If somebody is paying for a financial adviser, they should expect that their adviser will be there to help and support them when it is needed, and also that they are getting some value for the money they are paying.
We look at a recent case where a client reached out to their adviser for help, which wasn’t forthcoming, and it then came to light that they had been paying for an ongoing service for 10 years but had received no advice or service during that period.
Our client is a lady in her 80s who was referred to Chase de Vere by one of our existing clients.
She had spoken with her friends as she didn’t know what to do with her finances. Her husband from her second marriage had passed away and she had three stepchildren.
The husband’s share of the house was left to the stepchildren, and she retained her share of the house. However, the children didn’t want the house and wanted the cash instead.
The client had investments worth £450,000 with another adviser firm. She needed to release £200,000 to pay the stepchildren for their share of the house. She contacted her adviser to access the £200,000, but no-one there offered her any advice or assistance, they just sent her the forms for her to complete and return.
We then met with the client and went through the paperwork with her. She was unaware that she was paying an ongoing advice fee every year, even though she hadn’t received any reviews or advice in 10 years.
The client decided to move to Chase de Vere because of the lack of service she was getting from her existing adviser and because she trusted her friend’s judgement when she recommended Chase de Vere. Unlike her previous adviser, we are now meeting with the client regularly and making sure that everything is properly explained to her.
The above is for information only and does not constitute individual financial advice.