Holistic Wealth Management
Holistic Wealth Management were only in operation for a short period but in that time manage to play havoc with unsuspecting pension holders.
The firm was incorporated in November 2012 and was appointed introducer representatives of advisory firm Henderson Carter Associates Limited from January 2015 until June the following year.
The FCA identified that Holistic Wealth, along with City Administration Limited and Hennessy Jones, had been responsible for introducing large volumes of pension review business between December 2013 and March 2015 by targeting potential customers with high-pressure cold sales calls.
They convinced unsuspecting pension holders that substantially better returns could be gained from their pension savings by first transferring their funds into Self-Invested Personal Pensions (SIPPs) and from there investing in Unregulated Collective Investment Schemes (UCIS).
Unfortunately, it was never explained that SIPPs came with very high costs and were designed for affluent and sophisticated investors with a much greater capacity for loss than the individuals targeted by Holistic Wealth and the other third party introducers. These individuals were also unaware that they were investing their money into high-risk, illiquid schemes that were extremely unsuitable for their more cautious risk profile.
Sadly, many pension holders lost considerable sums of money due to the bad advice they were given by the likes of Holistic Wealth Management.