Bad Financial advice

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Old Nov 22nd 2017, 8:06 am
  #1  
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Hi guys,

Looking for advice, I transferred my pension in 2015 with the ****** Group in Bangkok. Initially the transfer seemed great with the benefits heavily outweighing the drawbacks. The plan was to move my final salary pension into an offshore QROPS scheme in Malta in which they had forecast a 10% growth potential with no UK taxes to pay when I took my money. Since the transfer, my fund is down by 15% and I cannot get hold of the adviser that initially handled my affairs. A local financial adviser has told me that there may have been hidden charges involved in the transfer as my money may be invested into funds that pay high commissions to the financial adviser that handled things. Has anyone had a similar experience? If so does anyone have any advice (PLEASE NO FINANCIAL ADVISERS!)

Thanks.
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Old Nov 22nd 2017, 8:38 am
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Default Re: Bad Financial advice

Originally Posted by Ben McNamara View Post
Hi guys,

Looking for advice, I transferred my pension in 2015 with the ****** Group in Bangkok. Initially the transfer seemed great with the benefits heavily outweighing the drawbacks. The plan was to move my final salary pension into an offshore QROPS scheme in Malta in which they had forecast a 10% growth potential with no UK taxes to pay when I took my money. Since the transfer, my fund is down by 15% and I cannot get hold of the adviser that initially handled my affairs. A local financial adviser has told me that there may have been hidden charges involved in the transfer as my money may be invested into funds that pay high commissions to the financial adviser that handled things. Has anyone had a similar experience? If so does anyone have any advice (PLEASE NO FINANCIAL ADVISERS!)

Thanks.
Welcome Ben and sorry to hear of your plight. It's difficult to advise without knowing more details but the reason your fund is down so much may be to do with the actual investments made as well as any currency movements (sterling has had a particularly tough year). The first year is often front-loaded with commissions, not just by your adviser but even by some funds which they may have invested you in.

Personally speaking, I would only use a financial advisor who is regulated within the EU so there is some recourse if you need it.
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Old Nov 22nd 2017, 8:57 am
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Default Re: Bad Financial advice

Whether you will be able to recoup some of the 15% loss you describe is one topic you need to focus on. But, in my view, the most important topic is to manage your money in such a way that it won't happen again and that it can grow again to overcome the 15% loss. In order to do this you need to educate yourself such that you are not (solely) dependent on some financial advisor any longer. Or, at least, to be able to judge whether the advice given is sound, or simply BS.

Is your topic specifically related to Malaysia, or is this a general topic?
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Old Nov 23rd 2017, 2:47 am
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Default Re: Bad Financial advice

Hi Both,

Thanks for the advice, in terms of the transfer - My hand was forced in using an adviser because an FCA body was required to sign off the transfer (I couldn't do it myself), normally I would carry these things out personally.

I think it is quite evident that commissions have been taken on the back and front end however I now need to move to a more transparent platform where I have more control over my money.

The problem is specifically related to Malaysia as I now live here in KL and am looking for someone who I would be able to meet me locally to unravel the mess as it were.

The rest of my portfolio of investments are performing favorably however I am just worried about further negative performance on this offshore pension and would like some guidance or better yet for someone to handle the investment element of the pension.

I will be doing much more due diligence this time around.
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Old Nov 23rd 2017, 12:12 pm
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Default Re: Bad Financial advice

Originally Posted by Ben McNamara View Post
Hi Both,

Thanks for the advice, in terms of the transfer - My hand was forced in using an adviser because an FCA body was required to sign off the transfer (I couldn't do it myself), normally I would carry these things out personally.

I think it is quite evident that commissions have been taken on the back and front end however I now need to move to a more transparent platform where I have more control over my money.

The problem is specifically related to Malaysia as I now live here in KL and am looking for someone who I would be able to meet me locally to unravel the mess as it were.

The rest of my portfolio of investments are performing favorably however I am just worried about further negative performance on this offshore pension and would like some guidance or better yet for someone to handle the investment element of the pension.

I will be doing much more due diligence this time around.
PM me your email and I will pass you the email address of the guy I have used for the last 10 years. He lives in KL so you can meet him in person, and see what you think.
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