In cash since October/November

waccamole

Things progressing with new IFA. Not transferred yet but wheels in motion.

Finally got round to writing letter of complaint to existing IFA mid June. Had a nice prompt letter of acknowledgement from MD. He's now written again accepting that there's been a financial loss 'although it's difficult to quantify in view of the ups and downs of the market and what funds would have been invested in and at what time'.

He's going to get in touch with a view to arranging a meeting to discuss what action they need to take to 'satisfy our requirements'.

Before meeting I need to get an idea of what we should be looking for.

I'm thinking that finding out what position we would be in now if the investments hadn't been moved would be a good starting point - any thoughts?

jem16

waccamole wrote: »

I'm thinking that finding out what position we would be in now if the investments hadn't been moved would be a good starting point - any thoughts?

Sounds like a good place to start. You would also need to include the fee you were charged for moving.

Another comparison might be how the funds would have fared on the Aviva wrap if the same funds were used.

GhIFA

waccamole wrote: »

Had a nice prompt letter of acknowledgement from MD. He's now written again accepting that there's been a financial loss 'although it's difficult to quantify in view of the ups and downs of the market and what funds would have been invested in and at what time'.

I'd take issue with what he's said here - their files should show a clear recommendation as to how the funds were supposed to be invested at the outset - it's a case of finding out the unit prices at the date the investments could have reasonably been expected to have taken place, and what these are now to work out what the portfolio would have been worth.

You indicated earlier in the thread that an "adventurous", this being the case then the value would likely have been higher now than at the investment date given how markets have been recently.

mania112

Since October you have certainly lost money versus being invested in funds.

I can't think of (and haven't seen) any funds that are down since October, assuming we're talking about a diverse portfolio, not just 100% in something crazy.

Looking through a couple of random accounts we manage, we're looking at growth of +4-7% over that period (all very ballpark, obviously).

Would have been much higher if not for recent short term slides (could save the IFA some money!).