Clients Mistake: Dying!

A friend gave me lots of paper saying “My cousins husband has died, she is a nominee will you please transfer all the mutual funds to her name”. I said this is a breeze, will do it.

Then started my ‘breeze’. DSP Mutual fund, Idfc, SBi mutual fund, Icici Prudential, J P MOrgan, Franklin Templeton,…his bank Relationship manager had filled his portfolio with all possible funds. The bank was HSBC bank and the relationship manager completely washed his hands off the procedure.

Welcome to the other bank – Citibank – same she was shunted from pillar to post – with no help.

It is at this stage she came to me. Now it was the turn of CAMS. My man went to the CAMS office. He was told they needed a copy of her pan card, her signature attested by the bank. Promptly (in 3 days) when he went with these documents, they said..”Oh, the death certificate has to be Notarised”.

Then my man has been trying to call the mutual funds. Best was the call to one mutual fund came with the reply “services to this number has been suspended”.

Basic hygiene of mutual funds seem to be out of place. With no load who will be in a position to render all these services to a client, I have no clue…God Bless

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One Response to “Clients Mistake: Dying!”

  1. I agree.

    Sent a redemption request by courier to a local branch.

    The fund had been purchased in a similar way.

    The courier came back ” branch closed”

    The funds owners shut some branches.

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