Folium Consulting -- "free" seminar on estate planning etc

Has anyone any experience of this company who offer free 90min seminars covering a range of topics associated with wills, care-home fees, probate etc?

Every participant is eligible for free in-home consultation for which there is "never any obligation from us".... which is sounding a little warning bell in my head.

Any thoughts?
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  • bigfreddiel
    bigfreddiel Posts: 4,263 Forumite
    bocaboca wrote: »
    Has anyone any experience of this company who offer free 90min seminars covering a range of topics associated with wills, care-home fees, probate etc?

    Every participant is eligible for free in-home consultation for which there is "never any obligation from us".... which is sounding a little warning bell in my head.

    Any thoughts?

    What did you find when you googled it and checked the FCA website?
  • dunstonh
    dunstonh Posts: 116,040
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    Free seminars are offered with the aim of getting a couple of people hooked at that point. Usually they come with a "act now and get something free or reduced" to help entice you further. That quite rightly should set alarm bells going.

    A lot of these seminars are held by unregulated individuals who have limited qualifications. I have come across a number over the years and they usually try to find ways to part you with your money when there is no need to. I have also had a run in with a couple who were giving out totally wrong info. So, its fair to say I am not impressed with the unregulated lot doing this. So, always make sure they are regulated. Either financial or legal.
    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.
  • jamesd
    jamesd Posts: 26,103
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    In essence it's just like timeshare sales. Completely legitimate. Except that you may be pressured into making a poor choice. No idea how this particular firm do things, just describing the potential risk that is there. It could be something as simple as uncommonly high charges for a service that you genuinely need, delivered perfectly, just at that too high price.

    It's easy enough to ask questions here and get good answers or a recommendation to contact a regulated professional because the amounts or situation are sufficiently uncommon that those here don't have the knowledge to answer.
  • dunstonh
    dunstonh Posts: 116,040
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    In essence it's just like timeshare sales. Completely legitimate. Except that you may be pressured into making a poor choice. No idea how this particular firm do things, just describing the potential risk that is there. It could be something as simple as uncommonly high charges for a service that you genuinely need, delivered perfectly, just at that too high price.

    That is exactly it. I have seen people who got their Wills written by them and in the Will, it named the same people as executors who then took 2 or 3% of the estate value on death. This involved very simple estates with very little admin but perhaps high value resulting in extremely high fees.
    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.
  • dfh4
    dfh4 Posts: 9
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    edited 14 November 2016 at 5:10PM
    Received leaflet in post this morning stating that seminars are due to be held at Mercure Hotel, Foot of Box Hill, Old London Road, Dorking, Surrey, RH5 6BX on Wednesday 7th December, 2016 at 10am, 2pm and 7pm.
    When I contacted them on the published phone number 0800 240 4714 they were able to give me very little information on what qualifications their advisers hold and what financial protection is in place for any subsequent advice or recommendations given.
    The only person I could find with known qualifications is Mr Phillip Atherton who is a registered chartered tax adviser.
    Would appreciate any feedback, particularly if you attended one of these seminars, as I have concerns that the leaflet is designed to attract older people who may not be financially articulate, and it even pictures an elderly happy couple as a large header.
    The company is shown as an LLP (Limited Liability Partnership) in LinkedIn.
    Many thanks.
  • dunstonh
    dunstonh Posts: 116,040
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    There is no company called Folium on the FCA register. This means they are not financial advisers or regulated investment advisers and cannot lawfully recommend or promote regulated investments in the UK.

    There will also be no FSCS protection or any other regulatory protection as they are not regulated.

    That said, what they do, according to their website, is not financial advice or anything to do with regulated investments. So, as long as they don't enter into investment advice/financial advice then they are doing nothing wrong.
    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.
  • dfh4
    dfh4 Posts: 9
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    What did you find when you googled it and checked the FCA website?

    Having been on the phone to the FCA for 40 minutes, where they looked in to their website, they have told me that the company does not hold any registration with them.
  • dfh4
    dfh4 Posts: 9
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    Quote from website: 'Folium aim to help clients protect themselves from the minefield surrounding the passing on of their family estates whilst also ensuring that they have piece of mind should anything untoward happen earlier in life'.
    Considering this company Folium Consulting is providing seminars and follow-up home visits by people, which I have discovered may not be either professionally qualified or regulated, must surely raise questions.
    If this company is only acting as a form of introducer service, why is this not clearly stated in any material I have found?
    More importantly, what protection and redress is there for anyone who uses their services? Obviously NOT the FCA.
  • dunstonh
    dunstonh Posts: 116,040
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    If this company is only acting as a form of introducer service, why is this not clearly stated in any material I have found?
    #

    I have only looked at their website and there is nothing on it that requires them to be FCA regulated. If they do have hand-offs then they are not required to be regulated as introducers if it is not their main business.
    More importantly, what protection and redress is there for anyone who uses their services? Obviously NOT the FCA.

    Trading standards support and courts. Some areas could fall under the Law Society but mostly what they do is offered by people who read a book at the weekend and go on a few days course on how to sell it. My experience of this type of service is that they look to name themselves as executors and take x% of the estate as a fee.
    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.
  • Folium Consulting do not appoint themselves as executors or trustees on wills or trusts.
    The writer is correct that some other firms do.
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