Hi,
I've recently changed job and had to do something with my pension from my previous company. I wanted something not very risky and my financial advisor recommended putting it all into the Greenman open fund j series.
I've no knowledge of investments so am very much been guided by him on this.
However I'm nervous especially due to covid-19 as it's a fund interesting in retail in Germany. And also as it's all my eggs in one basket as it were.
Has anyone any advice?
Thanks,
Anto
Thanks Marc. This advisor was recommended to me. What is the best way to source a different one? It's hard to know to be honest.This is an appalling recommendation
i would strongly recommend seeking another adviser
Thanks, I'll do that as a first step.The Greenman Open fund is a good fund but I wouldn't recommend that anyone puts their entire pension fund into any single asset class, e.g. property in this case. I'm assuming that your financial advisor is recommending that you invest in this fund via an Aviva policy. Aviva have other fund choices and you should be able to invest in the Greenman fund along with other funds offered by Aviva, within the one policy.
@Marc @Gordon Gekko @SBarrett
You've all given a thumbs down to the original advice.
Have any of you got any comments to make about the fund itself?
What do you think should @AntoCOD do instead?
Whatever about the fund (not something I recommend so I don't read up on where the properties are invested),
@Marc @Gordon Gekko @SBarrett
You've all given a thumbs down to the original advice.
Have any of you got any comments to make about the fund itself?
What do you think should @AntoCOD do instead?
Have any of you got any comments to make about the fund itself?
@Gordon Gekko I don't know the original poster or his broker, but I'm a bit surprised by your responses to this, to be honest. Steven has pointed out the possibility that a broker could be paid by both Greenman and Aviva for putting someone in this fund. A broker can also choose to be paid by only one, e.g. to reinvest commission from Aviva and take commission from Greenman.
Every single one of the pension companies that distribute through brokers - Irish Life, Zurich Life, Aviva, Standard Life, New Ireland - offer a choice of charging structures on every single pension product. If a broker wants to take obscene loads of commission, s/he can, to the detriment of the client. The reason that so many possible charging structures exist is that many brokers choose to offer a better deal to their client with a view to forging a long-term relationship, rather than gouging every single client for every cent commission they can earn. That's why the good charging structures exist at all. Because of demand for them.
Why do you assume that the OP's broker is a "scoundrel" and a "crooked broker" engaging in "scum of the earth stuff"?
If the OP had said that the broker was double-dipping on commissions, or had given enough information in the first post to enable us to conclude that he had been recommended a fund that was contrary to his needs or wants and the information provided in the fact-finding, then I'd agree with you. Bad brokers do no favours to anyone in the industry. But there's not enough information in the posts to conclude this.
...that happens to pay big juicy commissions.
Irish Life, Zurich Life, Aviva, Standard Life and New Ireland also pay "big juicy commissions". What are your thoughts on these companies and any brokers that advise people to invest with them?
I just trusted him as a qualified professional with expertise in this field
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