Unsure of what I have?

Stephb1986_2

Hi I hope that someone can help me. About 2 years ago I came into some money, some I spent some I've put into several investments, I did have an IFA (or she claimed to be) advise me that these products would be best for my money.

I know some of them are in blackrock gold and jp morgan natural resources other than that I am unsure of what investments I have now. The IFA no longer works for the company and has took off to a different company and the company who is supposed to be "looking" out for my investments have had no contact with me since she left which was about March this year.

I do get statements or information every so often about some of the investments but they don't make any sense to me at all.

The latest one I got was that one of the companies I had invested in I ended up losing money rather than making any? Surely the company of IFA's should be advising me on where is best for my money still?

If not what can I do about it? How do I find out what investments I have left?

Thanks if you got this far

Steph

dunstonh

The IFA no longer works for the company and has took off to a different company and the company who is supposed to be "looking" out for my investments have had no contact with me since she left which was about March this year.

Did you employ the IFA on a servicing basis or transactional basis? Are you paying for servicing?

The latest one I go was that one of the companies I had invested in I ended up losing money rather than making any?

Pretty much the same as everyone over the last 6 months then.

Surely the company of IFA's should be advising me on where is best for my money still?

If you are employing them and paying them to do so then yes. However, a loss doesnt mean they are not doing their job. Investments zig zag. Always have, always will. You cannot predict when they happen. Just look at yesterdays big gains. No-one saw that coming.

If not what can I do about it?

employ an IFA that does servicing or if the amount you invested is not enough to do this then DIY. (smaller amounts are not really suited for IFAs and maybe better DIY or if you need an IFA than ad hoc servicing every few years on a pay as you go basis).

How do I find out what investments I have left?

look at your statement. However, logging in online and checking current values may be better. For example, the UKs biggest platform managed to send out statements valued on the lowest point of the year for most investment funds. Snapshots on a given day are always subject to incorrect perception.

Stephb1986_2

The IFA didn't take any money from me for services she got paid for the products she recommended? I did get a letter when she left saying that her boss was taking over my portfolio and I will be dealing with him from now on but I've never heard anything from him or anyone else.

We're talking around £30,000 so not a massive sum but not a small sum either, she recommended all these different products putting money here there and everywhere thats why I am so lost as to what I have now, I did something with the FTSE100 I don't know if I still have that, I invested money in physical gold and was told I would double my money in 12 months I cashed it in as I was making a large purchase earlier this year and lost money rather than gaining anything the rest of it I don't know where it is. She usually came once every 6 months to give a review of everything.

I've got paperwork in a folder but I don't know if the investments are still there if that makes sense? I'm not big into investments etc so this is why I'm a bit baffled by what i've got and where it is. Would another IFA look at my investments and advise me that way obviously they would need payment for their time would that come from me or from the companies I invested in?

Sorry for all the questions I'm just worried and unsure of things

Steph

dunstonh

The IFA didn't take any money from me for services she got paid for the products she recommended?

An IFA can provide two things. Initial advice and ongoing advice. It sounds like you employed them on the former but not the latter.

We're talking around £30,000 so not a massive sum but not a small sum either

As much as I hate to say it, it is small in IFA terms. I typically wont offer servicing on cases under £100k. It isnt cost effective for me or the client. That said, a servicing-lite option is not uncommon where the IFA will provide advice as and when you ask for it rather than being pro-active. That is normally offered to the smaller investors (I had someone who had been turned away from an IFA as his £250k was too small for them).

Would another IFA look at my investments and advise me that way obviously they would need payment for their time would that come from me or from the companies I invested in?

that does sound like a good idea. Reviewing existing holdings and getting an overview of what you have shouldnt cost much if you get the right IFA.

Stephb1986_2

There wasn't just me she was advising she was also advising my parents and my aunt too so as a collective there would be quite a large sum of money they too invested in some of the products I invested in but also property abroad etc. It just seems now that I've invested my money they no longer want to advise me which I think isn't very fair what am I supposed to do with them?? It's a bit like me saying to my customers (ironing service) that if i've delivered your clothes back and they are burnt it's not my problem? I took their clothes as she took my money and then left it to dwindle away or with a nasty burn mark on them

Steph

le_loup

No, it's a bit like you buying ingredients at Tesco and five years later you want them to tell you how to cook with them.
It looks like you bought a one-off service and expect the service to continue though you haven't paid for that.
You've been about a bit based on your post count so I guess you knew what you were buying.

Stephb1986_2

I've been on this site a while yes but never really ventured into this section before. In my first post I did say that it was around 2 years ago that I was introduced to the IFA after the initial consultation I then saw her every 6 months for a "review" on my investments. So I didn't think that was classed as a "one-off service" then to get a letter off her boss to say he has took over looking after my investments that doesn't say to me that I bought a one off service either?

Fair enough if she sold me the products then I never saw her again I could understand that but for her to see me every 6 months for the last 2 and a half years says that I didn't just get a one off service?

financial_illiterate

Stephb1986 wrote: »

I've been on this site a while yes but never really ventured into this section before. In my first post I did say that it was around 2 years ago that I was introduced to the IFA after the initial consultation I then saw her every 6 months for a "review" on my investments. So I didn't think that was classed as a "one-off service" then to get a letter off her boss to say he has took over looking after my investments that doesn't say to me that I bought a one off service either?

Fair enough if she sold me the products then I never saw her again I could understand that but for her to see me every 6 months for the last 2 and a half years says that I didn't just get a one off service?

Then what is stopping you contacting 'her boss' and sorting this out?

dunstonh

I've been on this site a while yes but never really ventured into this section before. In my first post I did say that it was around 2 years ago that I was introduced to the IFA after the initial consultation I then saw her every 6 months for a "review" on my investments. So I didn't think that was classed as a "one-off service" then to get a letter off her boss to say he has took over looking after my investments that doesn't say to me that I bought a one off service either?

A lot of transactional advisers will still give a form of servicing. Maybe a contact every few years or react when required without making an explicit charge. Maybe the fact she was giving 6 monthly reviews on a £30k investment is why she isnt working for the firm any more.

An IFA cannot give proper servicing on a 30k investment with 6 monthly visits getting under 0.5% a year. It is a model that is destined to failure. It may work under a cross subsidy model where the large investors pay enough to cross subside the smaller ones. However, that will be gone in just over 12 months time (and anything upto 30% of IFAs will be gone as well and goodness knows how many tied FAs)