I went to GWM in Doha to talk about opening a CRB SIPP and a CRB bond in Doha, hoping for something like 5% returns. The Account Manager (AM) said I should expect around 12% - yeah right.
Took their advice on investments including Mansion House student accommodation which I subsequently discovered had been panned in the press - they eventually went bust. Left Doha and returned to UK but might as well have fallen into a black hole as far as GWM were concerned. No contact from GWM for almost a year. Finally got allocated a new AM from the Geneva office and felt a bit more secure but that lasted 6 months.
New AM appointed about a year ago and tried to contact him last week. No reply. Looked on LinkedIn and found he'd left the firm 2 months ago. Scandalously not a word from GWM about the change.
Over the course of the last 5 years investments have been made and sold as each new AM arrived giving the impression this is a fee earning exercise for GWM. The SIPP gained 21% thanks largely to a fluke doubling of a £20K investment. As for the bond I might as well have put the money in the bank at 1% interest p.a.
I have completely lost faith in an organisation that obviously has no management oversight and continuity of service. The intention now is to transfer my investments to another "manager" and demand the return of some of the fess that they have taken for this shocking performance.
Reason of review: Poor customer service.
I didn't like: Bad customer service.