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  • FIRST POST
    • Dsp911
    • By Dsp911 14th May 18, 9:45 PM
    • 1Posts
    • 1Thanks
    Dsp911
    Evestor - any thoughts ?
    • #1
    • 14th May 18, 9:45 PM
    Evestor - any thoughts ? 14th May 18 at 9:45 PM
    Hello all,

    Anyone used Evestor or any similar platforms that they could recommend? Money investment will be modest but looking at the Financial Indepedence community, they all scream the need to invest in an index...

    Thanks in advance,

    DP
Page 1
    • Davejw
    • By Davejw 27th Jun 18, 2:39 PM
    • 2 Posts
    • 0 Thanks
    Davejw
    • #2
    • 27th Jun 18, 2:39 PM
    • #2
    • 27th Jun 18, 2:39 PM
    Hi dp am currently using evestor, impressed with there service so far. Though to early yet s regards returns.
    • soulsaver
    • By soulsaver 27th Jun 18, 3:07 PM
    • 1,758 Posts
    • 716 Thanks
    soulsaver
    • #3
    • 27th Jun 18, 3:07 PM
    • #3
    • 27th Jun 18, 3:07 PM
    Ask what is the process for a with drawal. This is the reply I got:

    We would have to ask for original or certified copies of bank details and ID as explained in the attached document* as we do not have your bank details on file. It would then take 5 workings days from the day a withdrawal feed is sent to sell down your funds and a further five to make electronic payment to your bank.

    * " Identity: > Valid passport; > Valid driving license; > National identity card; > Firearms certificate or shotgun license; or > Identity card issued by the Electoral Office for NI.

    Residency > Utility bill dated within 3 months (not a mobile phone bill); > Bank statement dated within last 3 months from UK regulated Bank/Building Society; > Evidence of state or local authority funded benefit (including housing benefit and council tax benefit), tax credit, pension, educational or other grant dated within last 6 months; > Instrument of a court appointment (such as liquidator or grant of probate); or > Current council tax bill, demand letter or statement.

    Documents should either be originals or certified copies. Where possible, request certified copies as there is a higher risk for us handling original documents. To certify documents, the customer must ask a professional person such as:
    > bank or building society official; > medical professional such as GP, dentist or registered nurse; > chartered accountant; > solicitor or notary; or > teacher or lecturer.

    The person shouldn!!!8217;t be: > related to the customer; > living at the same address as the customer; or > in a relationship with the customer.

    The customer must take the photocopied document and the original and ask the person to certify the copy by:
    > writing 'Certified to be a true copy of the original seen by me.' on the document; > signing and dating it; > printing their name under the signature; and > adding their occupation, address and telephone number, and where applicable professional registration number. "

    My emphasis but their words verbatim. No phone number I can find on their site for clarification. On their described process it could take weeks to sell your investment and get your funds back."

    If you find this out after subscribing you feel like you've been scammed...
    Last edited by soulsaver; 27-06-2018 at 3:12 PM.
    • bowlhead99
    • By bowlhead99 27th Jun 18, 3:59 PM
    • 8,084 Posts
    • 14,738 Thanks
    bowlhead99
    • #4
    • 27th Jun 18, 3:59 PM
    • #4
    • 27th Jun 18, 3:59 PM
    I think when that provider was mentioned before I had a quick look and didn't like the somewhat disingenuous way they portrayed their fees of about half a percent s being so much cheaper than investing with an 'average' adviser costing over 2.5%. That's not really the going rate for a simple multi asset solution built on index funds without tailored advice.

    Still, the personal identification requirements are reasonably "normal". Some providers have moved to doing more automated/ electronic checks but needing to provide paperwork to prove who you are isn't too strange for an investment firm. If you don't do it up front you will need to do it at some point before they let you withdraw; they can't just let any old unidentified customer just dump money into the accounts, invest it for a bit and take it back nice and clean...
    • soulsaver
    • By soulsaver 27th Jun 18, 4:17 PM
    • 1,758 Posts
    • 716 Thanks
    soulsaver
    • #5
    • 27th Jun 18, 4:17 PM
    • #5
    • 27th Jun 18, 4:17 PM
    I think when that provider was mentioned before I had a quick look and didn't like the somewhat disingenuous way they portrayed their fees of about half a percent s being so much cheaper than investing with an 'average' adviser costing over 2.5%. That's not really the going rate for a simple multi asset solution built on index funds without tailored advice.

    Still, the personal identification requirements are reasonably "normal". Some providers have moved to doing more automated/ electronic checks but needing to provide paperwork to prove who you are isn't too strange for an investment firm. If you don't do it up front you will need to do it at some point before they let you withdraw; they can't just let any old unidentified customer just dump money into the accounts, invest it for a bit and take it back nice and clean...
    Originally posted by bowlhead99
    I agree the ID stuff is standard, albeit their process is behind the times: I've not had to produce certie'd documents in YEARS.

    However I wasn't just 'on' that: The way they have worded the reply implies that they wouldn't initiate the sell without the ID stuff, which could take days if not weeks. And then add to that I can't find a telephone number to clarify if that's exactly what they meant.

    And I'm unimpressed with 5 working days to transfer funds out.

    So you can pay in by debit card in seconds... but change your mind and it'll take maybe 3 weeks, even with your finger out, to get it back... at least two of which you'd be in the market against your choice.
    Last edited by soulsaver; 27-06-2018 at 4:20 PM.
    • poppy10
    • By poppy10 27th Jun 18, 9:10 PM
    • 5,969 Posts
    • 7,214 Thanks
    poppy10
    • #6
    • 27th Jun 18, 9:10 PM
    • #6
    • 27th Jun 18, 9:10 PM
    Seems very expensive for what they offer. High platform charge for basically just robo-allocating you to a broad risk status and offering you a set portfolio of funds.
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