IMPC Coben

[Simpo Two]

(title read 'IMPC > Coben' but the '>' disappeared)

The 30 days notice expires tomorrow, and I've been trying to find Coben on the internet. There's a company in Spain, and one in Canada, and a bloke called Harlan Coben.

It may have been mentioned in another thread, but for clarity can someone tell IMPC investors exactly what 'Coben' is? Is it an existing and long-standing financial company of excellent reputation, or just a brand name plucked from the air a month ago? And if so why?Thanks!

[LastPoster]

Cobens, not Coben

[PM3]

As letter said, an IM Private client will become ( unless transferred out ) a client of

Quote:
Astute Financial Management (UK) Ltd (known as "Cobens")
Unquote

[Simpo Two]

Ah yes, thanks, I do remember something about that.

https://www.afmltd.co.uk/

If I search for both names together I get https://www.cobens.co.uk/

- who do this: https://www.cobens.co.uk/#features-3

Perhaps it will have something about private clients soon.

Edited by Simpo Two on Tuesday 25th June 12:10

[LastPoster]

Second result on Google when searching ”Cobens” is Cobens Wealth Management. A cursory look over their website shows similar services to Intelligent Money Private Clients

[IMPCbC]

LastPoster said:

Second result on Google when searching ”Cobens” is Cobens Wealth Management. A cursory look over their website shows similar services to Intelligent Money Private Clients

Thank you LP,

For some background https://www.cobenswealth.co.uk

I understand there will be a new site available shortly and a welcome post will be made Thursday.

Regards

Adam

[Simpo Two]

IMPCbC said:

I understand there will be a new site available shortly and a welcome post will be made Thursday.

Thanks Adam; I wonder I was hoping to 'join the dots' a bit more before the 30 days cut off, as there is so far no sign that the Cobens I see online is the Cobens that my money has gone to. They might have attended to the website rather sooner, as from what's showing it could be any company. Is the fact that the welcome post is set to appear on the 31st day coincidence?

Anyway, more importantly, the letter from Quai says 'You will have 30 days... to make a choice of what to do with your products'. If I do nothing, and Quai/Astute/Cobens take the reins, in what way is my choice altered/reduced? Or is it simply an admin issue and in fact I will have the same choice - ie leave or stay - before and after the 30 days?

Edited by Simpo Two on Tuesday 25th June 16:04

[IMPCbC]

Simpo Two said:

IMPCbC said:

I understand there will be a new site available shortly and a welcome post will be made Thursday.

Thanks Adam; I wonder I was hoping to 'join the dots' a bit more before the 30 days cut off, as there is so far no sign that the Cobens I see online is the Cobens that my money has gone to. They might have attended to the website rather sooner, as from what's showing it could be any company. Is the fact that the welcome post is set to appear on the 31st day coincidence?

Anyway, more importantly, the letter from Quai says 'You will have 30 days... to make a choice of what to do with your products'. If I do nothing, and Quai/Astute/Cobens take the reins, in what way is my choice altered/reduced? Or is it simply an admin issue and in fact I will have the same choice - ie leave or stay - before and after the 30 days?

Edited by Simpo Two on Tuesday 25th June 16:04

For clarity, everyone retains the right to move. The 30 days is the transition/notice period as I understand it.

[Simpo Two]

IMPCbC said:

For clarity, everyone retains the right to move. The 30 days is the transition/notice period as I understand it.

OK, that's good. Just wanted to make sure I wasn't losing any options such as free transfers which might after tomorrow incur a cost.

[Mavman39]

Simpo Two said:

(title read 'IMPC > Coben' but the '>' disappeared)I've been trying to call them ,email them the past week,no response either way , very poor 1st impression.

The 30 days notice expires tomorrow, and I've been trying to find Coben on the internet. There's a company in Spain, and one in Canada, and a bloke called Harlan Coben.

It may have been mentioned in another thread, but for clarity can someone tell IMPC investors exactly what 'Coben' is? Is it an existing and long-standing financial company of excellent reputation, or just a brand name plucked from the air a month ago? And if so why?Thanks!

[BritPop]

https://www.cobensdirect.co.uk/

[tight fart]

I’ve gone from, OH my god what’s happened! To oh, I think i understand, to oh everything’s fine.
But now I’m back to uneasy panic mode.
My last financial advisor ended up front page news before staying with her majesty so I have form.
Just over a week ago I applied for a small withdrawal and heard nothing since.

[mikeiow]

tight fart said:

I’ve gone from, OH my god what’s happened! To oh, I think i understand, to oh everything’s fine.
But now I’m back to uneasy panic mode.
My last financial advisor ended up front page news before staying with her majesty so I have form.
Just over a week ago I applied for a small withdrawal and heard nothing since.

Did you have a financial advisor when you used IM?
Most here (maybe all?) will have been “Private Clients”, taking advantage of guidance but not advice.

Your funds remain where they were, Nik, Adam & Coops are still dealing with stuff (JPH’s role tbc?), so I don’t see any reason to be concerned.

I also initiated a small withdrawal last Weds. Triggered online.
If I get to next Weds with no sign of the money, *then* I will be concerned….I can see on my dashboard it is ‘in progress’, & before the threads all disappeared, others had suggested they received them around 5 working days.
Can you see the progress of yours online?

[ferret50]

mikeiow said:

Did you have a financial advisor when you used IM?
Most here (maybe all?) will have been “Private Clients”, taking advantage of guidance but not advice.

Your funds remain where they were, Nik, Adam & Coops are still dealing with stuff (JPH’s role tbc?), so I don’t see any reason to be concerned.

I also initiated a small withdrawal last Weds. Triggered online.
If I get to next Weds with no sign of the money, *then* I will be concerned….I can see on my dashboard it is ‘in progress’, & before the threads all disappeared, others had suggested they received them around 5 working days.
Can you see the progress of yours online?

As Mike comments above, I'm not too worried, we have be assured that our money is 'ring fenced' and is held as shares in our names with the fund operator taking a small daily cut to cover their operating costs.

BUT,
The useful threads that contained the information about our investments, telling us all how they worked, pointing out tax breaks and simular have all vanished and any mention of the firm's name is quickly removed from sight, this aspect does worry and concern me and I am sure others too.

And although I often do not fully understand most of Adam's more technical posts I do appreaciate the time and effort that he used to put in to keep us up to speed with our investments and I hope and trust that this will be allowed to return.

[Sheepshanks]

mikeiow said:

I also initiated a small withdrawal last Weds. Triggered online.
If I get to next Weds with no sign of the money, *then* I will be concerned….I can see on my dashboard it is ‘in progress’, & before the threads all disappeared, others had suggested they received them around 5 working days.
Can you see the progress of yours online?

If you’d been trying to do a transfer out then let’s just say it would not be advisable to hold your breath….

[mikeiow]

Sheepshanks said:

mikeiow said:

I also initiated a small withdrawal last Weds. Triggered online.
If I get to next Weds with no sign of the money, *then* I will be concerned….I can see on my dashboard it is ‘in progress’, & before the threads all disappeared, others had suggested they received them around 5 working days.
Can you see the progress of yours online?

If you’d been trying to do a transfer out then let’s just say it would not be advisable to hold your breath….

No, not a transfer, a withdrawal.

I guess transfers for many companies can be hit & miss….& doing it during any merge/takeover, perhaps more so. No plans to transfer funds elsewhere.

[tight fart]

Thanks Adam, appreciate the contact.

[Ducati996R]

[quote=tight fart]I’ve gone from, OH my god what’s happened! To oh, I think i understand, to oh everything’s fine.
But now I’m back to uneasy panic mode.
My last financial advisor ended up front page news before staying with her majesty so I have form.
Just over a week ago I applied for a small withdrawal and heard nothing since.[/quote

I had a chat with Adam yesterday and I’m now in a good place with what is happening going forward and his continued involvement in our investments

[-Cappo-]

mikeiow said:

I also initiated a small withdrawal last Weds. Triggered online.
If I get to next Weds with no sign of the money, *then* I will be concerned….I can see on my dashboard it is ‘in progress’, & before the threads all disappeared, others had suggested they received them around 5 working days.
Can you see the progress of yours online?

The last two times I tried to make drawdown from my pension, I had to chase several times and it took weeks not days. That was long before IM imploded, but at the time Nik told me he was personally addressing admin processes within the company. Hopefully someone is still looking into that.

[Sheepshanks]

-Cappo- said:

The last two times I tried to make drawdown from my pension, I had to chase several times and it took weeks not days. That was long before IM imploded, but at the time Nik told me he was personally addressing admin processes within the company. Hopefully someone is still looking into that.

I think, just to add some context, it's been pretty iffy for a while, although perhaps related to what we now know. We've been able to contact people through PH and (usually) get things done - my IFA's team were tearing their hair out months ago. I got copied on some of the admin emails that were being sent by IM very late at night, so it did seem like some effort was being put in, but was perhaps overwhelmed.