Author Topic: Long term savings plan - Vantage Platinum II  (Read 1665 times)

lostinfinance

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Long term savings plan - Vantage Platinum II
« on: March 14, 2017, 10:54:08 PM »
Hello,

I’m a Spanish citizen currently in an expat position in South East Asia. Recently, I met a financial advisor who proposed a retirement savings plan called “Vantage Platinum II” from a Company called Hansard International.

To be honest, I don’t know much about these things, but as far as I can tell this plan seems incredibly bad.  Here are the details:

Quote
An overview of Hansard International:
•   Established in 1987 and listed on the London Stock Exchange since 2006 (4th largest stock exchange in the world)
•   Based in Isle of Man – 90% investor protection under The Isle of Man Life Assurance (Compensation of Policyholders) Regulations 1991.
•   Tax efficient – no local tax on capital growth or income which accrue on assets held with Hansard
 
The benefits of Vantage Platinum II:
•   Payment flexibility – stop, start and reduce premiums after first 24 months contributions have been invested (minimum contribution £325, $500 or €450)
•   Total flexibility from day one (if required) – option to prefund first 24 months to allow 100% flexibility from the beginning
•   Additional regular contributions – can increase contributions at any time starting from £150, $200 or €175
•   Single contribution lump sums – from £2,000, $2,750 or €2,500
•   Access to capital – from all contributions and growth invested after month 24
•   Currency flexibility- ability to switch currency at any time free of charge (11 currency options available)
•   Full fund coverage – access to over 200 funds from leading fund managers
•   Online access – allowing you to switch and rebalance your portfolio free of charge online
•   Global flexibility – allowing you to take your plan to any other country you may move to.
•   Free premium collections – on debit or credit card (we can open a multi-currency offshore bank account to allow contributions to be collected free of charge each month on your required date)
•   New client incentive – based on investing €650 over 20 years - €2,600 bonus added to plan from day 1 (20 x  term in years)
•   Loyalty bonus – Added to plan every 5 years ( 0.25% of bonus and accumulator units value) From year 10 this increases to 0.75% added on year 15 and 20

I have also attached a brochure with the charges and a simulation done by the advisor on a 25 year plan, at 650 euros per month.

Many things seem wrong to me:
* Long initial allocation period. 
* No flexibility, basically if I ever touch the money before the end of the plan, I will lose money.
* The charges seems excessive.

What am I missing here?

I already told the advisor that I don't like this plan. I definitely want to start to invest in something because the money is piling up at the bank, but this seems far from ideal.

Any thoughs?
« Last Edit: March 14, 2017, 11:02:38 PM by lostinfinance »

Heckler

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Re: Long term savings plan - Vantage Platinum II
« Reply #1 on: March 14, 2017, 11:26:17 PM »
I could be jumping to conclusions without enough data, but read this and make your own call.

https://forum.mrmoneymustache.com/investor-alley/i-dun-goofed/

Heckler

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Re: Long term savings plan - Vantage Platinum II
« Reply #2 on: March 14, 2017, 11:35:29 PM »
Hansard made £105 million revenue in 2015

https://en.m.wikipedia.org/wiki/Hansard_Global

Whats my point?  I was hoping to compare it to Vanguards revenue with $4B assets under mgmt, but its not a quick to find public numbet. 
« Last Edit: March 14, 2017, 11:42:07 PM by Heckler »

lostinfinance

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Re: Long term savings plan - Vantage Platinum II
« Reply #3 on: March 15, 2017, 01:19:31 AM »
I could be jumping to conclusions without enough data, but read this and make your own call.

https://forum.mrmoneymustache.com/investor-alley/i-dun-goofed/

Yes, I read that thread. The plan is not exactly the same, but very similar. Another adviser also proposed RL360... I am starting to feel like I should get away from all these guys, and find my own way without any of them.

I work for a french company with a french-contract. I am not exactly sure what is the legislation for Vanguard in France. I need to have a look more in detail at their website. https://www.vanguardfrance.fr