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  • Use Spicers or look elsewhere

    The financial management firm my Mother invested with many years ago has evolved into Northplan, then Vestar, Gould Wealth and now she's being shunted off to Spicers.

    She's an unwell, moderately disabled woman and it's a major effort to get her to meetings with these people and until now we've been able to take advantage of her proximity to their Albany office to get them to come to her.

    Since the change to Spicers she's been unable to get anyone to return her calls and her monthly "allowance" wasn't paid so she had to use funds we've managed to get out of Vestar to get by.

    Should we be looking to get away from Spicers or would she be better to accept the new regime and sort things out?
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  • #2
    I'd send her off to Lisa Dudson at Acumen.

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    • #3
      Hi Sarah,

      Sounds like a lot of unnecessary grief. Lisa's a good call Dean and also Liz Koh is very good - www.moneymax.co.nz. Both are well recognised Financial Planners, written books, appear on TV etc.

      Cheers,

      Donna
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      • #4
        Originally posted by sarahk View Post
        She's an unwell, moderately disabled woman and it's a major effort to get her to meetings with these people and until now we've been able to take advantage of her proximity to their Albany office to get them to come to her.
        Sarah, What kind of policy are you talking about? Is it locked in with monthly dividents. Is it a cash investment or equity investment account?

        Are you able to cash out the policy and transfer the funds into a bank a/c? What is the benefit of keeing the funds invested as they are vs cashing them out?

        Originally posted by sarahk View Post
        ...she's been unable to get anyone to return her calls and her monthly "allowance" wasn't paid so she had to use funds we've managed to get out of Vestar to get by.
        If they have stopped paying out and dont answer phones, is this office still operational? What did Spicers head office say when you rang to complain?

        Originally posted by sarahk View Post
        Should we be looking to get away from Spicers or would she be better to accept the new regime and sort things out?
        Most financial planners are tied brokers who only offer products from specific companies. Better question is to ask what the best use of the investment accounts funds is...

        All the best,

        Niall

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        • #5
          All is not lost

          Spicers have (or, perhaps, had) a reasonable reputation. All investments under their management should be registered in the name of an independent trustee company. Their procedures should allow for those investments to be transferred into your mother's name.

          So if your mother wants to know where she stands, she should first get her investments transferred into her own name, and than cancel the 1.5% or thereabouts that she pays each year for "management fees".

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