LM
Lerato M

1 reviews | Active since Dec 2023

05 Dec 2023, 21:56

BE CAREFUL OF ALLAN GREY INVESTMENTS

Be EXTREMELY careful when dealing with Allan Grey and and some financial advisors. I started working for a company in 2018 and had their internal FA come assist us with filling in our Pension and Provident fund documentation. The idea was to understand what each plans benefits and drawbacks were. I made it very clear that I wanted a pension and Provident fund that I could withdraw at anytime. The Advisor went through the material and NOT once mentioned any withdrawal limitations. 3 years later I lost my Job (not resigning) and was told by HR to use the pension as it was still Covid times. Only when I asked to withdraw my funds was I advised that I could only do that at the age of 55!!!! Imagine a man in their 30s, unemployed and counting on the hard work I've put in to help me till I get work, only to find they do not want to give you a single cent of your hard earned money. They will literally let you starve and die before giving you your investment. I explained that not once was I advised that there is a withdrawal age limit and they just distanced themselves trying to use the retirement annuity act as a shield. I'm going to make every single effort to expose these ****** because they are clearly incentivising these so called advisors to push towards this annuity nonsense while ensuring you are misinformed. Even their documentation does not state the retirement age and yet they want to hold you to something thats very lengthy and written in Jargon. Mark my words, this is far from over and I will do everything in my power to ensure that they are exposed and people are aware. Be very careful of these guys... They want to drain you to the core. What a crazy ************ world we live in. Pure evil.

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Replies (3)
Allan Gray
Allan Gray's reply06 Dec 2023, 15:57
Official
Dear Lerato M 

Thank you for bringing your concerns and grievances to our attention. 

We have been unsuccessful in our attempts to contact you. We value your feedback and are committed to ensuring the concerns you have raised are addressed. 

We would like to reassure you that Allan Gray does not give advice and does not employ tied financial advisers.  Financial advisers that are licenced to act as an intermediary between clients and Allan Gray are independent. All fees are negotiated with the client and, therefore, no incentive is paid to financial advisers by Allan Gray. 

Furthermore, we would like to confirm that the ‘Conditions of Membership’ stipulating the legislation that governs retirement annuities, including the retirement age, are made available to you upon the completion of your retirement annuity application. 

We will send you an email with further detail to the above-mentioned points. 

Julene Coetzee | Client Relationship Manager 
LM
Lerato M's update07 Dec 2023, 18:20
Reviewer Update
Your calls are unfortunately during working hours and I cannot always answer them while working. I would, however, like to emphasize that at no point was I EVER advised or sent any communication stating that I would not be able to withdraw my investment until 3 years later when I tried to. I am still awaiting the email you said you sent me that had the withdrawal age limit reflected. On all documents from Allan Grey it only spoke of of the benefits but no cons on wirhdrawals... Clearly thats just so you can ensure people do not cancel that useless policy in time.
Allan Gray
Allan Gray's reply08 Dec 2023, 14:16
Official
Dear Lerato M
 
We apologise for attempting to reach you at an inconvenient time. 
 
We trust that the email, sent to you on 07 December 2023, provides you with sufficient clarity and insight regarding your concerns. 

The email specifically addresses your latest comment regarding the ‘Terms and Conditions’ document which is made available to you before and after the processing of your Retirement Annuity application. 
 
Should you wish to further discuss the matter, kindly provide us with a convenient time to reach you by replying to my email. 

Yours sincerely, 

Julene Coetzee | Client Relationship Manager