Advisers claim service levels at Selestia Investment Solutions have declined since the merger with Skandia last August.
Liverpool-based Alpha Financial Management director Stephen Lee says he has been a loyal user of Selestia for years but has seen a rapid decline in service standards since the merger.
Lee says: “The service is now rubbish and it is not just late sending payments. We are an e-based IFA and we got used to working in the way we did but we cannot do it any more.”
Skandia head of platform marketing Peter Jordan concedes there were problems at the time of the integration due to the size of the task but says the main issues were rectified before Christmas.
He says: “Since Christmas, things have been at a much better level and will continue to improve from here on. The next three months should see service improve even further.”
Norwest Consultants principal Harry Katz says: “I think they rushed it. We have seen a huge amount of back-pedalling because I think they knew they were not ready. I worry Skandia will be tainted by the merger with Selestia. Inept is putting it mildly.”