AVIVA's MVR ate my profit

jem16

ellenGB wrote: »

Going back to the IFA, he checked my finances, advised on inheritance tax, advised how much I needed to keep in cash, and knew what I had in my bank. On that basis, he suggested the NU bonds.

Your IFA sounds like he has done all that would be expected of him. He is the only one who knows the full circumstances and I can't see any wrongdoing.

My story changed as my information changed. It evolved and I updated. It may well have confused and I apologise if I wasn't clear, but it was the truth.

Ellen I said I wasn't going to come back to this thread but I felt the need to do so now. I appreciate your apology and respect that it was not an easy thing to do.

If I have offended you in any way I too apologise. I only ever intended to help but I accept the fact that you feel I did not. Must try harder next time.

ellenGB

Jem16, thank you for responding and so graciously. I am odder than most because of what I've seen and the standards I set for myself. I've been battling against dishonesty etc in science for many years. I have just a few colleagues who've seen the same and who provide support. For some reason, I never developed a thick skin. And I'm the only female (cf prejudice). It's going to take years to get back to the objectivity required and expected. But I've learnt from this and I realise that I've been fortunate. Again, thank you.

opinions4u

And they all skipped off in to the forest and lived happily ever after.

jem16

ellenGB wrote: »

But I've learnt from this and I realise that I've been fortunate.

Are you still considering cashing it in? Would you not consider Dunstonh's suggestion that it may still be a good thing to hold considering your adversity to risk? It's only a suggestion and something to talk to your IFA about.

ellenGB

Thanks for the advice Jem16. My IFA also recommended to keep it but I shall first follow advice to see if the MVR is 5 years or 10 years. If 10 years, I'll cash the bond in. Afraid of double dip. I like the inflation guarantee and capital protection and if the MVR is gone, I can always cash it in later. I'm assuming that it's safe.

BTW, given post 1 is now unfair to others and inaccurate re the MVR in the Key Features, I have edited it to alert to my mistake and tried to be more fair to those who commented. The posts that follow it still make sense. In my eyes, at least.

jem16

ellenGB wrote: »

Thanks for the advice Jem16. My IFA also recommended to keep it but I shall first follow advice to see if the MVR is 5 years or 10 years.

Sounds a sound idea to check.

However can I just offer one word of advice - get it in writing from Aviva and don't accept a verbal answer from Aviva over the telephone. Better still - get your IFA to find out as that's his job. Be guided by him too.

Have you tried the My Account section of Aviva?
https://www.avivacustomer.co.uk/site/public/login

It might give you some info about your policy.

Perhaps you can update the thread once you find out?

If 10 years, I'll cash the bond in. Afraid of double dip. I like the inflation guarantee and capital protection and if the MVR is gone, I can always cash it in later. I'm assuming that it's safe.

I'm not going to comment on that as I don't know enough.

BTW, given post 1 is now unfair to others and inaccurate re the MVR in the Key Features, I have edited it to alert to my mistake and tried to be more fair to those who commented. The posts that follow it still make sense. In my eyes, at least.

Thank you.

darkpool

dunstonh wrote: »

Those that have taken a completely negative stance against the majority have a posting record that is consistently negative irrespective of the facts. Basically, anti company, anti adviser, anti establishment etc. They have chips on their shoulders so big that it prevents any balanced discussion. If you read their posts again, you will see they range from complete trolling to then discussing generic issues about a hypothetical fund and not the one that you have and therefore not applicable to your situation. What you see as supporting you are actually people that either dont understand themselves and dont want to understand or troublemakers who only post on the board to create negativity and be nasty.

i just think the country would be a lot wealthier if people used IFAs less and gained some basic financial knowledge.

perhaps you could tell me the effect of 3% annual fees on an investment over 30 years?

jem16

darkpool wrote: »

i just think the country would be a lot wealthier if people used IFAs less and gained some basic financial knowledge.

Not everyone has the time nor inclination to be financial experts. It's much the same as any job - if you can do it do it, if not get someone who can. You can lose a lot more than you gain otherwise.

perhaps you could tell me the effect of 3% annual fees on an investment over 30 years?

Perhaps you can tell me why you think an IFA would cost you 3%pa in annual fees?

darkpool

jem16 wrote: »

Not everyone has the time nor inclination to be financial experts. It's much the same as any job - if you can do it do it, if not get someone who can. You can lose a lot more than you gain otherwise.



Perhaps you can tell me why you think an IFA would cost you 3%pa in annual fees?

it wouldn't surprise me at all if one of your family was an IFA!!

1.5% TER plus 1% annual dealing costs plus initial fees for a Unit Trust.

yeah, i understand that sometimes it's better to get the experts in. but when my dad got the expert in to sort his pension his pension was charged 50k in fees. i can assure you my dad did feel disillusioned with the financial services industry

3% annual fees over thirty years would reduce a fund/ portfolio by 60% over that time frame

opinions4u

darkpool wrote: »

i just think the country would be a lot wealthier if people used IFAs less and gained some basic financial knowledge.

An IFA has quite significant financial knowledge. While I consider myself reasonably astute if I had a large sum to invest I wouldn't hesitate to employ the services of an IFA.

While I would welcome any initiative that improves understanding of finance in adults there is little doubt that apathy would win. 80% of people leave their savings in accounts paying less than 1% interest. A similar number earn lower returns on their current account. So how do you get the masses to work out how much life cover they should have? If a typical individual was left with nowhere to get advice they would invariably not buy protection products and would almost certainly never invest.

perhaps you could tell me the effect of 3% annual fees on an investment over 30 years?

several times more than an IFA would earn in commissions.