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Old Mutual Paperwork – What is going on?

For the past 12 years, we have enjoyed the service that we have received from Old Mutual. Like any big corporate, they will never be perfect, but they have always spotted issues and then sorted them out. They have great people and their buying power size makes them a compelling argument for the platform of choice in the majority of our clients financial plans.

The Pandemic clearly undid this track record in regards to their paperwork. There is no point us pretending otherwise – you would just call us out!

So what is going on? Why are statements arriving so late, why so much paper that seems so confusing and where are those 19/20 tax vouchers?

For those attending our virtual masterclass tomorrow, Katy will be covering this in more detail. If you will not be joining us, however, here is the quick version!

The Pandemic came at a bad time for a platform that had just launched its new system to our clients. Where perhaps Old Mutual would normally have expected reasonably ‘normal’ markets and an abundance of staff to sort out any teething troubles – they received the worst market crash of all time and an instruction to send all of their staff home. Not the best start!

In fairness to them, they have kept the actual platform running extremely well through all of this. The problem for our clients’ seems to be with the paperwork.

The statement from January 2020 to April 2020 would have been the worst you have probably ever seen (unless you had a very cautious portfolio) as the markets were super high at January and then crashed through the floor in March. The values came back swiftly and so by May we were celebrating very minor losses (if at all) given the event that had occurred. However, it is easy to forget this bleak piece of investment history. The statement that you may have received in the last few days is a great reminder of how bad things looked. However, it is not an accurate valuation at today’s price by a country mile. If you need any reassurance from us – just call and we shall personally update you.

The 19/20 tax vouchers (for CIA’s) appear to have been slowed down by the staffing numbers and the new system settling in. We have been assured that these are now being generated. I have escalated this matter and I have a list of clients now to update once we know more. If you want me to add you to that list  – just let me know.

The layout of paperwork from Old Mutual was pretty confusing (according to the survey that we sent you) when first sent out back in March. We have attended multiple online meetings with the people at Old Mutual who generate these communications. We have raised the fact that the layout could be improved, that separate envelopes for everything is frustrating and that super thick quality paper is wasteful.  They have listened and assured us that this will be better from the end of the summer.

I truly understand the frustration that many of our clients will be experiencing at the paperwork they have been receiving. There are three clear messages I want to share with you:

  1. We are not tied to Old Mutual. We have moved platforms in the past and we shall not hesitate to do so again if it is in our clients best interests. However, in absolute fairness to Old Mutual, their competitors are not showing signs of fairing any better currently. We do hold client investments on other well known platforms and we are seeing similar issues.
  2. Old Mutual’s online platform is functioning fine currently and the people who work there are trying extremely hard to speed up your paperwork. They have been very open and honest with us and we are actually impressed by their candidness and genuine desire to improve things. We are prepared to let this play out a while longer.
  3. In the meantime, we will take up any slack. If you do not understand any paperwork that you receive from Old Mutual – or if you need reassurance on valuations – just call or email us. I can not encourage you enough to sign up for Old Mutual’s online valuation system if you possibly can – it will eradicate much of the tree felling!  In the meantime – we are here for you 100%.

Sorry for the slightly drier article folks.

We are looking forward to delivering our masterclass tomorrow for you and we will be in touch with an update on that in the coming days.  If you are not signed up, don’t worry, we will be able to send you links after the event to watch it all if you wish.

My humble regards as ever.



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