In cash since October/November

jem16

waccamole wrote: »

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.

That's always going to be the issue. However not much you can do about it if you have lost confidence.

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.

I can't see why it would prejudice any complaint.

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.

It's possible that you may have to take an initial hit to get your funds transferred over and hopefully build a proper relationship with a new IFA.

However the losses should form part of the complaint.

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?

That may be possible. However it would limit your choice of IFA I suspect. If it was perhaps a simple re-registration it might work but you don't have any of the cash actually invested so a new IFA would wish to properly advise I suspect.

atush

doughnutmachine wrote: »

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.

IMHO, using just single shares and commercial property over funds, ITs, platforms, tax wrappers et all is ONLY for very experienced investors (as perhaps you are I don't know).

But I don't like the idea of recommending same to those who may be too inexperienced.

doughnutmachine

atush wrote: »

IMHO, using just single shares and commercial property over funds, ITs, platforms, tax wrappers et all is ONLY for very experienced investors (as perhaps you are I don't know).

But I don't like the idea of recommending same to those who may be too inexperienced.

i broadly agree with what you're saying. but i do think sometimes that people on this board jump into saying "go see an IFA". perhaps the first advice should be "go get a book on investing and read it".

if after reading the book they are still not happy making investment decisions fair enough go to an ifa, but they might decide that the advice from an ifa is not worth an initial 2% (or whatever) and annual 0.5%.

atush

Well, we do say that too lol

redbuzzard

I say read the book anyway. If you then go to an IFA at least you can have a decent discussion and you'll know enough to spot the bull merchants. Like the FA who told me that index funds are silly because the fund has to hold all the bad companies instead of just picking the good ones.

It's a bit like dealing with garages. Some of those are good, others...

bigfreddiel

GhIFA wrote: »

You're not helping.

if anything i'm being more helpful than anyone - anyway its only advice - you don't need to take it - no one knows whats going to happen.

see ya

fj

waccamole

We've now received copies of the 'key facts' documents about the Aviva ISA and pension portfolios, key features documents for each and copies of the 'replacement contract forms' for my ISA and two pensions and my partner's pension.

The key facts documents each contain a section headed 'Where will my payments be invested' which show how the transfer payments will be invested split between various funds. Which isn't what was implemented.

I'll draft a letter of complaint to the company over the next week or so and send it off.

It looks like the potential new IFA I spoke with will be willing to transfer the funds over to the platform they use at no initial cost. I need to go and see them face to face but I'm hopeful we may soon be able to move on.

Thanks again for the helpful posts.

W

jamesd

Thanks for the update. Good luck with all of the hassles involved in getting this resolved and please do let us know how it turns out.

jem16

waccamole wrote: »

It looks like the potential new IFA I spoke with will be willing to transfer the funds over to the platform they use at no initial cost.

That's good news. Shows there are good IFAs out there.

GhIFA

jem16 wrote: »

That's good news. Shows there are good IFAs out there.

There certainly are

Thanks for the update Waccamole, let us know how it works out.