UBS consultant is bad

OxygeN

Active member
Hi all.
I'm not going to publish names, but I have to share this with the community - maybe I'm wrong and I have high expectations, so you people might teach me. Anyway...

My SO is UBS client and has a couple of financial tools active (besides the checking and saving accounts).
We've written to her UBS contact 3 weeks ago asking to know the TER of her "UBS Manage Balanced". The answer we got was: "Regarding the TER of this portfolio, we have no specific information in the context provided." WTF??? I would expect that for every product UBS is selling, the UBS consultant must know what is being sold and what are the "terms&conditions" - among which I expect the TER to be known (or at least, if it's not fix, calculated at request).

So bear in mind, that to receive that lousy feedback, we had to wait for 3 weeks and insist with a weekly reminder-email!

Another thing we asked: we'd like to know which fees and conditions apply if we want to close the positions and eventually cash out. She replied that "the mandate can be sold anytime and the amount will be credited in 3-4 days, except for the hedge funds. The hedge funds make up 5-10%. Even the fonds account can be sold anytime and the credit will happen in 3-4 days as well. The termination of the relationship must be requested 3 months in advance".
I don't understand the thing about the hedge fonds. She's telling us that the investments can be cashed out in 3-4 days, except for the hedge funds. What about these?

Thanks for your thoughts about the above, maybe (as I stated at the beginning) my expectations are too high and maybe you can help me understand the last sentence (about the hedge fonds).

TIA.
 
Thanks for sharing!

I don't think your expectations are too low.

And thanks for not publishing names, let's keep it that way.
"Regarding the TER of this portfolio, we have no specific information in the context provided." WTF???
I agree with WTF... If they cannot even tell you the TER of the fund, this is a very bad sign. Either they are too dumb to know or too lazy to check or simply want to hide the TER because it is stupidly high.
I don't understand the thing about the hedge fonds. She's telling us that the investments can be cashed out in 3-4 days, except for the hedge funds. What about these?
The response is indeed lacking in that regard. Normally, you can cash out quickly from hedge funds. It may take a week to to execute, but I would be surprised if it too longer.
 
I'll ask her what is what. I don't think she belongs there - it's not her place. She's better off as a cashier at Migros or similar (with all respect for all the cashiers out there!).

I won't disclose any names - but if UBS Zug is your bank (or you think to become their client), please PM me first... or simply just don't go with UBS!
 
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