EXPERIENCES WITH QUILTER CHEVIOT DISCRETIONARY WEALTH MAN'T SERVICES- WHETHER GOOD .. OR BAD

Fatinvestor

Does anybody on here have any dealings - whether good, or bad - with a large UK based firm of discretionary wealth managers called Quilter Cheviot? If so, I would like to discuss (if you want via private/ direct meesaging) some issues I and some other friends from the South East (and beyond) have had with them. This is a genuine query. Just really want to compare notes and recent experiences with fellow investors/ clients. 

Band7

Is it to do with your earlier thread? https://forums.moneysavingexpert.com/discussion/6359431/quilter-cheviot-wealth-management-or-lack-of/p1

Fatinvestor

Not necessarily to do with earlier thread. Just had more friends recently having had a bad experience and just wanting to evaluate whether they/we are just unlucky, or are dealing with a firm who may be woefully underperfoming. Seems to be hard to get transparency from investment firms and if things go bad they just tell you to wait for another 10 years. Not much help if your in your early 80's. 

dunstonh

Does anybody on here have any dealings - whether good, or bad - with a large UK based firm of discretionary wealth managers called Quilter Cheviot?

I am not a fan of DFMs.  They just add a layer of charges for no benefit.  The exception perhaps being for ESG investing, which does require extra work.

Seems to be hard to get transparency from investment firms and if things go bad they just tell you to wait for another 10 years.  Not much help if your in your early 80's. 

DFMs are not advisers.  So, what does your adviser say to you?
If you are in your 80s and your beneficiaries are not likely to remain invested, then derisking is probably more appropriate.

. Just had more friends recently having had a bad experience and just wanting to evaluate whether they/we are just unlucky, or are dealing with a firm who may be woefully underperfoming.

Underperforming relative to what?
The last 5 years have been very poor for investing. (mostly down to 2022 being one of the worst years for low risk investors for generations).

masonic

Their Discretionary Portfolio Service puts clients into actively managed funds with high charges. The majority of such funds across the industry would be expected to underperform, so it should come as no surprise if these funds have done so. If someone was considering investing in something like this today, there would likely be a consensus from regular posters that it was a bad idea and they should look for a lower cost option, or get proper individual advice via an Independent Financial Adviser for a similar cost given the amount involved. So I think you have probably come to the wrong place to find others who have used this service.

Unfortunately they don't disclose very much in their fund factsheets, so it isn't clear whether they are underperforming a suitable benchmark (they use a completely unsuitable benchmark in their factsheets), or if you are just seeing the effects of a poor period for most asset classes in general. But there are good reasons not to use them regardless of past performance.

Fatinvestor

dunstonh said:

Does anybody on here have any dealings - whether good, or bad - with a large UK based firm of discretionary wealth managers called Quilter Cheviot?

I am not a fan of DFMs.  They just add a layer of charges for no benefit.  The exception perhaps being for ESG investing, which does require extra work.

Seems to be hard to get transparency from investment firms and if things go bad they just tell you to wait for another 10 years.  Not much help if your in your early 80's. 

DFMs are not advisers.  So, what does your adviser say to you?
If you are in your 80s and your beneficiaries are not likely to remain invested, then derisking is probably more appropriate.

. Just had more friends recently having had a bad experience and just wanting to evaluate whether they/we are just unlucky, or are dealing with a firm who may be woefully underperfoming.

Underperforming relative to what?
The last 5 years have been very poor for investing. (mostly down to 2022 being one of the worst years for low risk investors for generations).

What is ESG investing? 

Underperforming relative to PIMFA benchmarks. For example last year our portfolios fell by 10% over and above the benchmarks used by Quliter. The firm's investments in general fell by 20% last year, but at least half of that was underperformance compared to their benchmarks. I already have about 20 of their clients in my WhatsApp Group, but thought there may be some MSE members who are with them. BTW none of them are low riskers. 

Albermarle

ESG means Environmental , Social and Governance. In English means ethical investing.

If you want to do this properly, rather than just paying lip service to it, then this could be a reason to use a DFM who specialises in this field.

As already said you probably will not get much direct feedback from this forum about Quilter, as most regular posters are managing their own investments, or maybe using an IFA.
This being an Money saving forum, paying high charges to these types of company, is not really on the regular agenda.

Fatinvestor

Yes, me and my friends now have most of our savings in long term fixed savings which these days is a good and safe place to be. 

DannyCarey

LOUD NOISES

GeoffTF

Fatinvestor said:

Underperforming relative to PIMFA benchmarks. For example last year our portfolios fell by 10% over and above the benchmarks used by Quliter. The firm's investments in general fell by 20% last year, but at least half of that was underperformance compared to their benchmarks. 

Investment performance is a matter of luck not skill. If you want to perform in line with a benchmark, buy tracker funds. You chose not to do that. You paid someone to roll the dice for you. They did not offer any guarantee to beat the benchmark, just the hope that they would. You have no cause for complaint when they did not.

dales1

GeoffTF said:

 If you want to perform in line with a benchmark, buy tracker funds.

... so save yourself your Quilter fees and either buy some popular tracker funds (eg VWRL or HSBC) or consult an IFA for independent advice.