A Simple Mistake That Cost Me Thousands in Home Buying Benefits

Sounds like my wife’s ex financial planner. I warned her after meeting him once before she gave him her money but she trusted him because her dad uses him (btw her dad has less than 1% of his net worth with this guy). Took me five years of doing yearly reviews with her to finally pull the money and put in index funds.

They put her in an annuity, impossible to liquidate private reits and my favorite was summer of 2020 after qe was in full force they put a third of her money in bonds. The underperformance was insane. Had it just been 10% worse than an index fund I’d be so happy.

I’ve had initial chats with two, and met two at parties. No horror stories, but all four left me certain that I wouldn’t trust them with a penny of my money. The two I met socially gave me the strong impression they had no idea what they were doing and just parroted dubious soundbites like “you’ll never lose money in property” or “you can’t go wrong with bonds”.

One had been in agriculture before getting a job at his father-in-law’s advisory firm.

I tried to chat to them about more complex post-recession low-interest rate stuff and they kinda changed the subject and just went back to soundbites. The two I actually spoke to about getting advice, one didn’t know how to deal with crypto and promptly ghosted me, the other also appeared to lose interest once it was clear I wasn’t just gonna buy life insurance and commission products. All four did the 1980s sales-y bullshit like using my first name constantly (one of them calling me by the wrong name over and over).

So (while I know every industry has its bad apples), my own personal experience has been that 4 out of 4 had strong scammy used car salesman / estate agent vibes. So basically, they’re the last people I’d hand over money to.I manage my ~£0.5m portfolio myself.

My partner put 50k into investments via a well known financial services company during Covid and saw a decent profit (unexpectedly quick, but that’s Covid I guess). We have only seen shrinkage since then.

I put about 100k down about 2 years ago, it has only dropped since. My FA has never spoken to me, in fact he moved off my account without telling me, and the new advisor didn’t even intro themselves. When me and my partner tried to get time to speak to the new person it took weeks.

When we eventually got them on a call they were fine but didn’t give us much concrete, there were follow ups to be done, the FA has not followed up in 3 weeks. I emailed a week ago asking for a date for these, no response. Is this normal for FAs? In my industry I would be fired immediately by my clients for this level of service (specifically talking about the service not the profit on the investments as I’m aware that’s a long game).

Are all FAs generally incredibly slow and hard to reach? I ask as this person belongs to a large reputable firm. This far they have taken my money and charged me fees despite my investment never generating profit and never speaking to me either. While my wife has had slightly (she has spoken to the advisor once before I invested) better service, and had profit a while ago, the service is so poor.