31st March 2015
One in three Isa investors are unsure or have no idea how their portfolio has performed in the last 12 months, a new study has revealed.
The research shows that of those who regularly see a financial adviser, 30% only receive portfolio updates once a year and 14% are updated even less frequently than that.
Only 15% receive updates monthly, 16% bi-annually and 23% quarterly. When asked if they had any underperforming funds in their portfolios, 22% said they did not know while 35% believed they did not have any; 43% said they knew they had some but 18% said they were comfortable with this.
Stuart Dyer of Rplan.co.uk, the online investment platform which commissioned the research, says: “If investors have little or no idea what their portfolios are doing then they can end up losing many thousands or more through negligence. Portfolios should not be tinkered with too often – investment strategies require long term perspectives. But if something is going seriously wrong then they may need to take action quickly.
“The problem for many investors is they don’t have access to proper financial advice, which can be very expensive. Our email updates are a free value-added service that could normally cost a substantial amount from a financial adviser.”