Investment and my bank

itsme999

london21 said:

investments can go up and go down.

Next time if someone offers you financial advice/sale  and you do not want it just say No and if they persist block number and make a formal complaint. 

I didn't ask him for investment, he kept calling and emailing.

Would you block number of your premium bank manager? 

dunstonh

Doesn't  emailing and phone calls to invest constitute actual financial advice when I didn't ask for?

No.  Financial advice constitutes actual financial advice.     How it is delivered doesn't matter but general correspondence with no advice in it is not financial advice.

Some of his famous lines : " your money in the bank is not earning enough, rates are down, interest rate are much lower than inflation....etc". And all this when I never asked for any sort of advice. 

That "famous line" is correct.  So, nothing wrong there.
That is also not advice.     If you didn't want advice you would say so.   

Albermarle

itsme999 said:

london21 said:

investments can go up and go down.

Next time if someone offers you financial advice/sale  and you do not want it just say No and if they persist block number and make a formal complaint. 

I didn't ask him for investment, he kept calling and emailing.

Would you block number of your premium bank manager? 

Nor sure if it is relevant but I have had a bank current account for over 40 years ( and associated savings accounts ) and I do not recall the bank ever calling me once about investments,  never mind the actual manager !

itsme999

tebbins said:

You have no case for an investment having volatility and going up and down in value.
However there is potentially a mis-selling case for the bank pestering you about this and a case about the investment's suitability - however ultimately you chose to listen, you chose to do business with the bank and not tell them to cease and desist or put their numbers on the TPS, you chose to accept their offer.

TPS? He is my premium bank manager.  I had number of them in the past, they all tried but said no but this guy didn't give up, kept calling and emailing and drugged me into it. 

coyrls

itsme999 said:

tebbins said:

You have no case for an investment having volatility and going up and down in value.
However there is potentially a mis-selling case for the bank pestering you about this and a case about the investment's suitability - however ultimately you chose to listen, you chose to do business with the bank and not tell them to cease and desist or put their numbers on the TPS, you chose to accept their offer.

.......and drugged me into it. 

That would be cause for a complaint.

itsme999

What do you call this email??? I didn't ask for any sort of advice.

"

Dear Mr xxxxx,

 I hope that all is well with you.

We met in June across Zoom and I note that you still have £k sitting in your XXXXXX Saver account earning 0.05% gross which equates to just £x per month in interest which is terrible when you consider that inflation is now in excess of 3% and shrinking the value of these funds by around £xx every single year. The disparity between inflation and savings interest rates has never been greater so please do seriously consider my suggestion from my last email to you below (highlighted section) even for a small slice of your funds as at least you will be providing an element of your cash with the opportunity of longer term growth and potentially beating inflation. Leaving it where it is certainly will not and it is so very important in the current climate to explore ways of making your money work harder for you.

 

I attach the most up to date xxxxxxx fund fact sheets. They are very impressive! We even have two funds that are specifically designed for cautious investors! (funds 1 and 2)

 

Would you like a 5 minute chat about this? Would that help in any way?

 

Kind regards,

"

dunstonh

TPS? He is my premium bank manager. 

TPS does not prevent your bank from marketing to you.
And banks are notorious for giving most of their staff a title that includes the word manager.  

What do you call this email??? I didn't ask for any sort of advice.

It certainly isn't advice.  It is marketing.

eskbanker

itsme999 said:

I note that you still have £k sitting in your XXXXXX Saver account earning 0.05% gross which equates to just £x per month in interest which is terrible when you consider that inflation is now in excess of 3% and shrinking the value of these funds by around £xx every single year.

How much is the omitted figure?  If you have many thousands sitting losing real-terms value in a current or savings account then he is correct to highlight that there are alternatives, so the comment is perfectly valid and accurate:

even for a small slice of your funds as at least you will be providing an element of your cash with the opportunity of longer term growth and potentially beating inflation. Leaving it where it is certainly will not and it is so very important in the current climate to explore ways of making your money work harder for you

If you have a 'premium bank manager' then that would indeed suggest that you have more assets and/or income than should be left gathering dust in an inefficient account, and the role of a dedicated manager like that is to highlight that to you....

jimjames

Why pay for a premium bank account/manager if you don't want them to highlight where you could make better use of your money?

itsme999

eskbanker said:

How much is the omitted figure?  If you have many thousands sitting losing real-terms value in a current or savings account then he is correct to highlight that there are alternatives, so the comment is perfectly valid and accurate:



If you have a 'premium bank manager' then that would indeed suggest that you have more assets and/or income than should be left gathering dust in an inefficient account, and the role of a dedicated manager like that is to highlight that to you....

The omitted figure  were there temporarily for few months for personal reasons. Is that his business? 

Ok but he said the same in the zoom meeting and I said clearly "I do not want to invest". Why keep emailing?