Melenial Wealth

Clive_Farrer

Hi all
i am 60 and my Pensions have finished there plans .
I was contacted by an advisor from Better financial services from the Pensions tracing services and am currently looking at IFA from a company Melenial Wealth that has recently been formed and taken over from the previous company that are no longer regulated the later is regulated and so is my Advisor They have shown me on the Fca site
there is still connections to the original company and the advisor doesn’t apear to be regulated for Transfer of pensions 
the company I’m advised to set up my new Pensions with are not helping me have confidence to commit to what seems like a good product  
.
any one have any dealings with the above Firm or offer any advice
thanks
clive

dunstonh

I was contacted by an advisor from Better financial services from the Pensions tracing services and am currently looking at IFA from a company Melenial Wealth that has recently been formed and taken over from the previous company that are no longer regulated the later is regulated and so is my Advisor They have shown me on the Fca site

Be on guard.

Regulated financial firms are not allowed to contact you unless they have a pre-existing relationship.     If you are cold called on pensions, you should not act on it as it either means it is a scam or a firm is acting outside of the rules.  Neither are desirable.

https://www.gov.uk/government/news/pensions-cold-calling-banned#:~:text=The ban prohibits cold-calling,existing relationship with the caller

There is no company called Melenial Wealth on the FCA register.

 They have shown me on the Fca site
there is still connections to the original company and the advisor doesn’t apear to be regulated for Transfer of pensions 

The transfer authorisation only applies to DB pensions.  Not DC pensions.      DC pensions are captured under the default permissions for regulated advice firms.

the company I’m advised to set up my new Pensions with are not helping me have confidence to commit to what seems like a good product  

Name that company and what the investments are.   

any one have any dealings with the above Firm or offer any advice

You are right to be on guard and what you have told us sounds potentially dodgy.   However, I will caveat that by saying that I am only responding to what you have said and how you have said it.  (just in case it hasn't happened the way you described and it is all legit)

[Deleted User]

Ignore anyone trying to sell “a good product”.  

“Better Financial Solutions” is a trading name for Millennial Wealth Ltd. Here is the website: https://www.betterfinancialsolutions.co.uk/

They look like vendors.  I also dislike companies with “wealth” in the name. Pandering to peoples weaknesses and luring clients who are flattered by being told they are wealthy. 

Linton

From a bit of research....

Millennial Wealth was a trading name of Better Retirement which was liquidated.  As was Pension Tracing Services.  Millennial Wealth Ltd is now a separate company and is regulated with both Millennial Wealth(From Oct 2019)  and Pensions Tracing Servies (from Feb 2022) as trading names.  So they are both the same company.

As you say they are explicitly not regulated for pension tansfer.

They also have a smart though somewhat uninformative website. It is not original - the text: 

"We firmly believe in the importance of working together to build rewarding relationships, and working closely with our clients enables us to help them fulfil and achieve their objectives." is also to be found on another advisor's website - Castle Wealth.

Did you contact them first or have they contacted you out of the blue?? If the latter I suggest that you have nothing to do with them.   Legitimate financial advisors do not cold call.  What services are they offering you?  Why do you want them?

[Deleted User]

Linton said:

From a bit of research....

They also have a smart though somewhat uninformative website. It is not original - the text: 

"We firmly believe in the importance of working together to build rewarding relationships, and working closely with our clients enables us to help them fulfil and achieve their objectives." is also to be found on another advisor's website - Castle Wealth.

Looks like there is a wealth of “believers” in copy pasting among “wealth management” companies. 

https://svwm.co.uk/our-approach/
https://www.facet-im.co.uk/about-us/
https://www.completeadviceservices.co.uk/clients.html

Shows they speak from the heart. 

LOL.

Linton

Deleted_User said:

Linton said:

From a bit of research....

They also have a smart though somewhat uninformative website. It is not original - the text: 

"We firmly believe in the importance of working together to build rewarding relationships, and working closely with our clients enables us to help them fulfil and achieve their objectives." is also to be found on another advisor's website - Castle Wealth.

Looks like there is a wealth of “believers” in copy pasting among “wealth management” companies. 

https://svwm.co.uk/our-approach/
https://www.facet-im.co.uk/about-us/
https://www.completeadviceservices.co.uk/clients.html

Shows they speak from the heart. 

LOL.

Or a web designer somewhere has established a lucrative low effort niche business.

dunstonh

Linton said:

Deleted_User said:

Linton said:

From a bit of research....

They also have a smart though somewhat uninformative website. It is not original - the text: 

"We firmly believe in the importance of working together to build rewarding relationships, and working closely with our clients enables us to help them fulfil and achieve their objectives." is also to be found on another advisor's website - Castle Wealth.

Looks like there is a wealth of “believers” in copy pasting among “wealth management” companies. 

https://svwm.co.uk/our-approach/
https://www.facet-im.co.uk/about-us/
https://www.completeadviceservices.co.uk/clients.html

Shows they speak from the heart. 

LOL.

Or a web designer somewhere has established a lucrative low effort niche business.

Financial websites have to be compliant.  The easiest way is to buy the website with pre-approved templates & text and there are a number of adviser website suppliers that offer that service.   The graphics differ but they are based on the same template which has been previously approved by their compliance company.

xylophone

Do nothing at all until you are completely sure of what you are doing.

i am 60 and my Pensions have finished there plans .

Please explain exactly what you mean by this.

What information have you received from your pension providers?

[Deleted User]

“The easiest way is to buy the website with pre-approved templates & text”.

Interested how their Copyright works though. “All rights reserved C@2022”.  

Malthusian

You can copyright a website even if a part of the whole is non-original. And there's no copyright problem with the copied text because the owner of the copyright of that segment (the web designer) has licensed it. You can't burn a load of pirate copies of Ice Ice Baby and say that the song is public domain because it copied the bassline of Under Pressure.
It is however pretty lazy. Doesn't take long to write your own "our values" bumph (any teenager can change a few words in a piece of copied text and re-order them to avoid a charge of plagiarising their homework).
Copied and pasted text is one of the hallmarks of a scam website in the world of finance. If it's not a red flag it's at least a yellow one. Not being a scam isn't an excuse to not make a minimal effort to not look a bit like one.

Clive_Farrer

Thank you all for your research I will Hold Fire untill i can be assured of my next move.