Tag: structured products

Belgravia Wealth – qualified and registered?
Back due to popular demand, qualified and registered company blogs. Today, I am looking into Belgravia Wealth, a Swiss based company. Belgravia Wealth – qualified and registered? Lets see if you are.

Belgravia Wealth has an impressive list of services offered. However, those who follow our blogs will know that the terms “structured products” and pensions together, makes us shudder with horror. We have seen so many pensions ruined by being invested in high-risk, fixed-term, for-professional- investor-only structured products.

Whilst I have a queue of trolls telling me that structured notes are “not all that bad”, take a look at this video we created about John Rodgers and the ´blue chip notes´ that destroyed his pension fund. He was a victim of a pension scam courtesy of Continental Wealth Management, which affected around 1,000 members.

What Belgravia say on their website:

“Belgravia Wealth Management is a Swiss-established and regulated company founded to fill the advice gap that currently exists between the retail financial companies and the services available to the UHNW clients. As an independent company, we ensure that you benefit from impartial advice and access to offerings from all the financial providers available in the market.”

It is great to read that Belgravia Wealth is regulated. Many firms I have written about fail to meet this simple – but essential – requirement. They claim to be independent and suggest that their advice is impartial. I wonder, though, with all this transparency in their blurb – are their staff qualified and registered to give this “impartial” advice?

Whilst their website offers a tab entitled “Careers”, it does not offer a list of staff that actually work for Belgravia Wealth. So, over to Linkedin to see if Belgravia Wealth staff advertise their employment with the company.

As with all these blogs, we only go by the information we can find, which is the same information potential clients would be able to access.

IFAs and their clients are invited to add to this blog, correct it, improve it. We will gladly edit our information if proof of qualification certificates can be supplied. Here’s a link to the three registers if you want to double check for yourself:

http://www.cii.co.uk/web/app/membersearch/MemberSearch.aspx

https://www.cisi.org/cisiweb2/cisi-website/join-us/cisi-member-directory

https://www.libf.ac.uk/members-and-alumni/sps-and-cpd-register – Claim to a DipFA
1. Spencer Freeman-Haynes – Director Zurich and Basel region at Belgravia Wealth Management – claims CISI – DOES not appear on the register
2. Emmanuel Obi, Jr. LL.M – Head of Compliance – Switzerland at Belgravia Wealth Management – no financial qualifications claimed (but how can he oversee the compliance function if he isn’t qualified?)
3. Mark Saunders – Regional Manager – Geneva Area, Switzerland – lists various CII qualifications – DOES NOT appear on the register
4. Ian Crompton – Director at Belgravia Wealth Management SARL – Claims CISI – DOES NOT appear on the register
5. Euan Cameron – Belgravia Wealth Management – Basel Area, Switzerland – No financial qualifications claimed
6. Mystery Man (I do not have access to the profile) – Manager of Business Development – Belgravia Wealth Management – without a name I can not check his qualifications
Belgravia Wealth Switzerland has 6 members of staff listed as working for them, and from what I can tell NONE of them are qualified or registered to give financial advice.

Belgravia Wealth- qualified and registered 0%
October 16, 2018
Woodbrook Group – qualified and registered?

If you have been following Pension Life´s blogs, you will know that we have been conducting a series of investigations into qualified and registered financial advisers in various firms. Today is Woodbrook Group – qualified and registered? See question 5 on our blog about the ten essential questions to ask any advisory firm you are considering using:

10 essential questions to ask an IFA

IFAs and their clients are invited to add to it, correct it, improve it. Here’s a link to the three registers if you want to double check:

http://www.cii.co.uk/web/app/membersearch/MemberSearch.aspx

https://www.cisi.org/cisiweb2/cisi-website/join-us/cisi-member-directory

https://www.libf.ac.uk/members-and-alumni/sps-and-cpd-register – Claim to a DipFA

Here’s what Woodbrook Group say about themselves:

“Woodbrook Group is an international firm of financial advisors. We are proud to be independent as we are not owned by any financial institution or life insurance company. This makes us different from the majority of financial advisory companies which means we offer you unbiased and impartial advice.

Every individual has unique dynamics, goals and attitude to risk. Our team of highly experienced financial consultants can help you to identify your personal needs and devise professional solutions and services that are customized to your unique situation, objectives and goals.

Woodbrook Group is licensed to provide the investment services of investment advice.”

Woodbrook Group advisers – qualified and registered?

Despite stating the company operates in 30 different countries, I was unable to find any list detailing the members of their advisory team. They do, however, state that Woodbrook Group is authorised and regulated by the Cyprus Securities and Exchange Commission (No: 297/16) and subject to the requirements of the EU’s Markets in Financial Instruments Directive (MiFID).

I found three names connected to this company via their website media page: Michael Doherty, who states he is the CEO; Andrew Heath, who is listed as office manager in Spain; Mark Slevin, listed for Cyprus office.

Michael Doherty – CEO – no financial qualifications listed – two people called Michael Doherty appear on the CII register with DipPFS so there´s a possibility he could be one of them – although I doubt it as one is based in Manchester and the other in Chester:

http://www.cii.co.uk/web/app/membersearch/MemberSearch.aspx?endstem=1&q=n&n=michael+doherty&c=&ch=0&p=0

Andrew Heath – Country Manager Spain – spent the last 15 years providing Financial Offshore solutions however there is no mention of ANY financial qualifications

Mark Slevin – Regional Manager – Cyprus office – not listed on any of the three registers

However, through Linkedin, I have found further employees who are listed as purportedly working for Woodbrook Group.

I will, therefore, use this list for Woodbrook Group “advisers” – qualified and registered. However, the biggest concern about Woodbrook is that it is promoting structured products. Victims of the Continental Wealth Management scam will undoubtedly join in the warning about any adviser that uses structured notes as these are for professional investors only and are very risky. Of course, structured note providers do pay handsome introduction commissions of up to 8% (for the fraudulent Leonteq ones) – and that is one compelling reason to avoid any advisory firms which use these products.

https://www.linkedin.com/search/results/people/?facetCurrentCompany=%5B%226237866%22%5D

Woodbrook Group advisers – qualified and registered? Employee list:

Hamaza Ali Kahn – Business Development Manager – Masters degree in Marketing Management no financial qualifications

Michael Allen MBA – Senior Business Development Manager – claims he advises in UK Pensions Transfer (QROPS) – No mention of any financial qualifications only business qualifications

Bálint Andrea – Partner Hungary and Slovakia – qualifications claimed – The Open University Postgraduate Finance, General

Robert Bennett – Senior Wealth Manager – claims CII but only to level 3 (need level 4 plus for Pension advice)

Graeme Blyth – Senior Consultant – Marbella – previous position include Wealth Manager – No mention of any financial qualifications

Sławomir Boguta – Financial ial Consultant Warsaw – qualifications claimed MBA, Marketing Management – No financial qualifications claimed

Andrew Broadband – Financial coordinator – Education states ‘some college’ no mention of any financial qualifications

Christina Doherty – Director – No financial qualifications claimed

Florin Dragan – Financial Consultant – qualifications claimed BBA, work history in sales -No financial qualifications claimed

Mark Dudgeon – Wealth Manager Cyprus – claims CISI – DOES NOT APPEAR ON THE REGISTER

Constantinos Fieros – Independent Financial Adviser – claims an MBA but no financial qualifications

Steven A Green – Financial Consultant palm area – qualifications claimed: Chartered Institute of House – No mention of any financial qualifications

Bert Grobler CISI – Financial Consultant – claims a qualification in CISI – Does appear on the register as Gysbert Grobler ACSI – WELL DONE Bert!

Terry Heath – Business Development Manager – claims qualifications in science and geography, no mention of financial qualifications

Adel Jones – Financial Consultant Hungry – specialities life savings, pensions… – No financial qualifications claimed

Tomas Koolhaas CISI – Business Development Lead CEE – claims a Masters Degree,
University of Amsterdam Finance and Financial Management Services and CISI – DOES NOT APPEAR ON THE CISI REGISTER

Josh Melcher – Senior Financial Consultant Hungary – Strong finance professional graduated from Algonquin College, no mention of official financial qualifications

Senan Mc Gonigle FCA – Country Director Cyprus – claims FCA – was unable to check claim through the website: https://www.charteredaccountants.ie

Maria Milaj – Group Compliance Officer, Cyprus – previous positions include Pensions Expert – qualifications claimed Budapest Business School – Finance and Accounting.

James Peoples – Business Development – MSC in Social sciences NO financial qualifications

Jason Truesdale – Country Manager Hungary, Slovakia and Croatia – No financial qualifications claimed

Jacob Walters -Senior Partner (Europe) & Head of UK pension transfer Division – claims a host of financial qualifications including CISI – DOES NOT APPEAR ON CISI REGISTER

Omer Zahid – Business Development Manager – No mention of any financial qualifications

Woodbrook Group advisers – qualified and registerered. Just 1/26

July 11, 2018
International Adviser – Giraffe Awards

Looking at International Adviser’s 2017 awards, I really think the judges were having a giraffe (or they were very drunk).

“Best regular premium investment product – Hong Kong – Zurich International Life”

Seriously? This grim firm has one of the most expensive long-term savings plans on the market. A victim scammed into buying one of these toxic, inflexible products will pay 48.07% of their savings in fees to Zurich. To put this into real numbers, a victim who saves £366,600 over a 25-year period, will pay £176,240 in fees.

In this disgraceful long-term rip-off contest, Zurich is in the midst of the others who similarly overcharge their victims with these undisclosed charges: RL360 at 51.68%, Hansard at 51.28%, Generali at 47.08% and Friends Provident at 46.64%. Savers would be better off sticking their savings under the mattress, away from the greedy clutches of these rip-off merchants.

“Best regular premium investment product – Singapore – Friends Provident International”

OK, perhaps the least expensive of the big five, but still 46.64% is ludicrously expensive. These long-term savings plans are routinely mis-sold and victims end up losing most of what they have saved.

“Readers choice – Europe – SEB International”

This life office was routinely ripping off pension savers by taking business from unlicensed, unqualified, unscrupulous scammers Continental Wealth Management from 2010 to 2017. To the tune of 1,000 victims with £100 million worth of investments. About half of which has been destroyed. SEB stood by and watched CWM invest hundreds of victims’ life savings in toxic, high-risk, professional-investor-only structured notes. As the scammers gambled away millions of pounds, SEB kept taking their fees – based on the original investment value. In this case, all of SEB’s victims lost part or all of their retirement funds.

I HAVE DECIDED TO INVITE MY FRIENDS AT INTERNATIONAL ADVISER TO LAUNCH A NEW AWARDS CEREMONY:

THE GIRAFFE AWARDS

My proposal is that awards are given every year for the worst performers in terms of either operating scams or facilitating them. Let us be very clear – we are talking about financial crime here. It is extremely important that publications such as International Adviser do their bit in cleaning up the financial services industry. That is why these awards are so important.

The judges should be the victims themselves. Here are my nominations – but am more than happy for victims to suggest others:

Advisory Firms: Continental Wealth Management, Holborn Assets

Pension Trustees: Concept, STM Fidecs, Fast Pensions

Life Offices: SEB, Generali, Hansard

Funds: Blackmore Global, Trafalgar Multi-Asset, Christianson Property Capital

Structured Product Providers: Leonteq, Nomura, RBC, Commerzbank

Regulators: Isle of Man, New Zealand, United Kingdom

It is clear that regulators and ombudsmen are useless, limp and disinterested in how their respective jurisdictions operate financial crime so routinely. International Adviser could emerge the hero by exposing the appalling practices in offshore financial services which routinely destroy victims’ retirement savings. (Or not, as the case may be).

May 28, 2018
Old Mutual International (OMI) facilitating financial crime

From 2010 up to the present day, Old Mutual International has been facilitating financial crime by allowing scammers to misuse and abuse OMI “life bonds” to scam victims out of their life savings.

The victims of the CWM scam are still wondering how the hell they lost an average of 60% of their life savings. Old Mutual International (Quilter) was the provider for the bulk of the life bonds used in the CWM debacle, taking huge amounts of business from unregulated scammers Continental Wealth Management. OMI also paid CWM huge amounts of commission – in the full knowledge that CWM was unregulated and a known, serial scammer.

Pension Life members of the CWM victim group have supplied their figures to us. The losses are huge and we believe that these figures need to be shared with the public so Old Mutual International (OMI) understand and take responsibility for the devastation they have facilitated to the lives of the victims.

Let us hope that Old Mutual International will step up to the plate. The people who work at OMI are human beings, with loved ones. Hopefully, they can imagine how they would feel if this tragedy had happened to one of their loved ones – while the people at OMI stood by and did nothing to stop the devastation. For more than eight years, OMI employees sat on their hands while the so-called investments inside their “insurance bonds” plummeted in value. And OMI did absolutely nothing. Just kept taking their quarterly fees.

OMI will, of course, try to say it was not their fault. That it was down to the advisers appointed by the victims. Or the trustees. Or both. Or the Boogeyman. OMI will claim that they had every right to sit there and watch millions of pounds worth of life savings being wiped off investors’ funds, while continuing to take out their huge quarterly fees.

I wonder how OMI/Quilter directors would feel if this happened to one of their loved ones. Or if someone they cared about had been drowning, and a crowd of people had stood by and watched them die. Because, make no mistake, there will be deaths as a result of this. And the people at OMI will have this on their conscience for the rest of their lives.

OMI’s victims have died. And more are dying. This industry is about people. Let us see if OMI cares about their fellow human beings. Because, so far, there is zero evidence that they give a toss.

May 23, 2018