When I came out with an article on the in-efficient working on the Portfolio Management Scheme and how they literally extort money from customers yesterday, I never expected to receive a flurry of mails today. The article can be accessed just one below this article.
The mails that I received and that we received at our info@hbjcapital.com, confirmed whatever we wrote as the ground realities of these schemes. Some of the mails were written with anger, some with the sorrow of lost money and some even depicted how the customers feel the pain that they have in passing each and every day with losses.
With due respect to all of those who mailed us and their emotions, we are making some of the mails public so that we just play our part to pass on your experiences and create an awareness.
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Arun Sir,
First let me tell you that, I am a fan of your writing and when I read your post today, my eyes were wide open to know that each and every line what you have written is a fact and sir, I felt as if you were speaking as to what happened for me.
Way back in Jan 2009 when markets were down like anything, I dare to come out and gave 10 lacs to XXXX for PMS and kept 5 lac with myself for investing. Today when I see my PMS portfolio, I can see just 14.34 Lacs which is a gain of 43.3% in 1.5 years. My personal portfolio of Rs 5 lacs has grown to 8 lacs and it has given me 60% returns in the same 1.5 years. God save people from these PMS guys like XXX, XXX, XXX etc.
And as you have written in the post, they took away 25% of the returns for underperforming the markets. I was more uncomfortable when I saw your TMP Portfolio has given return of 80% in just 6-7 months, how did I missed that. Please guide me how to start your services.
Thanks You.
Stanley Lawrence
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Sir,
I want to suggest one more addition to your recent post on PMS. I took PMS services from one of the famous south Indian PMS provider and to my surprise; I did not see any activity in my a/c in last 6 months inspite of many small/mid cap stocks moving up.
What do you suggest in such cases, shall I take back my money from them or wait for some more periods? I am already out of the lock in period.
With Regards,
Saptharishi
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FRIENDS,
I JOIN XXXX ACCOUNT MANAGEMENT SERVICE BEFORE
5 MONTH BACK . HE PROMISE ME 4% TO 5% RETURN ON MY
CAPITAL. I DEPOSIT 4 LAKH + 25 THOUSAND FOR SIX MONTH FEES
NOW MY ACCOUNT STATUS 3.43 LAKH + SUBSCRIPTION CHARGES
FINNALY I CLOSED MY ACCOUNT WITH XXX.
SUMAN SHUR
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Hi HBJ,
I was emotionally connected to your recent article on the PMS Service and the service providers. I have had a very bad experience with the product which I took from XXXX. As and when I think about it, it reminds of the biggest mistake that I had ever made and it still continues to give me worries and sleepless nights.
I had invested 10 lacs in a PMS service by Feb 2009. And as when the markets were moving higher during after March, I never found any activity in my account and more than 50% was in cash. And when the markets finally reached higher levels, these so called professional XXXX increased their stock holdings to more than 90%, when the markets started falling off.
Basically these XXXX sat out for the entire rally and came in at the peak. When I contacted my Manager, he gave me an idiotic and arrogant answer that he did not invest only to save my portfolio and risks. I was also not happy with their treatment and the brokerage charges.
Their brokerage charges are way higher than what I would pay with any of the brokerage, if I trade myself. I do not know how it is higher. I am eagerly looking out for the product that you had advertised. I am not a member of your services so far.
However, if you come out with a convincing product, I am planning to take away the money from the XXXX PMS scheme and move it to your services. Awaiting your reply.
Prashant Pannavolu
NYC
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Arun,
I deeply appreciate your concerns and sharing your views on the pathetic state of PMS. As you rightly said, what other options did we have? Somehow middle class ppl like me get caught into the trap of these PMS schemes.
I invested 6 lakhs of my hard earned money into one of the XXXX scheme. The agent promised me that the scheme will give me market beating returns. But, that has not happened so far.
I don’t even give importance to the lack of returns, since that can happen with any other scheme. But, the way in which they treat customers like me is pathetic. Some or other fees come up now and then and I don’t even understand what they are. It is even very tough to contact them for any clarifications and if contacted they speak with arrogance and disrespect.
As you rightly said, these PMS schemes will not work if the money is given to them. For, there is no respect after they take the money from the customer.
Jayanthi
We have just shared some of the mails that we had received in just a day. And these few mails clearly speak the hard facts.
And now, to answer my last question in my previous post, to answer many of the mails that I received today, to answer all of our readers regarding their questions in their mind, YES HBJ Capital will soon come out with a solution for this. A hassle free way of maintaining your portfolio minus all the negatives, disrespect and arrogance from the common Portfolio Management Scheme.
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Arun@hbjcapital.com
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