JS
Johan S
1 reviews | Active since Aug 2011
06 Oct 2023, 23:24
Beware of Discovery Invest they are nothing but ****mers.
If you are investing money with Discovery Invest beware these people are ****mers and are only interested in filling their own coffers. My wife has an RA now for 18 years with these ****mers. The total growth of her investment is not even 1.5%. However every month they take more than a quarter of her money for admin fees!! When I queried them they blamed the advisor. When I asked for the advisor fees to be returned they claim there have never been advisor fees subtracted. The admin fees of about 27% they claim are legal and binding. So how will an investment ever be viable if a quarter of your money goes to admin fees!? My wife trusted them with her life savings and this is what she gets. I am furious and will ensure that the public are informed about this ******** behaviour from a company that call themselves an investment institution.
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Replies (3)
Discovery Invest's replyOfficial
09 Oct 2023, 20:23Good day Johan.
Thank you for bringing the above matter to our attention.
For the protection of your personal information, we will contact you on the details provided to further address this matter.
Kind regards
Discovery Invest.
Discovery Invest's reply09 Oct 2023, 20:23
Official
Good day Johan.
Thank you for bringing the above matter to our attention.
For the protection of your personal information, we will contact you on the details provided to further address this matter.
Kind regards
Discovery Invest.
JS
Johan S's updateReviewer Update
10 Oct 2023, 12:13Letter to the FIAS Ombudsman :
Discovery Invest Life Annuity Policy ***
Dear Sir/Madam,
I hope this letter finds you in good health. I am writing to seek your assistance and intervention in a matter of great concern regarding my life annuity policy with Discovery Invest. Over the course of several weeks, I have exhausted all available avenues to address my concerns with the company, to no avail. The issue at hand pertains to the exorbitant fees charged on my policy, which I believe to be nearly ******** in nature.
Details of my policy are as follows: Policyholder Name: Mrs. ................ Policy Number : *** Investment Amount : R689,742.78 Total Fees Paid Over 12 Years : R117,400.38 Current Investment Value : R761,325.28
The aforementioned figures reveal a disconcerting disparity between the fees charged and the growth of my investment. While I understand that fees are a necessary part of any financial product, the extent to which these fees have eroded the value of my life annuity policy is deeply troubling.
I have meticulously calculated the annual rate of return for my investment, and the results are as follows: Initial Investment Value: R689,742.78 Final Investment Value: R761,325.28 Investment Period: 12 years Annual Rate of Return = [(Final Investment Value / Initial Investment Value) ^ (1 / Investment Period) - 1] x 100 Annual Rate of Return = [(R761,325.28 / R689,742.78) ^ (1 / 12) - 1] x 100 Annual Rate of Return ≈ [1.1057 ^ (1 / 12) - 1] x 100Annual Rate of Return ≈ [1.0635 - 1] x 100Annual Rate of Return ≈ 6.35%The calculated annual rate of return is approximately 6.35%. While this is a positive return, the fees of R117,400.38 over 12 years have significantly reduced the overall growth potential of my investment.
The fees are in fact almost double the return of my investment!
I have attempted to discuss this matter with Discovery Invest on numerous occasions, seeking clarification on the fee structure and potential alternatives, but my efforts have been met with indifference or vague responses. It is my belief that the fees charged on my policy are unjustifiably high, and I feel that I am not receiving fair value for my investment.
Discovery Invest Life Annuity Policy ***
Dear Sir/Madam,
I hope this letter finds you in good health. I am writing to seek your assistance and intervention in a matter of great concern regarding my life annuity policy with Discovery Invest. Over the course of several weeks, I have exhausted all available avenues to address my concerns with the company, to no avail. The issue at hand pertains to the exorbitant fees charged on my policy, which I believe to be nearly ******** in nature.
Details of my policy are as follows: Policyholder Name: Mrs. ................ Policy Number : *** Investment Amount : R689,742.78 Total Fees Paid Over 12 Years : R117,400.38 Current Investment Value : R761,325.28
The aforementioned figures reveal a disconcerting disparity between the fees charged and the growth of my investment. While I understand that fees are a necessary part of any financial product, the extent to which these fees have eroded the value of my life annuity policy is deeply troubling.
I have meticulously calculated the annual rate of return for my investment, and the results are as follows: Initial Investment Value: R689,742.78 Final Investment Value: R761,325.28 Investment Period: 12 years Annual Rate of Return = [(Final Investment Value / Initial Investment Value) ^ (1 / Investment Period) - 1] x 100 Annual Rate of Return = [(R761,325.28 / R689,742.78) ^ (1 / 12) - 1] x 100 Annual Rate of Return ≈ [1.1057 ^ (1 / 12) - 1] x 100Annual Rate of Return ≈ [1.0635 - 1] x 100Annual Rate of Return ≈ 6.35%The calculated annual rate of return is approximately 6.35%. While this is a positive return, the fees of R117,400.38 over 12 years have significantly reduced the overall growth potential of my investment.
The fees are in fact almost double the return of my investment!
I have attempted to discuss this matter with Discovery Invest on numerous occasions, seeking clarification on the fee structure and potential alternatives, but my efforts have been met with indifference or vague responses. It is my belief that the fees charged on my policy are unjustifiably high, and I feel that I am not receiving fair value for my investment.
JS
Johan S's update10 Oct 2023, 12:13
Reviewer Update
Letter to the FIAS Ombudsman :
Discovery Invest Life Annuity Policy ***
Dear Sir/Madam,
I hope this letter finds you in good health. I am writing to seek your assistance and intervention in a matter of great concern regarding my life annuity policy with Discovery Invest. Over the course of several weeks, I have exhausted all available avenues to address my concerns with the company, to no avail. The issue at hand pertains to the exorbitant fees charged on my policy, which I believe to be nearly ******** in nature.
Details of my policy are as follows: Policyholder Name: Mrs. ................ Policy Number : *** Investment Amount : R689,742.78 Total Fees Paid Over 12 Years : R117,400.38 Current Investment Value : R761,325.28
The aforementioned figures reveal a disconcerting disparity between the fees charged and the growth of my investment. While I understand that fees are a necessary part of any financial product, the extent to which these fees have eroded the value of my life annuity policy is deeply troubling.
I have meticulously calculated the annual rate of return for my investment, and the results are as follows: Initial Investment Value: R689,742.78 Final Investment Value: R761,325.28 Investment Period: 12 years Annual Rate of Return = [(Final Investment Value / Initial Investment Value) ^ (1 / Investment Period) - 1] x 100 Annual Rate of Return = [(R761,325.28 / R689,742.78) ^ (1 / 12) - 1] x 100 Annual Rate of Return ≈ [1.1057 ^ (1 / 12) - 1] x 100Annual Rate of Return ≈ [1.0635 - 1] x 100Annual Rate of Return ≈ 6.35%The calculated annual rate of return is approximately 6.35%. While this is a positive return, the fees of R117,400.38 over 12 years have significantly reduced the overall growth potential of my investment.
The fees are in fact almost double the return of my investment!
I have attempted to discuss this matter with Discovery Invest on numerous occasions, seeking clarification on the fee structure and potential alternatives, but my efforts have been met with indifference or vague responses. It is my belief that the fees charged on my policy are unjustifiably high, and I feel that I am not receiving fair value for my investment.
Discovery Invest Life Annuity Policy ***
Dear Sir/Madam,
I hope this letter finds you in good health. I am writing to seek your assistance and intervention in a matter of great concern regarding my life annuity policy with Discovery Invest. Over the course of several weeks, I have exhausted all available avenues to address my concerns with the company, to no avail. The issue at hand pertains to the exorbitant fees charged on my policy, which I believe to be nearly ******** in nature.
Details of my policy are as follows: Policyholder Name: Mrs. ................ Policy Number : *** Investment Amount : R689,742.78 Total Fees Paid Over 12 Years : R117,400.38 Current Investment Value : R761,325.28
The aforementioned figures reveal a disconcerting disparity between the fees charged and the growth of my investment. While I understand that fees are a necessary part of any financial product, the extent to which these fees have eroded the value of my life annuity policy is deeply troubling.
I have meticulously calculated the annual rate of return for my investment, and the results are as follows: Initial Investment Value: R689,742.78 Final Investment Value: R761,325.28 Investment Period: 12 years Annual Rate of Return = [(Final Investment Value / Initial Investment Value) ^ (1 / Investment Period) - 1] x 100 Annual Rate of Return = [(R761,325.28 / R689,742.78) ^ (1 / 12) - 1] x 100 Annual Rate of Return ≈ [1.1057 ^ (1 / 12) - 1] x 100Annual Rate of Return ≈ [1.0635 - 1] x 100Annual Rate of Return ≈ 6.35%The calculated annual rate of return is approximately 6.35%. While this is a positive return, the fees of R117,400.38 over 12 years have significantly reduced the overall growth potential of my investment.
The fees are in fact almost double the return of my investment!
I have attempted to discuss this matter with Discovery Invest on numerous occasions, seeking clarification on the fee structure and potential alternatives, but my efforts have been met with indifference or vague responses. It is my belief that the fees charged on my policy are unjustifiably high, and I feel that I am not receiving fair value for my investment.
Discovery Invest's replyOfficial
11 Oct 2023, 10:46Good day Mr. Von Solms.
We acknowledge the matter referred to the Ombudsman.
We will follow due process in this regard when then Ombudsman approaches us.
Kind regards
Discovery Invest.
We acknowledge the matter referred to the Ombudsman.
We will follow due process in this regard when then Ombudsman approaches us.
Kind regards
Discovery Invest.
Discovery Invest's reply11 Oct 2023, 10:46
Official
Good day Mr. Von Solms.
We acknowledge the matter referred to the Ombudsman.
We will follow due process in this regard when then Ombudsman approaches us.
Kind regards
Discovery Invest.
We acknowledge the matter referred to the Ombudsman.
We will follow due process in this regard when then Ombudsman approaches us.
Kind regards
Discovery Invest.