Clover Legacies -- "free" seminar on estate planning etc

Chillierabbit77
Chillierabbit77 Posts: 19 Forumite
edited 23 August 2018 at 5:39PM in Pensions, annuities & retirement planning
Clover Legacies "free" seminar on estate planning etc

Has anyone any experience of this company who offer a "free" 90min seminars covering a range of topics associated with wills, care-home fees, LPA's inheritance tax avoidance etc?
Every participant is eligible for free in-home consultation for which there is "never any obligation from us". Which is sounding an alarm to me!
Especially with the situation on another thread on here about Universal Asset Protection and also another company that seems to work in the same way from a marketing point of view called Folium Consulting (they also have a thread on here.
None of these companies seem to be regulated or have solicitors working for them.
My father is booked onto a "free seminar" and I am concerned that this way of selling to customers reminds me of timeshare!

Any thoughts?

would you use this kind of company? 34 votes

YES
0% 0 votes
NO
100% 34 votes
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Comments

  • dunstonh
    dunstonh Posts: 116,363 Forumite
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    Seminars are a sales method used by companies knowing that they will get a certain number in the room to sign up to their service.

    I know someone that ran seminars and signed up small numbers but charged them an absolute fortune.
    My father is booked onto a "free seminar" and I am concerned that this way of selling to customers reminds me of timeshare!

    Of course it is. Its not out of love. Seminars are a sales process.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • Marcon
    Marcon Posts: 10,669 Forumite
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    Either find him something more attractive to do on the day of the seminar, or if he can't be dissuaded, could you go with him?

    As the post above says, it is a sales process masquerading as 'free education'.
    Googling on your question might have been both quicker and easier, if you're only after simple facts rather than opinions!  
  • Dox
    Dox Posts: 3,116 Forumite
    First Anniversary Name Dropper First Post
    Chillierabbit77 wrote: »
    I am trying to get him to see sense. But as I am sure you can appreciate he's very stubborn and insists on going along, as the promise of finding out how to avoiding care home fees and getting away with not paying inheritance tax (his words after having a leaflet put through his door) seems too good an opportunity to pass up if all of the info is free. My opinion is there's no such thing as free and as far as I'm aware you cant genuinely and legally avoid those two things? Although I'm not a professional so not sure now if you can?

    In some cases you can avoid/reduce these two things, although it requires quite a bit of dinky (and therefore fee-rich) planning, not to mention crossed fingers and a willingness to give up control of certain of your assets. Some of the routes suggested have yet to be tested in the courts - there certainly isn't a handy one size fits all, guaranteed to work solution of everyone would be doing it....and the law would then be changed if they did.
  • Chillierabbit77
    Chillierabbit77 Posts: 19 Forumite
    So looks like a sales pitch with potentially empty promises then. Thank you for all of your help. I have looked at this company at companies house and it would appear that it has only been established a few months ago. this is also worrying but they have a good looking website. Not that this makes any company any less likely to be ripping old people off. I remember looking into Universal Asset Protection at the time of their "how to avoid care fees" free seminar and their website looked very legitimate and professional! Thank you once again.
  • JoeEngland
    JoeEngland Posts: 445 Forumite
    First Anniversary First Post
    Chillierabbit77 wrote: »
    Clover Legacies Ltd "free" seminar on estate planning etc

    Has anyone any experience of this company who offer a "free" 90min seminars covering a range of topics associated with wills, care-home fees, LPA's inheritance tax avoidance etc?
    Every participant is eligible for free in-home consultation for which there is "never any obligation from us". Which is sounding an alarm to me!
    Especially with the situation on another thread on here about Universal Asset Protection and also another company that seems to work in the same way from a marketing point of view called Folium Consulting (they also have a thread on here.
    None of these companies seem to be regulated or have solicitors working for them.
    My father is booked onto a "free seminar" and I am concerned that this way of selling to customers reminds me of timeshare!

    Any thoughts?

    A company offering "free" seminars and "no obligation" in-home consultations to older people sounds like an outfit to avoid.
  • Alexland
    Alexland Posts: 9,653 Forumite
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    Avoid like the plague - you sound clued up so hopefully you can help your father. The biggest challenge is getting the message across in a way he will accept.
  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
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    Get him to listen to the BBC programme on universal (I think it's the Money Programme) and point out this company is doing the same sort of thing and he'll likely end up being defrauded or ripped off and you andnd any other siblings will end up ina worse position. If he wants to do something the. Visita solicitor.
  • Bimbly
    Bimbly Posts: 483 Forumite
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    AnotherJoe wrote: »
    Get him to listen to the BBC programme on universal (I think it's the Money Programme) .
    It's MoneyBox. First item in this programme:
    https://www.bbc.co.uk/programmes/b0b1hww2
  • Chillierabbit77
    Chillierabbit77 Posts: 19 Forumite
    Thank you ever so much, I will get my Father to have a listen to the BBC MoneyBox report, up until now all Ive heard is snippets of this report. I have just had a listen to the full episode and I'm absolutely shocked! I cant believe that there are companies out there getting away with this sort of stuff!
    Although I feel like they have been getting away with what can only be described as theft from old people! Disgraceful behaviour.
    I really hope that Clover Legacies are not run by the same people that have been involved in any of this kind of thing.
    Going to do some more research to see if there are any directors that are associated with Universal Asset Protection or Folium Consulting LLP. On a separate question why would a company like this be an LLP instead of a regulated firm?
    Thank's once again to all that have had input.
  • bowlhead99
    bowlhead99 Posts: 12,295 Forumite
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    Chillierabbit77 wrote: »
    On a separate question why would a company like this be an LLP instead of a regulated firm?

    An LLP is simply a type of business entity, and has nothing to do with whether it is regulated. It is a limited liability partnership, which when structuring your business gives you some of the advantages of being a limited company and some of the advantages of being a partnership. Large numbers of regulated firms are LLPs (including investment managers, law firms, accounting firms etc) as the structure suits their partners /owners.

    However the fact that some LLPs are regulated does not imply they all are, and the fact that some Ltds and LPs and LLPs and plcs are not regulated does not mean others aren't. Companies House (where you register your company/ LLP) is entirely separate from the FCA who regulate financial advisors and wealth managers, the law society who oversee solicitors etc.

    You don't need to be FCA regulated to give a presentation on what you think the laws are around tax planning. Still, if you are getting any kind of advice or buying a financial product, make sure you are using legit regulated firms with regulatory permissions for advice and arranging investments or whatever it is they're doing for you.
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