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Dumped by my UK Financial Advisor ......


pagan1

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Anyone else having this problem ???

As part of my planning to move to Thailand I chose a Financial Advisor to combine and run my pensions. For 4 years they have done a good job, made me some money  and I had no complaints. Then in January and with no prior notice they terminated my relationship with them. To say I was Pi$$$$$ was an understatement and their failure to provide a valid reason for their action only made me more annoyed. I have obviously raised a complaint against the company however my initial thought was 'What the hell do I do now ?'

The funds are held separate to my  Financial advisor with a third party (Standard Life) . Having received an email from Standard Life confirming my FA had dumped me I gave them a call.  As with most companies these days the call system is ''automated to benefit our customers'' (ie kept on hold for ages as their agents were busy !!) however when I did get through the guy I spoke with was excellent. He explained what would happen and answered all my questions really well. Towards the end of the conversation we spoke about his previous / future trips to Thailand and when the borders will open etc. During this less formal conversation he also mentioned that he had dealt wit other overseas customers whose FA had dropped them in recent weeks.

My question is have other TV members been faced with this situation ?  I know some UK banks have made problems for overseas customers following Brexit.  Are UK Financial advisors following a similar path ??

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Received this from a UK Finance guy a while back .....

 

"As a Financial Adviser based in the UK we have to follow strict guidelines set out by the Financial Conduct Authority.

Unfortunately we will be unable to assist you will your request as you are a resident outside the UK.

 

If you would like Financial Advice for your pension you will need to contact your pension provider directly or an Independent Financial Adviser in the country you reside in."

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This became a problem with some Financial Advisors in the U.S. a while back.  Maybe all of them.  We solved the problem by establishing a Power of Attorney with our U.S. Attorney and funneling all correspondence, emails and phone calls with our FA thru him.

 

I'd stay away from allowing any IFA in Thailand, especially an expat, to manage your money.  They aren't regulated.  If they say they are regulated by an authority overseas, that authority doesn't care what happens when they're operating overseas with an overseas client.  The Thai authorities don't care what goes on between expat IFAs and their expat clients, either.

 

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1 hour ago, NancyL said:

This became a problem with some Financial Advisors in the U.S. a while back.  Maybe all of them.  We solved the problem by establishing a Power of Attorney with our U.S. Attorney and funneling all correspondence, emails and phone calls with our FA thru him.

 

I'd stay away from allowing any IFA in Thailand, especially an expat, to manage your money.  They aren't regulated.  If they say they are regulated by an authority overseas, that authority doesn't care what happens when they're operating overseas with an overseas client.  The Thai authorities don't care what goes on between expat IFAs and their expat clients, either.

 

 

Thanks NancyL and agree. Fortunately I can run it myself with the Third party that holds all the funds. However I am P***** that having paid the up front fee they have dumped me four years later !!!

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2 minutes ago, pagan1 said:

 

Thanks NancyL and agree. Fortunately I can run it myself with the Third party that holds all the funds. However I am P***** that having paid the up front fee they have dumped me four years later !!!

Ask for a refund of the unused portion of your management fee.

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My experience (and this is a few years ago now):  I used an IFA to consolidate my existing pensions in a QROPS in Guernsey, with the investments held by Transact.  I paid a few thousand pounds up front for this.

 

I then got notification from Transact that their (already fairly substantial) annual management charges were going to double because I no longer had a financial adviser.

 

So, despite having worked with the same IFA for more than a decade previously, sorting out personal and family financial matters, and having spent rather a lot of money with them, they dumped me unceremoniously, without the courtesy of even letting me know.

 

Impossible to find a replacement IFA to attach to the account.  Thankfully, Guernsey QROPS became derecognised as QROPS by HMRC and I was able fully to cash in my pension pot and move the proceeds into my regular investment accounts.  I was very fortunate.  The cashing in cost me a few thousand pounds, but this was recouped in fees saved within a couple of years.

 

The whole regime of financial advice for expats is rotten.

 

 

 

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On 2/2/2021 at 2:11 PM, pagan1 said:

 

Thanks NancyL and agree. Fortunately I can run it myself with the Third party that holds all the funds. However I am P***** that having paid the up front fee they have dumped me four years later !!!

I've found Standard Life very easy to deal with, and always directly for many years. Merged a couple of AVC/stakeholder pensions to the SL plan, all very easy.

The only time I used a financial adviser was to consult on whether I should transfer an occupational pension to a private arrangement. He gave me the correct advice and I left it where it was!

But I made sure I was not in Thailand more than 180 days, When I left my last employment at 55 and took a couple of my pensions. I just made sure I avoided any such issues 🙂

I'll be glued to the detail of the 3rd of March Budget, as the Treasury are so hungry for Money to offset the covid spending.....

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