I,m loosing money--help

purch

you may not have lost any money on the investment itself, just the initial charge to put the funds into it

:rolleyes: Typical Financial Advice SPIN :rolleyes:

'You havn't really lost any money.....it's just the charges for our c@a# advice'

keep your money in

....cos if you don't the 'advisor' might not get all his commission !!!!

Bankgal

I don't work for Halifax and am not an FA, I work for a different bank and am just giving my opinion...

dunstonh

....cos if you don't the 'advisor' might not get all his commission !!!!

If its a bank then they have already had their commission. They dont get any more.

Fergie73

Halifax is really bad for this. I took money out of a fund last year because I knew I would need the money this year, and expected the stock market (and commercial property, which it was also in) to not do that well. Stuck it in the Halifax, and every time I went in they tried to keep selling me their products. Eventually, despite me telling them I didn't want it in any kind of investment product that could go down, one of their FAs managed to sell me an stocks ISA and put me into the cautious managed fund

As soon as I came out of there I was kicking myself, and cancelled the main fund as soon as the cancellation form came through (losing money in the process).

The worst thing they do it make you feel stupid why on earth would you settle for 5.75 in a savings account when this managed fund will make you 7%? Of course, the 7% is not guaranteed - it can go down, but they don't admit this, just give promises of 7% and make statements like it's a great time to buy because the stock market's just fallen even knowing it could well fall lower still.

Not to be trusted but then, in my experience, the IFA wasn't any better.

pennine

My Halifax shares isa has dropped by 4k over the last couple of weeks. Makes you wonder if the fund is being managed by monkeys. :mad:

purch

Makes you wonder if the fund is being managed by monkeys

...bunch of idiots !!! They should only have bought the shares that are going up at the moment :T

dunstonh

pennine wrote: »

My Halifax shares isa has dropped by 4k over the last couple of weeks. Makes you wonder if the fund is being managed by monkeys. :mad:

In November last year the FSA introduced a new rule for financial advisers that means advisers have to consider the IQ of the investor when deciding how to invest their money.

I'm guessing you invested before November.

pennine

Meaning what exactly !!

steve_IOW

pennine wrote: »

My Halifax shares isa has dropped by 4k over the last couple of weeks. Makes you wonder if the fund is being managed by monkeys. :mad:

I don't think it matters regarding who's managing your money at the present time, as markets have lost about 10% since xmas;)
I'm down 3K on 30K invested :-(

Aegis

pennine wrote: »

Meaning what exactly !!

They're basically saying that right now, in these conditions, almost every managed fund, share and index tracker has plummeted in value due to the upheaval that's just happened worldwide. There is absolutely no way any managed fund you can invest in in this country would have come away without damage, and the managers who have had to deal with it are therefore in one of the most difficult times they're ever likely to see. It would appear, therefore, to be a little harsh to refer to your fund as "managed by monkeys" when the FTSE itself has fallen nearly 20% in the last month and your managers have fallen with it.

Unless of course you have about 7k in there and they've managed to make it fall by 4k... THAT would be pretty special.

However, to come back to the point at hand: it's not your fund managers' faults that the fund has dropped in value. They don't control the world markets and attitudes. If you're going to insult them, insult them for a good reason, like being a bank product in an investment world (i.e. almost invariably terrible compared to like-for-like asset management company products)