'Never, never, ever respond to anyone who phones you with an investment proposition of any sort.
It does not matter what they say! Real financial advisers do not and are not allowed to do this.
Now, if everyone were to remember that, then no one would lose a penny to fraudsters like the Wilmots.'
Absolute Rubbish, in the US you are allowed to call the only difference is that you get a licence to do so....
ReplyDeletepeople like Levene seem to have a pole up the rear end when it comes to cold calling, how else are you supposed to generate business
What a bunch of Jokers ban it in the UK but you cannot prevent people from abroad doing it into the UK make it legal and regulate it
Anon. I'm sure Tony Levene is commenting about the situation in the UK. Obviously regulations vary from country to country.
ReplyDeleteHowever, irrespective of country I would not consider buying anything from a cold call, especially an investment offer.
Dear Jim
ReplyDeleteYou may top people in the UK cold calling but will have it near impossible from people outside the UK cold calling the UK, if you charge a licence fee and regulate it, that is much easier and allow companies in the UK to legally do it
Anon. Although I object to cold calling, particularly in relation to investments, I would go so far as advocating executing them!
ReplyDeleteThe crux here is not what I think but a requirement that financial advisers are not allowed to cold call in the UK.
I was recently cold called by Crimson Fine Wines with an investment opportunity: As they're not on any of your lists, I'm tempted. I've no problem with cold calls if the investment makes me money. And I wouldn't have known about wine investment if they hadn't called me in the first place.
ReplyDeleteAnon. I have heard of Crimson Wines, a new company. I would want to know more about this company before buying from them. I would be interested to know what wines they have suggested and at what price. Thanks Jim
ReplyDeleteI have received a call from Crimson Wines too and agreed for them to send me a brochure. This is the first time I have heard of wine investment.
DeleteThere was no list of wines supplied but they did say that for new investors, they suggest investing around £3000 minimum up to £25000. When I received another call from them, I said I did not have that kind of money. He came up with another price of around £1500 for a wine of 2008 vintage (I cannot remember the name of the wine).
In their brochure they quote their charges as " All purchases include a static service charge of 15%, 5 years storage at London City Bond and 5 years insurance (renewable from year to year)."
I have read that you are not keen on any company that claims wines are free from Capital Gains Tax. They certainly claim that in their glossy brochure because UK tax law considers wine a "wasting asset".
I recently purchased a case of 2009 Pontet Canet from Crimson Fine Wines and found them to be neither the cheapest nor the most expensive around. I too had never heard of the wine market but they were very helpful and not at all pushy. I decided to go with them as they opened me a private account at London city bonds which noone has access to apart from me where my wine will be stored for up to 5 years paid for by them. I was indeed charged 15% but i would rather that than be charged a percentage at the other end when i sell my wine and have hopefully made some profit i appreciate every company needs to make money somehow. Wine is actually free from Capital gains tax as it is kept in bond from what i understand and has a shelf life so profits should be tax free. From what I understand you only pay taxes if you take the wine out to drink. So far I have not had any problems with Crimson fine wines. Hope this is helpful.
ReplyDeleteAnon: 'Wine is actually free from Capital gains tax as it is kept in bond'. Sorry this is not correct. Most wine is free of capital gains tax but wine that has an expected life of more than 50 years is subject to capital gains tax on profits made if you come to sell irrespective of whether it is in bond or not.
ReplyDeleteWine is also subject to inheritance tax.
'I was indeed charged 15% but i would rather that than be charged a percentage at the other end when i sell my wine and have hopefully made some profit.'
You have to assume that the company that charges an upfront fee is still in business when you want to sell...