Paul_Shepherd

Has anyone on here heard of W1 investments? They are a company has has been in touch with me with regards to my UK private pension, From what I can gather this company deals with expats who have pensions still in the UK, but were frozen when they left the UK, (which I was advised to do) Anyway this company are looking to help reinvest these UK pensions to get the best possible return on them before retirement.

To be honest it is something I have been considering looking into as I have not done anything with my UK pension since I have lived in Canada, I am a long way off retirement (if at all LOL) but it would be nice to get a fresh look at what I have, and what pontential I have in the future for retirement, and make adjustments if necessary. I just wondered of anyone had heard of them and they are a trustworthy company. They look a pretty big established global organisation.

I don't seem to trust anything or anyone these days!

Thanks,

Paul.

Atlantic Xpat

I've been cold called through Linked In by these people. I declined to engage, given I don't like being cold called. Also, when you check out the LI profiles of the people that are calling you and see that their pension experience is limited to say the least its a bit of a red-flag. That being said there are some positive reviews on trustpilot.

W1 Investment Group

https://ca.trustpilot.com/review/w1investmentgroup.com

MidAtlantic

I know nothing about this company but, for background, Google QROPS and search for it here on BE also. Beware of excessive fees in any pension transfer.

Paul_Shepherd

Thankyou both for your feedback...i see other people have been contacted in this way too.

They kept sending me messages through Linked in..... I have been very busy with other stuff for a while so didn't have time to contact them.....then they cold called me at work! I am always very wary when companies do this....especially with the scams going on these days, however if it was a reputable company I was willing to give then a go as I really need to sort something with my pension, but didn't want to sign over any letter of aurhority until I have an idea of who I am dealing with.

I did look on Trust pilot....they had good reviews on there....but too be honest too good ..too good to be true! .... again trust pilot doesn't mean anything as its easy to fake. I am afraid I dont trust anything in the online world unless someone I know has personally said good things about them.

After reading the link to the other post on BE about this company, (thankyou Atlantic Xpat) its made me even more wary. I think I am going to avoid them, and try and find someone who has been recommended to me by someone I trust. I don't need any more financial bad luck at this time.

I really appreciate the feed back from you both. Thanks again.

Paul.

Siouxie

Good to see you back Paul!


If the advisors are so hard up for business that they need to cold call on LinkedIn I would steer well clear. Every one of the 'advisors' will get a referral fee for bringing in a new client, a percentage of your pension pot that is bought in for investment and a percentage every time they move your pension fund around. I've had dealings with shysters before, steer well clear of anyone cold calling!

If you really want to change things then do research on different companies in the UK (not in Gibraltar or th US or wherever) and go to THEM with an enquiry as to what they could offer you.. then compare.

I believe that there will be Qualified ROPS providers in Canada before too long.

Atlantic Xpat

That's my experience as well. I get LI messages & phone calls. W1 I think called me in December. I simply don't want to talk to anyone who cold calls on this subject. It got so bad I have a bit in my LI bio politely asking that expat pension advisers refrain from calling. Some still do!

Paul_Shepherd

Thankyou Siouxie!

My rule of thumb when I use a companies services whether it be construction work, plumbing, denstiry or work on my car is always through word of mouth, its just my method and for the most part has stood me in good stead....apart from cold calling coming accross as intrusve and aggressive, it also appears "hard up" as you say. There is also the online trust factor, I trust that less than cold calling, reviews online can be faked.

As you have said too Atlantic Xpat, I think cold calling puts people off even if they are a good reputable company, someone has stepped into your space and its put you off from the get go, i think most people feel the same,

I have contacted them anyway and said I no longer want to go any further with it.

Thanks for your input,

Paul.

Johnboyuk

Well, they are a bona fide company registered with Companies House. It looks like the current owners have been there since 2011. They also have a website. It looks like they specialize in real estate investment trusts. Looking at their accounts, their current assets are just over 26,000 GBP and that is without their comparitively large liabilities:

https://beta.companieshouse.gov.uk/company/07870990

Pulaski

I would never engage with a pension investment company that cold-called me. That said, IMO there is little if any benefit in moving otherwise frozen pensions from out of the protective cocoon of the British pension environment. Any possible financial benefit (which I am very septical about anyway) would be entirely offset by the increased risk of the investment manager going bust, looting the funds, or charging excessive fees.

Atlantic Xpat

Despite the note on my LI profile, I was, just now contact by another person from W1, Aside from the not wanting to trust my pension to a cold caller, the sheer laziness of not reading my profile properly or not having a CRM database that shows that they've already called me and I told them to bog off, is rather annoying. That alone would be a reason for not doing business with this crowd in my book.

Paul_Shepherd

Hmm....So they have cold called you a few times now....and it was probably likely that they ignored your note in your LI profile rather than didnt read it, they seem very ballsy. That puts me right off. I have already told them I am not interested based on the feed back I have had on here. I hate cold calling.

Pulaski

If you get contacted by financial sales people and want them to "go away", the correct wording to use is to tell them that "you do not want to be called, and if they do so again that you will file a complaint with their Compliance Officer".

If you ever need to make such a complaint, for calling when told not to, or any other matter of significant concern, such as incompetence, fraud, unauthorized activity, etc,, you can address a complaint to "The Compliance Officer" (you don't need the name, and arguably shouldn't use the name even if, hypothetically, you knew it) at the head office, or any other branch or location of the investment manager, insurance company, or bank.

All regulated financial service companies have a Compliance Officer, and complaints addressed to the Compliance Officer have to be filed securely and available for the regulator and auditor to review. Failure to respond appropriately to such a complaint is a serious matter, and any representative is not going to want a "black mark" on his file by being the subject of a complaint to his employer's Compliance Officer.

Siouxie

Having worked in the industry, I agree that contacting the Compliance Officer is the way to go!


I find it interesting that their UK company website (.co.uk) which is under a separate umbrella according to their Brussels website, lists that they are regulated by the FCA.. the UK side was opened after Qatar https://citywire.co.uk/wealth-manage...-firm/a1126300Yet the Brussels one ( .com) has nothing and I suspect that when you read the good reviews it refers to the UK company rather than the Belgium one.. I find it very strange that they don't list any regulatory body on the Brussels website despite saying they are 'regulated to give advice' and note that there's no mention of being regulated to give advice outside of Europe and the Middle East... nothing about Canada, for instance! I read on another forum that some of their "advisors" came over from, A company who are blocked on here, lol DV who were known for their cold calling..This bit is interesting... again, they are not regulated to give advice to those in the US, they rely on a 3rd party.My dear old Dad had some very sage advice.... "When in doubt, don't"

Atlantic Xpat

Reading the LI page for the individual that contacted me (via LI messaging this time, although his colleague who contacted me in November actually phoned), he is a "trainee" who is based in Brussels/Doha/London. All red flags I'm afraid. Interestingly, the approach was with reference to a particular former employer of mine - where the bulk of my final salary pension lies. The message read in part:"currently offering complimentary reviews to COMPANY UK pension members in Canada." and asks to schedule a telephone call. The earlier contract again referenced the particular company scheme I was in but was along the lines of "we'd like to update you on the latest pension developments in the UK", giving an impression that this is somehow an official or government sanctioned approach. More red flags.