Dear Richard,
Nearly 30 years ago, I put what little money I had in the hands of a financial adviser with a high-street bank. When he set up on his own, I went with him. He was kind and helpful, and I thought we were friends. More recently, I unexpectedly inherited a generous legacy, so I would think I’m a worthwhile client.
Last year was a pretty bad one for me: two relatives died and I got cancer. In the middle of this, I had a call to say my business had been transferred to another agency: no explanation, no apology. I was very hurt and angry to be treated so rudely. Ever since, I have been trying to find out what happened. My adviser may have retired; maybe he suffered in the pandemic. But his contact details no longer work, and his successor, a small agency, has been no help at all. A curt letter advising me of the handover was finally sent to me in December.
Normally if someone treated me like that, I would take my custom elsewhere, but they are very high-performing and there is such a thing as cutting off your nose to spite your face – plus I wouldn’t know where else to go. But the trust is gone. A friend suggested I write, but to whom, and what do I say? What should I do?
– Heather, via email
Dear Heather,
I’m not an investment specialist, so I have limited knowledge in this field. However, having carefully read your letter, it’s obvious to me what you should do – consult a solicitor.
Your concerned letters to the agency are either being ignored or yielding the most brusque of replies, and this is totally unacceptable – it is your money they are holding, with no consultation or acquiescence on your part. Not on.
A lawyer’s letter should shake them up. Take your solicitor’s advice, but I would certainly want prompt answers to the following: how did this firm come to be given responsibility for your investments, with no reference to you? What exactly are they doing with your money? What has happened to your former financial adviser?
I take the point about noses and faces, but if your investments are doing well, it’s surely your previous adviser you have to thank: you could presumably retain the investments pretty straightforwardly if you transferred to someone new. We’re talking about a tightly regulated industry that runs on trust: this company needs to respond properly to your enquiries. If they haven’t, then pass the matter into professional hands. You will be relieved of a great deal of anxiety. Good luck.
