In March 2008 I was persuaded by my broker to invest a lump sum of R130 000 in a Momentum 5 year single premium endowment Policy. I was newly widowed and trusted the advice of the "experts" rather than making my own investment decisions. The letter from the broker promises an estimated maturity value of R203 100 totally tax free. On the grounds of my expectations of approximately this sum to be realised this month, march 2013, I made plans for home renovations and a holiday for my son who lives overseas. I was horrified to be advised 2 weeks ago that the sum is in fact at mere R252 000!!! I have done my own calculations and worked out that I would have achieved more than double this had I kept the money in my Money Market account for the last five years. I am being pushed to sign acceptance of this paltry amount and been told there is nothing I can do about it.
Broker advises that for first two years, progress statements were provided but that there has been absolutely no updates from Momentum over the past three years and had he realised how badly this portfolio was performing, he would have considered moving the funds.
is there anything I can do before accepting
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