In cash since October/November

jamesd

Given that you're satisfied with the factfind I agree, it's a failure to implement complaint and redress request. I suppose that the IFA will decline and this will end up with the FOS.

waccamole

The suitability report letter referred to two enclosures that were not enclosed. I've asked for copies of these too and once I've got them I will be submitting a complaint to the company.

My concern it this. Complaining isn't going to be good for our relationships with the advisor and we've lost confidence in him anyway.

We'd like to move our investments away but will this prejudice our complaint? Also, I imagine that complaints take months maybe years to resolve and I wouldn't want to wait till then to move.

We paid 3% to move to the Aviva platform and have so far made a loss out of the move as our investments would have risen if they'd been left where they were.

I've spoken to another IFA but they don't use the Aviva platform and would charge 3% to move to their preferred platform. We don't want to have to pay another 3% which would make us 6% down. Having said that, I understand that no other IFA is going to want to work for free.

Is our only option to find an IFA that uses Aviva and transfer the 'agency', if that's the right word (I'm ex. general insurance industry), to them?

Is there any reason why we shouldn't move the investments away from the existing IFA?

Feeling thoroughly p**d off with the whole thing today and wish I'd just left it all alone.

Thanks

W

doughnutmachine

atush wrote: »

I am a DIY type, but having said this, I advise the fairly clueless to go to IFAs. And there are more clueless here than I can believe.

and this IFA is a bad IFA and needs to have a formal complaint filed against them.

100% agree with that. I do think sometimes that people on this board rush into the "go to see an IFA" approach. Fair enough if the person seems less than intelligent. But sometimes a poster seems smart enough to make their own decisions.

doughnutmachine

waccamole wrote: »

I've spoken to another IFA but they don't use the Aviva platform and would charge 3% to move to their preferred platform. We don't want to have to pay another 3% which would make us 6% down. Having said that, I understand that no other IFA is going to want to work for free.

why not DIY? it really isn't that difficult to manage your own investments. i certainly am not convinced that paying 3% to an IFA is worth it.

atush

I can't remember the size of your pot now w/o going to page one, but 3% sounds a bit pricey if it is around 100K or more?

Donut, we do agree, but some intelligent people (my OH is one) would pay an IFA rather than taking the time to do the research himself. Mainly because time is what he lacks lol.

dunstonh

IFAs give advice to people that don't know and people that do know but prefer to pay someone to do it for them as they either have better things to do with their time or choose not to do it.

Much the same as I pay for a plumber, decorator, gardener etc.

doughnutmachine

dunstonh wrote: »

IFAs give advice to people that don't know and people that do know but prefer to pay someone to do it for them as they either have better things to do with their time or choose not to do it.

Much the same as I pay for a plumber, decorator, gardener etc.

imho a portfolio of directly held shares is the best long term investment for a lot of people, and for a wealthier person a portfolio of directly held commercial property is a good investment.

an ifa can not advise on either of these asset classes.

atush

I have to disagree there, as directly held shares carry more inherent risk than funds and ITs. Commercial property too can be less risky in a fund. For instance, if you just held BP before the gulf oil spill you could have lost a lot more money than a fund containing a number of large oil companies.

However, I do hold single shares as well as funds. I do not at this time own any commercial property outside a fund.

dunstonh

imho a portfolio of directly held shares is the best long term investment for a lot of people, and for a wealthier person a portfolio of directly held commercial property is a good investment.

It could well be for some. However, you still need to do the research, rebalance, use tax wrappers etc. Plus, if you are going to run a property portfolio, who are you going to pay to do that?

an ifa can not advise on either of these asset classes.

yes they can. Just not specific shares or properties.

doughnutmachine

atush wrote: »

I have to disagree there, as directly held shares carry more inherent risk than funds and ITs. Commercial property too can be less risky in a fund. For instance, if you just held BP before the gulf oil spill you could have lost a lot more money than a fund containing a number of large oil companies.

However, I do hold single shares as well as funds. I do not at this time own any commercial property outside a fund.

as a private investor you can decide if the increased rewards of holding shares directly outweigh the risks of owning shares. but going to an ifa will mean he doesn't buy any shares.

so imho all this talk about ifas investing the way a private investor does is misleading. they advise on products that most wealthier/ more sophisticated investors wouldn't touch.