Poor advice punishment service
A new service has been formed to advise and represent investors who have lost money in managed funds and people who have had insurance claims declined unreasonably.
Tuesday, July 29th 2003, 11:16PM
The company has been founded by Peter Baynes, who is a former managing director of Tower Trust and general manager, Superannuation at Tower, chief economist of the National Bank and chief executive of Jacques Martin. He was also a member of the Government Working Group which wrote the current disclosure regime for Investment Products and Advisers.
"The last few years have been devastating for investors," Baynes says. "Adverse equity market conditions over an extended period have seen the value of many people's retirement savings severely damaged.
"In many cases, however, the damage done by falling markets has been aggravated and compounded by poor advice, with some advisers paying scant regard to basic principles of risk profiling, diversification and risk reduction to protect their clients."
Investor Advocacy has been formed to help investors recover their money where the quality of advice that they have received has been negligent or incompetent, or the companies selling them investments have been otherwise at fault.
The company will also represent people who have had insurance claims declined, an area where Baynes said the cards are heavily stacked against the consumer.
As well as its loss recovery service, Investor Advocacy will be offering investment guidance.
"The investment guidance service is an entirely new concept," Baynes says.
"It involves an intensive high-level review of a person's financial situation and guides the development of their investment portfolio, ensuring that their risks are managed and their investments stay on track to achieve the best long-term results for them. This unique service will be of major benefit to do-it-yourself investors who want skilled, impartial advice," he says.
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