Investment Bonds

pants04

eskbanker said:

pants04 said:

So....I am now waiting for the FA from St James Place  to contact me regarding my investment bonds. They are aware that I will want to cash in my IB and they don't seem to get back to me very quickly.

pants04 said:

The FA has been furnished with contact details for all 10 beneficiaries, but we are yet to hear. [...] At the moment my initial stumbling block is that none of us have even been contacted yet.

Are you actively chasing SJP for answers?

So I have tried requesting SJP to contact me via their online contacted form, and I have called on a few occasions. I will start again on Monday morning!

poseidon1

pants04 said:

eskbanker said:

pants04 said:

So....I am now waiting for the FA from St James Place  to contact me regarding my investment bonds. They are aware that I will want to cash in my IB and they don't seem to get back to me very quickly.

pants04 said:

The FA has been furnished with contact details for all 10 beneficiaries, but we are yet to hear. [...] At the moment my initial stumbling block is that none of us have even been contacted yet.

Are you actively chasing SJP for answers?

So I have tried requesting SJP to contact me via their online contacted form, and I have called on a few occasions. I will start again on Monday morning!

It would help if you are not a lone voice and the other 9 beneficiaries were similarly pushing for updates and action.

However, since the executor of the deceased estate has to execute the assignment deeds, and ultimately account to the beneficiaries, may also make sense for you all to collectively see if the executor maybe a possible reason for the delays if the assignment deeds are still sitting with them.

In the meantime you may collectively also want to check where the underlying bond funds are invested. If still largely exposed to equities you may all wish to transfer to safer ( cash?) funds to lock in current gains and avoid adverse market movements prior to encashment.

dunstonh

The FA has been furnished with contact details for all 10 beneficiaries, but we are yet to hear. As I presume he is a professional in this business, i would assume that it is something that he has done before and therefore knows the process. Whilst I wish to sell my share (and most of the other beneficiaries also do) i understand that there may be various processes to complete. At the moment my initial stumbling block is that none of us have even been contacted yet.

The local sales agent may well charge for doing that as its a fair bit of work.   Whereas doing it via their service centre will likely be free of charge.

pants04

dunstonh said:

The FA has been furnished with contact details for all 10 beneficiaries, but we are yet to hear. As I presume he is a professional in this business, i would assume that it is something that he has done before and therefore knows the process. Whilst I wish to sell my share (and most of the other beneficiaries also do) i understand that there may be various processes to complete. At the moment my initial stumbling block is that none of us have even been contacted yet.

The local sales agent may well charge for doing that as its a fair bit of work.   Whereas doing it via their service centre will likely be free of charge.

I wouldnt even know where to start with that.  All I really know is that the investment is going to be split 10 ways and that the FA from SJP is going to contact all those beneficiaries over 18 to ask if they wish to cash in or retain the investment.  At the moment we haven't even been contacted!

pants04

Me again....
What is a reasonable timeline after the FA has made contact? Should I expect a weekly update or should I be provided with a timeline how long a process should take?

dunstonh

pants04 said:

Me again....
What is a reasonable timeline after the FA has made contact? Should I expect a weekly update or should I be provided with a timeline how long a process should take?

The lead up to the budget means most FAs and IFAs are running way behind.      For example, I am pretty much filled up until January.  Most other IFAs I know are similar.

FAs are sales reps, and this job isn't going to pay them anything unless a fee is charged.  It could be around 60-70 hours of work, potentially.    So, you are either going to be at the bottom of a queue or they can't fit in the workload easily.  Only they can answer that.