Withdrawing money from an ISA

daisy24doodles

I have a stocks and shares ISA managed by a financial advisor, I've had it for years and always been happy with the service provided. I emailed this week to request a withdrawal, paperwork completed on line and then had a further email from the secretary asking what I wanted the money for so she could note it on my file. Never been asked this before and frankly think this is very intrusive and no one's business but mine. Anyone else come across this?

eskbanker

I can see that it could be relevant to an adviser with whom you have an ongoing servicing arrangement to know, for example, if you planned to reinvest it on a DIY basis, as this could affect future decisions or recommendations, but it's your prerogative to declare that you prefer not to disclose the reason....

MX5huggy

They have a duty of care to you, if you said to invest in a foreign property bond based in Belize then they might decide to have a further conversation with you. If it’s to buy a car then, they’ll just note it. Every faster payment I make from my Santander account they now ask broadly what the payment is for. 

grumiofoundation

daisy24doodles said:

I have a stocks and shares ISA managed by a financial advisor, I've had it for years and always been happy with the service provided. I emailed this week to request a withdrawal, paperwork completed on line and then had a further email from the secretary asking what I wanted the money for so she could note it on my file. Never been asked this before and frankly think this is very intrusive and no one's business but mine. Anyone else come across this?

I am sure you don't have to inform them in order to access the money. But I also don't see the issue. I am asked similarly intrusive questions every time I open a bank/investment accounts etc

Frankly if you don't want someone nosing into your financial business why did/do you employ someone to mange your finances?

Billycock

grumiofoundation said:

daisy24doodles said:

I have a stocks and shares ISA managed by a financial advisor, I've had it for years and always been happy with the service provided. I emailed this week to request a withdrawal, paperwork completed on line and then had a further email from the secretary asking what I wanted the money for so she could note it on my file. Never been asked this before and frankly think this is very intrusive and no one's business but mine. Anyone else come across this?

I am sure you don't have to inform them in order to access the money. But I also don't see the issue. I am asked similarly intrusive questions every time I open a bank/investment accounts etc

Frankly if you don't want someone nosing into your financial business why did/do you employ someone to mange your finances?

Not everyone is familiar with investing and they get advice from financial advisor’s if so. 

grumiofoundation

Billycock said:

grumiofoundation said:

daisy24doodles said:

I have a stocks and shares ISA managed by a financial advisor, I've had it for years and always been happy with the service provided. I emailed this week to request a withdrawal, paperwork completed on line and then had a further email from the secretary asking what I wanted the money for so she could note it on my file. Never been asked this before and frankly think this is very intrusive and no one's business but mine. Anyone else come across this?

I am sure you don't have to inform them in order to access the money. But I also don't see the issue. I am asked similarly intrusive questions every time I open a bank/investment accounts etc

Frankly if you don't want someone nosing into your financial business why did/do you employ someone to mange your finances?

Not everyone is familiar with investing and they get advice from financial advisor’s if so. 

Agreed  - but if an important concern to me is privacy I would educate myself so as to avoid the need for me to utilise this service. Which may well indeed be the point the OP is at. 
 
P. S. The misplaced apostrophe would make my old english teacher weep! Maybe on this board it should be called the advisor's apostrophe?

Billycock

grumiofoundation said:

Billycock said:

grumiofoundation said:

daisy24doodles said:

I have a stocks and shares ISA managed by a financial advisor, I've had it for years and always been happy with the service provided. I emailed this week to request a withdrawal, paperwork completed on line and then had a further email from the secretary asking what I wanted the money for so she could note it on my file. Never been asked this before and frankly think this is very intrusive and no one's business but mine. Anyone else come across this?

I am sure you don't have to inform them in order to access the money. But I also don't see the issue. I am asked similarly intrusive questions every time I open a bank/investment accounts etc

Frankly if you don't want someone nosing into your financial business why did/do you employ someone to mange your finances?

Not everyone is familiar with investing and they get advice from financial advisor’s if so. 

Agreed  - but if an important concern to me is privacy I would educate myself so as to avoid the need for me to utilise this service. Which may well indeed be the point the OP is at. 
 
P. S. The misplaced apostrophe would make my old english teacher weep! Maybe on this board it should be called the advisor's apostrophe?

Ah know worrys, hope ya engliss teecher aint two hupset hold frend.

ColdIron

grumiofoundation said:

Billycock said:

grumiofoundation said:

daisy24doodles said:

I have a stocks and shares ISA managed by a financial advisor, I've had it for years and always been happy with the service provided. I emailed this week to request a withdrawal, paperwork completed on line and then had a further email from the secretary asking what I wanted the money for so she could note it on my file. Never been asked this before and frankly think this is very intrusive and no one's business but mine. Anyone else come across this?

I am sure you don't have to inform them in order to access the money. But I also don't see the issue. I am asked similarly intrusive questions every time I open a bank/investment accounts etc

Frankly if you don't want someone nosing into your financial business why did/do you employ someone to mange your finances?

Not everyone is familiar with investing and they get advice from financial advisor’s if so. 

 
P. S. The misplaced apostrophe would make my old english teacher weep! Maybe on this board it should be called the advisor's apostrophe?

People have forgotten how to use apostrophe's

Novice_investor101

It’s perfectly normal to be asked that question when making payments into or out of investments or banks. Mostly on withdrawals it’s a duty of care to check there’s no scams going on & that you’re not being duped by some nefarious scoundrel. 

You can refuse to tell them, but if you had actually been duped by a nefarious scoundrel then at least they can say they tried to fulfil their duty of care. 

jimjames

I'm sure the people taking money out of their ISAs or investments to put into minibonds such as LCF would have appreciated being asked the reason. They may not have listened to the logic of not doing so but at least the advisor would have a chance to make them aware of risks.

If you're paying the advisor to manage your money it would make sense for them to have the full picture as it may impact future advice.

daisy24doodles

Perhaps they should word the question differently. If I'm transferring money from my bank online there's a box to tick saying I'm not being coerced into doing so. I'd happily tick a box on the withdrawal form saying that.