Financial Advisers - When does pesky become harrassment?

ivormonee

I went to see a financial adviser (of a well known and established major brand name of advisers) late last year. He did a review - I filled in a questionnaire and he reviewed it - and we talked about my finances. I wanted advice on certain areas but for others I was happy with making my own arrangements.



The adviser suggested I let him takeover my DIY portfolio, which I've been happily managing myself for over a decade. This, he said, would involve selling all my investments and letting him re-invest all the cash into his own company's "highly regarded" funds. I wasn't comfortable with this, and it wasn't what I had arranged to meet him for, so I politely explained it wasn't something I would be interested in.


The next day I received an email with his recommendations which were to let him take over my investments, as he had advised, and to "consider" a few other additional ideas/ investments. I got a follow up call a couple of days later to "see where I was at with my thoughts". I re-iterated, politely, that I did not wish to pass my investment managemnt over to him/ his firm. I just couldn't get off the phone as he kept on trying to convince me that his advice ought to be "considered".


A week later I got another call from him again going through the whole thing over and over again. Whatever I said he seemed to have an answer. Just to give you an idea, it goes something like this:


"I don't want to let you manage my investments as I am happy doing it on my own".

"Ah, but we are professional portfolio managers and experts in the field"
"Maybe, but I want to carry on managing my own investments".
"Yes, but we can do a better job. I just can't understand why you wouldn't want this".
"Because I've done it for a long time".
"That's not really a reason though, is it?"
"Well, I don't know".
"You don't sound certain. So let us deal with your portfolio for you. We have a full, experienced team".
"Yes but I prefer doing this like I've always done it, and I'm happy with that"
"What, even if we can get you better returns than you doing it on your own? What's your rationale?"
etc. etc..



About two weeks later, the same call, all over again. And now, another call. The adviser cannot seem to take no for an answer.


Has anyone else been in this situation before? How does one deal with it? There must also be some laws or regulations about this sort of thing, does anyone know?

Ms_Chocaholic

Can you block their number.

verybigchris

ivormonee wrote: »

There must also be some laws or regulations about this sort of thing, does anyone know?

GDPR. Tell him you don't want to be contacted again, you want him to delete all your personal info and you'll complain to the ICO if he doesn't.

Emmamarie81

You should make a complaint to the Director of the company in the first instance

enthusiasticsaver

If any financial advisor did that with me I would run a mile too. Cannot bear high pressure salesman which is what this guy sounds like. Complain to his director and block his number.

LHW99

Presumably not an independent financial advisor? Therefore basically doing a high pressure sales job?

dunstonh

I went to see a financial adviser (of a well known and established major brand name of advisers) late last year.

Which suggest a salesforce. Risks of using a salesforce is that you enter a sales environment. Which is one of the reasons people are told not to use salesforces.

Has anyone else been in this situation before? How does one deal with it? There must also be some laws or regulations about this sort of thing, does anyone know?

Sounds a bit like St James Place.

There are no laws but there are regulations. They are allowed to attempt to overcome objections but when it is clear that you have said no, they should accept that and move on. If they have not done that you are well within your rights to make a formal complaint to the complaints team handling the salesforce. The details will be on their website.

eskbanker

ivormonee wrote: »

How does one deal with it?

Assertiveness training?

As the saying goes, '"no" is a complete sentence', so if you indulged him by justifying yourself and getting involved in a debate about your rationale then this will signal weakness to a ruthless salesman, who will naturally keep pushing.

If there is a next time, simply say "I am not prepared to discuss this further and am about to terminate this call. I do not wish you to call me again and should you do so then I will complain to your management. Goodbye".

masonic

ivormonee wrote: »

"Yes but I prefer doing this like I've always done it, and I'm happy with that"
"What, even if we can get you better returns than you doing it on your own? What's your rationale?"
etc. etc..

Has anyone else been in this situation before? How does one deal with it? There must also be some laws or regulations about this sort of thing, does anyone know?

TBH, I'd just pick up the phone, say "Don't call me again", and hang up him.

If you want to make it a little more interesting, why don't you offer to set up a virtual portfolio with your current investments and ask him to put his money where his mouth is. If he is willing to guarantee he will deliver better returns over 3 years after costs than your current investments deliver, then you'll accept his offer. If he fails to deliver on his guarantee he must pay you double the shortfall. Get it written into the contract. Of course, he will refuse because he is only interested in risking your money, not his firm's or his own.

Alexland

It may seem rude but don't engage in the conversation and say quickly "sorry I am not interested" and hang up on the phone call. Reply to the first email saying "I am not interested please stop sending me messages" and delete the rest. Of course if it is an unsolicited email don't even reply.