly predictable. For amounts less than about £150,000 to invest, the recommendations are almost guaranteed to include the World Selection Fund, probably for a very large chunk of it. Between £150k and £500-750k, they'll recommend an off-shelf IMA. Above that but less than £2m and they'll recommend a chat with the higher net worth team for a semi-bespoke managed portfolio of shares and gilts. £2m or more and they'll ship you off to HSBC's Private Bank.

Basically, they'll always recommend HSBC products and services in their advice, whether or not there are better products on the market. Calling themselves independent is one of those things the Retail Distribution Review should have addressed, but the banks seem to have been dealt with very lightly by this process.