STANLIB - THE GROVE

On 25 Jan 2022 I invested R3,071,000.00 on the strength of advice by consultant J CLOETE at STANLIB THE GROVE. He took 2.3% upfront commission ie. R70,633.00 and advised via very impressive charts to invest in STANLIB MULTI MANAGER LOW EQUITY FoF B1. This investment have now dwindled to R2,950,633.00 and despite the negative growth, he still pockets 0.58% per month. This was very bad advice, because, have I deposited the initial amount in a MONEY MARKET account, I would have gotten at least 5,8% growth for the past 9 months. My investment now has a loss of more than R130,000.00. He gave bad advice and did not come up with a better solution when he saw the negative growth. No one needs a consultant like this., Upon trying to arrange a meet with him, he would not see me.. Do not do business with Jacques Cloete. I would also have thought that STANLIB should have a system whereby they scrutinise their clients investments and take action in their favour. Apparently it all has to do with what they can get out of their clients. I am not happy .Phillip C du Bruyn ***