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 I am investigating Robusto Asset Management – qualified and registered?
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
Please note that this data is correct as of 19/07/2018
Robusto Asset Management are part of the Woodbrook Group, Pension Life investigated Woodbrook group a few weeks ago. Woodbrook had just 1/26 – 3.8% of their team members who were qualified to give financial advice. So are Robusto Asset Management – qualified and registered? Can they beat their partner company?
Robusto Asset Management has a website very similar to Woodbrook Group, so when you click on the ´Team´ button on the menu, you are taken to a page which does not give you ANY information about the team. Instead, you get their German address and a few paragraphs:
´With over 100 years industry experience, our team is focused on partnering with you to develop financial strength, which ultimately protects you and your family and delivers a lasting legacy. We aim to understand our clients absolutely and in so doing provide objective, tailored solutions that enhance their lives.
Our in depth knowledge and experience in the international financial services sector provides us with a unique proposition and skill set that together make us leaders in the field. We would welcome the opportunity to speak with you today.´
A quick search on Linkedin, and there are three staff listed. Here is Robusto Asset Management – qualified and registered?
Past employment includes:
Vice President International Pensions – Holborn Assets
Wealth Manager – Blacktower Financial Management
Claims a host of CII qualifications and Certificate for Financial Advisers License A111063 – but DOES NOT appear on the register
No claim to any financial qualifications
Director at Robusto Asset Management GmbH
Claims to be a member of the CISI, however, he is not on the register.
Robusto Asset Management was started by Stefan Gustafsson who then set up the Columna fund that is now being investigated for fraud.
Not specifically in relation to this article as such, but in my time as an offshore IFA I know many people who have taken and passed various exams but did not pay the annual fee to remain a member as the cost wasn’t matched off with any benefit at all.
Pay once to pass the exams and then pay again to be allowed to tell anyone you passed the exam? If you want a scam to investigate then start right there! I’ve been a keen reader of these articles and whilst some of the advisers you’re looking into maybe cowboys, a vast majority will have taken the exams but not see any value in paying these companies every year, just to be on a register.
Sadly the message above says a lot about what we already know of the ‘professionalism’ of many ‘advisers’ in the offshore space.
Anybody not willing to pay the membership fee to the appropriate body should simply not bother to take the exams in the first place. Then do us all a favour and stay away from the finanial services sector. Do something simpler which does not endanger people’s wealth and well being.
We’re talking about professionalism here and all professional bodies charge fees.
Regulation in the UK is far from perfect but these types people are barred from the industry so the UK must have a quite a lot going for it.
I agree in all aspects – do we have to pay the Yniversity or exam board to show our BA/Bsc ?