Welbeck Wealth Management

Discussion in 'Finance, Property, Law' started by CarpeDiem, May 17, 2010.

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  1. Given the breadth of experience on these exalted boards, I was wondering if anyone here had any experience of Welbeck Wealth Management?

    Anyone used them? Anyone been screwed by them? Having been called up, I did a quick google and one of the first results was a blog about how awful they were, using new and unqualified grads to cold call etc.

    Of course, no one is universally popular and it could simply be one disgruntled former customer but it set my alarm bells ringing.

    Thanks for any help/advice etc.
  2. Apparently they have a policy of only employing science graduates from northern polytechnics and comprehensive schools...oh sorry, Welbeck Wealth Management...I'll get my coat.
  3. Yeah, I noticed that too!
  4. Mod edit:

    Please read the sticky about commercial postings.

    If you want to answer the point, do so, but you need to add the FSA disclaimer wording - you should know this.
  5. Are you referring to this blog-

  6. I assume that that doesn't mean, "We will answer the accusations and demonstrate them false" but "We will hire lots of lawyers and have criticism of us removed from public view."
  7. Hiring lawyers to stifle criticism isn't what I'd call great publicity. Some people would try to demonstrate that they're addressing the causes of concern, other people howl for an injunction.

    Guess which people are trusted more?
  8. How about you two handbag it out somewhere else?
  9. Isn't this website for people with a military background/connection?

    Get to the NAFFI!
  10. Yeah, it is.

    It's the NAAFI, you tit.

    Now, this thread was asking a serious question. If you don't have anything useful to add, please don't crayon all over it.
  11. I don't know the company but work within the industry (not as an IFA, I'm an investment manager in a fund in Mayfair).

    What are you considering using them for if you don't mind me asking? (PM if you'd prefer)
  12. Only Big Boys get to be IFAs.
  13. Having had a look at the Welbeck website, I think the first thing is to find out exactly who you are dealing with. The regulatory statements suggests two different network registrations, 20Twenty and Openwork Limited and more than one legal entity, (and a tax planning entity that says it's self regulating, which bothers me in the extreme).

    The lack of clarity bothers me; if you don't know who you are dealing with, you don't know who to sue. If you have a name of an "adviser", look him/her up on the FSA register and see who they work for. If their business card does not match, be afraid. If they ar'n't on the register and you are wanting to do regulated business then run, don't walk away. FSA Register

    Having or not having this regulatory stuff right does not make them honest or crooks, it just makes it easier to know if you have any recourse to the Regulator or not.

    Remember, the FSA does not regulate property purchase schemes, unless they are collective investment schemes, so the blogger is probably on his/her own. It is a shame that the blog site is not a little more coherant as I cannot see exactly who did what to whom, other than the blogger wants 8 grand or is it 2 grand or is it just a head on a spike?
  14. I completely agree. Any financial advice company is required to provide at an initial meeting (or earlier if requested) a document called a IDD (Initial Disclosure Document) - this outlines the products they are authorised to sell and the level of advice that they can give. If you were to go to a building society for example they would provide an IDD that would state that they could only give recommendations in relation to their own 'in-house' products.
    The IDD document also gives details about the regulator and the companys relationship with their product providers (is there a vested interest? - is the advice company owned by a particular product provider or has a product provider made a large loan to the company.
    If you are considering meeting with a welbeck adviser ask for a copy of their IDD. 20Twenty is a network of Independent financial advisers while Openwork Limited are what is called a multi tie network. A lot of firms have relationships with 2 networks like this. The multi-tie part of the business is usually for bread and butter business Life Insurance, Basic Pensions etc. while the Independent Part (IFA) will deal with more complex bits of business - Setting up Self Invest Pensions or Venture Capital Trusts.
    Any proper firm of financial advisers will be happy to email an IDD to a prospective client in advance of any meeting. As jeremy996 says - if they don't run away!