Extreme high cost for low value

I am writing to formally raise a complaint regarding the costs, fees, level of advice and overall value I have received from my Glacier by Sanlam investment over the past 20 years.

I started my Retirement Annuity (RA) in January 2006. At the time, I had very little financial knowledge and re**** on the fact that I was investing with a reputable financial services provider. Unfortunately, I did not have the financial understanding at the time to properly assess the impact that the various fees and charges would have on my investment over the long term.

Over the approximately 20 years that I have held this investment, I have had very limited contact with a Sanlam/Glacier financial adviser. I estimate that I have had only five or six meetings with an adviser during this entire period. Given the length of time I have been invested, I find this level of ongoing advice and engagement disappointing.

What concerns me particularly is that, despite having been invested since 2006, my current Effective Annual Cost (EAC) is still approximately 3.4%. I understand that there are costs associated with managing an investment, but I believe a cost at this level has a significant impact on long-term investment returns.

According to the information available to me, the investment has achieved growth of approximately 6.6% since inception, while the performance over the most recent three-year period has been approximately 12%. Considering the length of time I have been invested and the level of fees charged, I am concerned that the overall outcome does not represent sufficient value for the costs incurred.

I am also particularly concerned about the exit costs currently being app****. I understand that I may be charged an amount equivalent to more than three years' contributions if I exit or transfer the investment. I find this extremely difficult to justify, particularly after almost two decades as a client.

When I started this investment in 2006, I was not financially savvy enough to fully understand the long-term implications of the fees, charges and contractual conditions. I believe that financial products designed for long-term retirement savings should be transparent and structured in a way that allows clients to understand the real cost of remaining invested.

Today, consumers have considerably more access to financial education through online resources, YouTube, financial information platforms and AI-assisted learning. As I have become more financially aware, I have started reviewing the costs associated with my investments much more closely. Unfortunately, this review has left me seriously concerned about the value I have received from Glacier by Sanlam.

I am therefore currently considering moving my investments away from Glacier by Sanlam because I believe the overall cost structure is too high.

I would appreciate a detailed written response addressing the following:

A complete breakdown of all fees and charges that have app**** to my RA since inception. An explanation of why the current EAC remains approximately 3.4%. A detailed explanation and calculation of the exit/transfer charge currently applicable to my investment. An explanation of the contractual basis for charging an amount equivalent to more than three years' contributions upon exit. A breakdown of the total fees and charges deducted from my investment over the full period since January 2006. An explanation of what advice and ongoing service I have received in exchange for these costs, given that I have had only approximately five or six adviser meetings over the entire investment period. A comparison showing the investment performance before and after all fees and charges, so that I can properly assess the actual value delivered to me as the client. Confirmation of all costs that would apply should I transfer the investment to another provider today.

I am not raising this complaint simply because the investment has had periods of lower performance. My concern is the combination of long-term costs, limited advice, the current EAC, and substantial exit charges, and whether these costs have been reasonable and proportionate to the service and investment performance delivered.

After almost 20 years as a client, I believe I am entitled to a clear and transparent explanation of the value I have received and why it would still be so costly for me to move my retirement savings to a more cost-effective provider.