Your questions answered Vol 2 - IM Private Clients

[AdamIM]

superlightr said:

It has been great timing by IM for adding Meta in the other week. Well done ! PHT is like a rocket the last 6 mths.

Hi James,

Meta was off the menu a couple of years back due to its privacy battle with Apple (2b devices) and I myself was not a fan of their aggressive data harvesting, particularly ‘kids’. However the worst trait you can have in this industry is bias and being unprepared to change ones mind. Meta is a cash machine, they are spending vast sums on accelerated computing, a spend now, reap rewards later, move. They have a solid track record with this strategy.

The stock was higher, higher than our preferred entry point, however the news of the huge AI spending caused a correction which we jumped at. And who is the recipient of this spending.

Today PHT and IML-G are at record highs. We couldn’t be happier for all investors and we are looking forward to developing these models further.

[AdamIM]

superlightr said:

It has been great timing by IM for adding Meta in the other week. Well done ! PHT is like a rocket the last 6 mths.

Hi James,

Meta was off the menu a couple of years back due to its privacy battle with Apple (2b devices) and I myself was not a fan of their aggressive data harvesting, particularly ‘kids’. However the worst trait you can have in this industry is bias and being unprepared to change ones mind. Meta is a cash machine, they are spending vast sums on accelerated computing, a spend now, reap rewards later, move. They have a solid track record with this strategy.

The stock was higher, higher than our preferred entry point, however the news of the huge AI spending caused a correction which we jumped at. And who is the recipient of this spending.

Today PHT and IML-G are at record highs. We couldn’t be happier for all investors and we are looking forward to developing these models further.

[renmure]

AdamIM said:

Today PHT and IML-G are at record highs. We couldn’t be happier for all investors and we are looking forward to developing these models further.

A million thanks from Mrs R and myself for all the hard work that clearly goes on in the background. Obviously the headline numbers are great and while we are simple passengers in the exercise we appreciate that for us to be sitting on our backsides doing well, others must be putting in the hard graft and hopefully being equally well rewarded for their part in that.

[xerawh]

IM team, can someone help? I'm not getting texts to log in to my profile - sent an email to various IM email addresses and apprecaite it was just this morning, but hopefully easy to solve as I'd like to set up an ISA contribution asap.

[AdamIM]

xerawh said:

IM team, can someone help? I'm not getting texts to log in to my profile - sent an email to various IM email addresses and apprecaite it was just this morning, but hopefully easy to solve as I'd like to set up an ISA contribution asap.

Please email [e-mail]

[ferret50]

Hi Adam, what's your view on Polestar, please?.....PHtech.....seem to be on a nosedive and was wondering if you had spotted what has gone wrong there.

[xerawh]

AdamIM said:

xerawh said:

IM team, can someone help? I'm not getting texts to log in to my profile - sent an email to various IM email addresses and apprecaite it was just this morning, but hopefully easy to solve as I'd like to set up an ISA contribution asap.

Please email [e-mail]

Thanks. Had done so this morning. Steve and Nik have since replied so thank you.

[JulianPH]

Important announcement

I am sure many of you will have read the separate Intelligent Money thread on this forum, discussing IM being held responsible for client losses relating to a number of advised SIPPs.

These claims create a compensation liability that IM would be unable to meet and as such the directors have put in place the company’s contingency plans to ensure clients are not affected.

I therefore wanted to inform you here first that the directors of Intelligent Money Limited are pleased to announce the completion of a deal today which sees Quai Investment Services Limited take over as the new operator of Intelligent Money’s products.

Quai is a well respected platform, pension, ISA and GIA provider which wishes to continue the Intelligent Money legacy.

There are no changes whatsoever to your products, which will continue as before, and I am working closely with Quai on the handover, which includes all of Intelligent Money’s staff moving over.

Nik, Adam and I are also working with the new service provider, Intelligent Money Private Clients by Cobens (a trading name of Astute Wealth Management) and will continue advising the investment committee to your portfolios, as before.

For clarity

• It is only the ownership and operator which has changed (not your products)
• Your pensions, ISAs, GIAs and portfolios remain unchanged (nothing moves anywhere)
• All IM staff remain in place (now at Quai)
• Everything continues under the IM brand (under the new ownership)
• Nik, Adam and I are working with the new service provider (Intelligent Money Private Clients by Cobens).
• We continue to advise the investment committee (to the portfolios)

The only people impacted by this change are the shareholders of Intelligent Money Limited, which with its assets now sold (with the FCA's consent) has been placed into administration. I am unable to comment further on this for legal reasons, so please bear with me on that.

Quai will be writing to all clients to introduce itself and I would like to take this opportunity to thank you for all of your support on the journey so far, whilst greatly looking forward to the continuing that journey with you under the new ownership.

Cheers

Julian

[Rusty Old-Banger]

That doesn't sound great, to be honest. Reminds me of a letter I received from the owner of a company I used to work for, shortly before I was told not to come in to work, and some years-worth of my pension contributions disappeared in to the ether resetting my account to zero. While the former boss drove off in to the sunset in his M5. (this was back in the late 90's).

I hope this isn't the same.

[xerawh]

JulianPH said:

Important announcement

[Update on current happenings...]

Julian,

Thanks for this update.

How does this impact how the service will be offered, in terms of fees and direction you, Nik, Adam you currently have over how portfolios are run?

Part of the reason I (and assume others) invested here was that you and other IM-related staff were invested and had 'skin in the game' and were able to (according to me again) direct/control direction of investment. Plus we got comfortable with you and your team...

If it's now someone else who has to listen to both of you and take under advisement, but will manage how they want to, there is some concern they may have different views on the future journey of the new 'IM'.

It would be good to understand clearly what level of involvment the 3 of you in particular have, or are you now just advisers/consultants to the new business?

Assuming it is this cobens [https://www.cobens.co.uk/benefits/], this seems more like an employer benefits/lifestyle offering, far removed from a personal PC offering, with financial guidance, planning, etc...

This is just to understand the situation better (in no way meant as offering any views on what is happening)...

Edited by xerawh on Tuesday 28th May 16:50

Edited by xerawh on Tuesday 28th May 16:52

[JulianPH]

Rusty Old-Banger said:

That doesn't sound great, to be honest. Reminds me of a letter I received from the owner of a company I used to work for, shortly before I was told not to come in to work, and some years-worth of my pension contributions disappeared in to the ether resetting my account to zero. While the former boss drove off in to the sunset in his M5. (this was back in the late 90's).

I hope this isn't the same.

Sorry to hear about that, but unless you are a shareholder of IM, it is nothing like that!

All IM products remain exactly as they are, just with Quai as the new operator.owner.

Cheers

[markiii]

well that is frankly very dissaponting news

[markiii]

Julian I assume this means you guys have no control over fees, which we should now expect to increase?

[AdamIM]

markiii said:

Julian I assume this means you guys have no control over fees, which we should now expect to increase?

Not correct, nothing is changing from client perspective. All key personnel who worked on your portfolio’s will continue to do so.

Edited by AdamIM on Tuesday 28th May 17:08

[Intelligent Money]

xerawh said:

JulianPH said:

Important announcement

[Update on current happenings...]

Julian,

Thanks for this update.

How does this impact how the service will be offered, in terms of fees and direction you, Nik, Adam you currently have over how portfolios are run?

Part of the reason I (and assume others) invested here was that you and other IM-related staff were invested and had 'skin in the game' and were able to (according to me again) direct/control direction of investment. Plus we got comfortable with you and your team...

If it's now someone else who has to listen to both of you and take under advisement, but will manage how they want to, there is some concern they may have different views on the future journey of the new 'IM'.

It would be good to understand clearly what level of involvment the 3 of you in particular have, or are you now just advisers/consultants to the new business?

Assuming it is this cobens [https://www.cobens.co.uk/benefits/], this seems more like an employer benefits/lifestyle offering, far removed from a personal PC offering, with financial guidance, planning, etc...

This is just to understand the situation better (in no way meant as offering any views on what is happening)...

Edited by xerawh on Tuesday 28th May 16:50

Edited by xerawh on Tuesday 28th May 16:52

Hi

We have spent some time working with Cobens to assess culture fit and views on the way IMPC works and how it would fit with their model.
There has been clear alignment and agreement about core values, client service etc and we are happy that it is a great fit and we can use the resource that Cobens bring to the table to enhance IMPC.
The nature of this type of change, means we have to follow a process but further details will follow directly to IMPC clients.
The current IMPC team move over to build on that we have done already. We still have skin in the game and fortunately/unfortunately dependant on your view, you will still be dealing with us.

Nik

[Jasey_]

Very sad news indeed.

Hopefully IMPC can go from strength to strength in the new set up.

All the best to the whole IM team in these challenging times.

[JulianPH]

xerawh said:

Julian,

Thanks for this update.

How does this impact how the service will be offered, in terms of fees and direction you, Nik, Adam you currently have over how portfolios are run?

Part of the reason I (and assume others) invested here was that you and other IM-related staff were invested and had 'skin in the game' and were able to (according to me again) direct/control direction of investment. Plus we got comfortable with you and your team...

If it's now someone else who has to listen to both of you and take under advisement, but will manage how they want to, there is some concern they may have different views on the future journey of the new 'IM'.

It would be good to understand clearly what level of involvment the 3 of you in particular have, or are you now just advisers/consultants to the new business?

Assuming it is this cobens [https://www.cobens.co.uk/benefits/], this seems more like an employer benefits/lifestyle offering, far removed from a personal PC offering, with financial guidance, planning, etc...

This is just to understand the situation better (in no way meant as offering any views on what is happening)...

Hi mate, it wasn't the easiest thing I have ever written!

There is no change to fees or service, it is just a new structure.

Cobens is a big player in the employee benefit market, but it is also part of London based Astute Financial Management, an old school wealth manager big in other markets (I believe they have c. 800 employees).

Basically, if the 3 of us were Clarkson, Hammond and May (shudder!) then we have moved from the BBC to Amazon.

Just as Amazon wanted to take over a winning formula in that analogy, the same is the case with Cobens/Astute. So whilst the producers call the shots, it is the team behind the format they are relying on.

There is no change at all to us doing all the research and analysis and advising the investment committee on the portfolios.

You are quite correct that I am no longer the boss, but I had been planning to step back from the business running side of things anyway and focus on the part I enjoy (namely this!). This is not how I anticipated it happening, but we now have a lot more resource behind us and that is exciting!

Cheers

Julian

[JulianPH]

markiii said:

well that is frankly very dissaponting news

Hi mate

I know what you mean, but we had to deal with the claims issue and this actually brings a huge amount of additional resource to the IM brand.

Quite honestly there should not be much noticeable difference to anyone other than the change in ownership (which is disappointing for me!).

Cheers

[JulianPH]

markiii said:

Julian I assume this means you guys have no control over fees, which we should now expect to increase?

Hi Mark

There is no change in fees (which are contractual anyway).

Cheers

[JulianPH]

Jasey_ said:

Very sad news indeed.

Hopefully IMPC can go from strength to strength in the new set up.

All the best to the whole IM team in these challenging times.

I really believe it can and whilst I am not part of Quai, I remain working closely with them as my legacy of the past twenty something years is handed over to them.

Of course I will also remain working with Nik and Adam at the new IMPC!

Cheers mate

Julian