Natwest managed funds - rates & charges, and any good?

sandspider2000

Hi all

I bank with Natwest and have done since I was a student. They're always keen for me to discuss upgrading my account to one I pay for (no thanks) or to discuss their savings options. I could be interested in the latter, though I tend to be suspicious of anything offered by Natwest (or any other big bank) on principle.

Anyway, apparently Natwest offer 3 managed funds - cautious, balanced and adventurous. Last years rates as quoted for these were very good (27% for the adventurous fund), but the chap I spoke to didn't have any idea about fees and charges. I've booked an appointment with someone who knows more about NWs investment products, but I was just wondering whether I'm likely to be wasting my time. Does anyone know - are the fees / management charges high? Are the fund managers / funds actually any good? (Good rates last year doesn't mean good rates this year). Can I do better elsewhere?

I currently have assorted ISAs and a couple of savings accounts - best ISA currently paying 3.5%, most of the rest 3% or so and savings rates not great, but fairly empty. I also have some money in shares I've chosen myself (performance variable!).

Any comments on Natwest funds / other saving / investment options would be greatfully received, thank you.

jem16

sandspider2000 wrote: »

Any comments on Natwest funds / other saving / investment options would be greatfully received, thank you.

Stay away from any bank for investment products. You are tied to a limited choice, usually expensive and poorly performing.

You would be far better seeing an IFA if you need advice or if going DIY use Hargreaves Lansdown.

dunstonh

Anyway, apparently Natwest offer 3 managed funds - cautious, balanced and adventurous.

Stunning collection ... three. compared to over 2000 in just the UT/OEIC universe (where these three funds are).

but the chap I spoke to didn't have any idea about fees and charges.

He should know them off by heart. They only have three. Compare that to the tens of thousands available via IFAs.

I was just wondering whether I'm likely to be wasting my time.

Expensive, low quality and sold to you on a sales process not an advice process.

cloud_dog

Can't we just have a sticky which says........

'Stay Away From Banks / Building Societies for Financial Advice'

sandspider2000

Thanks one and all - pretty much what I thought!

aylithuk

a - you were onlu most likely speaking to a customer service officer so, No he wont know about the charges and fees as cso's only offer 'non advice'

b - if you want advice speak to an FPM (which it sounds like you've booked) and if you dont like the 3 fund managers ask to be refer to an IFA but last time i checked you needed to have at least 200,000 minium as IFA only offered to wealth clients.

Aegis

aylithuk wrote: »

a - you were onlu most likely speaking to a customer service officer so, No he wont know about the charges and fees as cso's only offer 'non advice'

b - if you want advice speak to an FPM (which it sounds like you've booked) and if you dont like the 3 fund managers ask to be refer to an IFA but last time i checked you needed to have at least 200,000 minium as IFA only offered to wealth clients.

Is a NatWest IFA actually independent though? Most bank ones aren't, not the ones I've seen so far anyway.

dunstonh

Aegis wrote: »

Is a NatWest IFA actually independent though? Most bank ones aren't, not the ones I've seen so far anyway.

Judging by the Natwest wealth thread a few weeks ago where the person said their portfolio had Natwest own brand funds in it, you have to suspect not.

Having an employer that puts pressure on you to retail certain products (especially own brand) undermines the independent tag.