friends provident international mirror funds

robatwork

Your problem is you have asked for advice from a group of complete strangers who may be a) the best investors the world has ever seen or b) lying charlatan incompetents. Or anywhere in between.

You have given almost no information about your aims, age, or amount invested.

Would you really trust us to be better than an IFA?

Personally I would only use an IFA in the cases where they can get better deals than I can alone (eg. annuities).

Talking of "a)" I wonder if Neil Woodford is posting on here....maybe he's bowlhead.....

dunstonh

My friends all share tales of woe based on their dealings with IFAS. My experience with 3 of them have been appalling.

Research has found over half the people seeing insurance agents or tied reps think they are seeing an IFA. Most people would not be able to tell you the status of their adviser. Most people would not even discuss the subject with others and chances are others would not have used an IFA.

The fact you dont actually know what an IFA does suggests that could be some of the reason for your views.

All I was looking for was some help from people using the same provider and its methods from the investors on this forum.

You have a niche product that suggests some tax reason for having it. We dont know which version you have or why you have it or any of the other things that have been mentioned a couple of times now. In fact, we know virtually nothing.

Does anybody use Mirror funds?

Easy one that. Yes they do.

jem16

coxwell wrote: »

Life is all about experience.
My friends all share tales of woe based on their dealings with IFAS. My experience with 3 of them have been appalling.

Unfortunately many people that have complaints have never actually used an IFA but a tied adviser from a bank. Many don't understand the difference.

All I was looking for was some help from people using the same provider and its methods from the investors on this forum. Does anybody use Mirror funds?

As has been said, you really haven't given anyone enough information that anyone could even offer an opinion on. Plenty of people use mirror funds as this is simply the name given to external funds offered by all insurance providers. It means that they mirror the investment and performance that the real fund offers but it isn't the actual real fund.

However the main issue for you is that if you don't want to use professional advice, then you really must do your own research and first of all find out what it is you have and what it does. Then when you work that out you will have to research whether it's best to continue with that or use something entirely different which may be much more suitable for you.

If you cannot do that, then your only option is to use professional advice but asking on here for advice on something that very few people, if any, will have ever used is going to be very futile.

By the way do you still live in France?

Annisele

OP - I think you might get more help if you were more specific about what you want to know. We can't advise you, but we might be able to give you helpful information.

Your first question was akin to asking the internet "how do I fix my car" - we won't have a clue unless you first tell us what's wrong with it and what you've tried so far. Then we might be able to suggest other things for you to look at - but we still won't be able to tell you for certain what you need to do.

With investments, there is no one perfect asset allocation that's right for everybody. We've no idea what your goals are, or what you've got now, or even why you think it's a good idea to keep the tax wrapper you have.

If you ask a much more specific question, somebody will probably help. If you want experience, we can't do much better than "I lost money" and "I made money".

coxwell

Basically the investment was made 12 years ago by my elderly mother who had a balanced attitude to risk and was supposed to be managed by the IFA who was going to "hold her hand".
The investment sold was found to be totally unsuitable but all the high costs were paid over the first few years.
Unfortunately the IFA left it to rot in mostly risky property funds, such as Glanmore, Brandeaux etc. which were not really suitable. After a long legal process I am in a position now to rejig the investments.
The Friends Provident Mirror funds have a risk factor of 1 to 5, 1 being the safest. I have studied many of the funds but even the low risk are losing value.(money market, government bonds). It would seem that the only funds going up in value are the 4 and 5 riskier ratings. That to me is not balanced but high risk. I have been comparing performance over the last 5 years but cannot find anything which seems suitable within the available funds.
Hence my question regarding help from this forum to see what other people are doing and why.
I'm sorry if I have come across as bullish but I am very frustrated by my experience and need some help.

jem16

coxwell wrote: »

Basically the investment was made 12 years ago by my elderly mother who had a balanced attitude to risk and was supposed to be managed by the IFA who was going to "hold her hand".

What age is your mother now? Does she live in the UK? (asking that as you have said before that you live in France)

The investment sold was found to be totally unsuitable but all the high costs were paid over the first few years.

It would be for that kind of product. What costs are payable now?

However the main reason is why was it chosen as opposed to other products? Was there anything in your mother's tax status that would warrant its use? Is that reason still the case now or not?

The Friends Provident Mirror funds have a risk factor of 1 to 5, 1 being the safest. I have studied many of the funds but even the low risk are losing value.(money market, government bonds). It would seem that the only funds going up in value are the 4 and 5 riskier ratings. That to me is not balanced but high risk.

No it wouldn't be if you chose only 4/5 risk rated funds. However the idea is to diversify with a mixture of funds or to use a portfolio type fund that diversifies for you.

I have been comparing performance over the last 5 years but cannot find anything which seems suitable within the available funds.

The problem is not what has happened but what you think will have the potential ongoing but be within an appropriate risk profile.

Hence my question regarding help from this forum to see what other people are doing and why.
I'm sorry if I have come across as bullish but I am very frustrated by my experience and need some help.

I appreciate your frustration but it is very difficult to offer help with very little information even after what you have provided.

How much is involved now and what was the initial investment?

coxwell

I am in France, there are no costs payable now only those hidden in unit values, so I believe it to be prudent to keep it going but with wiser choices of investment. 185k value and Tax is not issue. Is a 5% rate of return reasonable to expect nowadays?

BarrBru

coxwell you have been given pretty good feedback here, especially from dunstonh but from others too.

You have a product with FP International that has its own bespoke terms and charging structure that will likely be unique to you. What I mean by that is these Offshore bonds are not off-the-shelf products, the terms are negotiated with the provider.

You need to swallow your pride and get an IFA to have a look at this.

He/she will need to be paid for it and they will not and should not share your losses.

Your circumstance is pretty unique. Fool.co.uk and WhichInvestmentTrust.com sites allows people to submit their investments or financial planning needs for advice but I wouldn't advice you to peruse any of these because you need tax advice and people need to see your policy documents to see your original terms.

planteria

dunstonh wrote: »

If you want to DIY then you need to start reading up on the subject.

perhaps that is the very best advice, coxwell? maybe just read up. and perhaps share your thoughts here, and can bounce some ideas around with other investors. but none of that would be formal advice.

coxwell

I do not need any tax advice. I just need some inspiration!