SK
Sons K

1 reviews | Active since Nov 2023

24 Jul 2025, 12:57

MOMENTUM WEALTH INCOMPETANCE!!

I have invested my pension money at Momentum Wealth in 2021. At that stage I had an advisor who helped me. Then about 9 months later I realised that the advisor didn't even contacted me or discussed with me my ongoing investment. I asked Momentum then to cancell the advisor and they refunded the advisory fee taken for the past 9 months. At that stage they didn't inform me that I MUST have an advisor or I must manage my own investment. Momentum Health then buy and sell on my behalf without my consent or permission. Since then I have tried to get answers from Momentum but all in vain. Their call centre (which is very incompetant), their complaints department, ethics line, one of their investment managers, not a single answer or response back from them. I have noticed that the investment manager we dealt with, couldn't get response from his own company. Since we queried Momentum we lost about R700,000 and the callcentre's answers were: the markets are bad. We made profit on all our other investments but it is only Momentum that shows a loss, They were not allowed to do investment changes without my consent!! I have asked many times that one of their managers must contact me but all in vain. The outcome we want is that the money we loss must be paid back. Their incompetance put us in a bad financial place.

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Replies (1)
Momentum (SA)
Momentum (SA)'s reply24 Jul 2025, 13:31
Official
Dear Sons Kempen

Thank you for bringing your concerns to our attention. 

We will escalate the matter to the Wealth management team for assistance and feedback. 

Kind regards
NH