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Sign up with GoogleWhat to do when financial advisor invests in a completely different product
- Thread starter krycor
- Start date
qwertydudeza
Senior Member
- Joined
- Mar 20, 2012
- Messages
- 514
FSB - Financial Services Board.
If he/she did what you said, FSB will knock them out the park! They will lose their licence, fines and nothing pretty.
Compton_effect
Honorary Master
- Joined
- Sep 7, 2006
- Messages
- 12,292
Agreed.
Or try ASISA - Association of Savings and Investments South Africa.
I worked for Astute FSE that handles their Compliance (+27 11 214 0918 / 0916) - They do not take kindly to actions like that.
One thing - check all your paperwork from him and make sure you did not agree to Discovery.
Or try ASISA - Association of Savings and Investments South Africa.
I worked for Astute FSE that handles their Compliance (+27 11 214 0918 / 0916) - They do not take kindly to actions like that.
One thing - check all your paperwork from him and make sure you did not agree to Discovery.
Hendrix
Senior Member
- Joined
- Aug 2, 2012
- Messages
- 865
What to do when financial advisor invests Ina completely different product
Have you spoken to the financial advisor about this?
Maybe there was a misunderstanding?
I don't use FA's or even trust their knowledge, but there are a few good honest ones out there and they can serve a good purpose to people not knowledgeable in finances or just don't have the time.
You could also consider handling your finances yourself...
Have you spoken to the financial advisor about this?
Maybe there was a misunderstanding?
I don't use FA's or even trust their knowledge, but there are a few good honest ones out there and they can serve a good purpose to people not knowledgeable in finances or just don't have the time.
You could also consider handling your finances yourself...
Goliath
Expert Member
- Joined
- Jun 11, 2008
- Messages
- 1,683
Yeah you'll need to have your paperwork in order.. if that's good you'll have no problem!
He is no longer with Discovery and the new on in charge hasn't bothered replying to me. This I must add is after initially I picked up that it was wrong and the initial guy said he did change it.
It just pisses me off as the one I selected has historically good track record + international (because in March earlier this yr I figured local equity will take a knock towards end of year as it did) and the one they pushed me into is brand new, local one with a huge chunk in local equity.
chrisc
Honorary Master
- Joined
- Aug 14, 2008
- Messages
- 11,274
A FA who worked for me "diverted" some money into Spitzkop property fund run by BlueZone and "forgot" to tell me. Within 3 years they went into liquidation. He maintains that my remit to him was to invest funds into various funds, but on his list given to me, they were not mentioned. Since 2009 I have not had any interest and the value of the investment is about 1/100th of what it was. He says that if I try and claim from him, he will sequestrate himself and I will get nothing since he has no assets (his wife owns the house and cars, etc)
He probably donated the house to his wife to reduce his assets, the courts can reverse such act within 6 months I believe, possibly longer if between spouses, also "he says", is that really true or could it be that he still owns the house and just don't want to to claim from him.
Also even if his wife owns the house if they married community of property, then all assets and debts (there are certain exceptions) belong to both of them.
Even if you don't get that much, you may want to evaluate the time and cost involve to claim and lodge a compliant as it could prevent him from doing the same to others.