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MONEY MANAGERS & THE ELDERLY:

  1. You may lose money trading and investing.
  2. Past performance is not necessarily indicative of future results.
  3. Hypothetical or simulated performance is not indicative of future results.
  4. Don't enter any trade without fully understanding the worst-case scenarios of that trade.
  5. Do NOT trade with money you cannot afford to lose.
  6. Watch out for those who offer more interest than a Bank
  7. Play safe Treasury Bonds are safe but Wealth Money Managers are not as they do not guarantee your invested funds back if they go belly up?

 

 

Read the many stories about NZ Money Managers here:

Click on [ 1, 2, Losing $59.7m, Finance Company failures NZ Govt,

The bad Money Managers, MMG vs Money Managers ]

So guess where a lot of elderly investors & others money

went to. BEWARE OF

WEALTH MANAGEMENT ADVISERS

Check Delisted & suspended companies in NZ [ here ]

 

   

 

 

The main drawback with the Elderly AND THOSE retired folk in NZ is getting good advice as to what to do with their hard earned cash over the years. NZ has had its fair share of finance companies, wealth funders and good to be true Money Mangement investment companies who have played on the whims of the elderly and screwed them of their cash.

So to put it plainly what should one do with their hard earned cash to safeguard life savings from these vultures. The answer is simple. Be your own financial adviser and there are 2 ways you CAN do this:

1/. Buy property in your name. Its paid for and you cannot lose?

2/. Buy Treasury Bonds--although % wise they may be low; they are safe

3/. Then go for a cruise and enjoy life to the max without having the delemna of someone helping themselves to your funds you thought were safe. Remember big interest returns means risk. Every time you invest your money, you're exposing yourself to risk. You can't predict the future

Take for instance in NZ Money Managers or MMG the company that was formed by non other than Doug Somers-Edgar  who is living pretty after the company failed and he taking quite a sizeable amount of investors money with him. He did no wrong? so it seems, as the way these individuals manipulate their companies they get to pay themselves handsomely on the backs of the elderly & investors who lose. Money Managers advised Wealth investors to put their money and life savings into the First Step investment trusts, were told by the trustee they lost $59.7 million in 2008. But thats not the only company or mangement fund that went wrong ---there was more to come.

The First Step fund of Somers-Edgar he used $60m-plus worth of loans to Club Finance, a used car loan company half-owned by Mr Somers-Edgar and normally contrary as a sound investment. He didn't care as he got what he wanted and investors lost.

Now we have an influx of Wealth Management companies set up in the last 10 years in NZ many of them now owned by ex sales agents of the Company MMP. Again nothing wrong with that but will some of these now use the same tactics as the likes of MMG as they know what they went thru working for them and will no doubt use the same tactics on those gullible to invest in them. You invest............ you may lose so think about it but remember their sale pitch and bet your life theres nothing in their Qu & A about how quick you can get your money out if you need to. They all avoid this question.

THE HIDDEN FACTORS

Money Managers in NZ promoted DNZ back in the years 1996 to 2001 period when Money Managers established mainly single property, syndicates. A character named Paul Duffy became its chief executive in 2001 & these properties were merged into three companies namely ; DNZ Income, DNZ Foundation Property Fund and DNZ Retail. On September 30, 2008 these three companies amalgamated, together with DNZ Tauranga, to form the DNZ Property Fund in NZ. Yes this company still runs today but you will note it does not say in their Q & A if one can take their funds out whenever?

The sad part is that the shareholders were at a complete disadvantage & going by shareholders letters says nothing about the under- story of just what these companies can do and what shareholders cannot do. This is because the capital structure of what was 469,965,609 “A” shares, was held by the public. They then had 10 “B” shares, held by management. Under the constitution the “A” shares appoint one of the six directors & the “B” shares appoint the other five. Make sense of course not as already they have the deciding votes & control in their favour not you as a shareholder & can now do what they like with your money.
The “B” shareholders had you might as well say near full control over the company and the “A” shareholders had no voting rights on their capital raising or on the purchase of the management company & change of directors or for that matter the remunerations that are given out to themselves. It was so underhanded yet the NZ Govt did nothing to stop the fray..

BEFORE YOU USE MONEY MANAGERS THINK AND ASK

AND SEARCH THESE CHARACTERS OUT.

YET YOU THE INVESTOR ONLY EXPECTS A DIVIDEND & a HIGH INTEREST.

You'll want more background info before you commit your cash. So ask:

  • What are the fees in buying this investment as each copmpany is different? Get it in writing signed
  • What will I be charged to maintain it, and what will it cost me to sell?
  • What form will my return take -- will I be paid interest on my investment, earn a dividend, or have to sell the investment and realize a capital gain?
  • How easy is it to sell this investment if I need my money out again in writing?
  • External factors will affect your investment -- stock market, housing prices, interest rates, etc.?
  • How long has the company been in business?
  • Is it making money now?

 Don't let sales pressure distract you from your investment goals as Wealth managers have the gift of the gab . Ask:

  • When will this investment pay off?
  • Is this investment appropriate for someone like me?
  • Are there better vehicles for meeting my goals?
  • Are there safer investments that will offer the same return?
  • How much notice & restrictions are there to get my money out if I have too?
  • Conflicts of interest in investments they feel are OK yet have an interest in?
  • Will they want to know more about your other financial investments and bank accounts and if so then stay away to stop them clawing more funds out of you?
  • Just remember they are there to profit on your back?
  • A guy in a suit is no different than the postman so who to trust?

 

Did you read the fine print .
Ask them if they ever worked as a sales agent for MMG ?
Check if they are AFA affiliated.
Note how they allow you to get your money back if not satisfied? Do they have this in their Q & A?
Do a run down on the executives in the wealth company you deal with & past work roles?
How old has the company been in business. If under 15-20 years stay away?

As a rule any Wealth Financial Adviser involved in the business of giving advice will be registered with the FMA (Financial Markets Authority), they will either be an AFA (Authorised Financial Adviser) or a less qualified and more restricted Registered Adviser. I suggest people use AFA’s and ensure they are NOT classified as Wholesale Investors. This will offer them the best protection going forward as well as be covered under the Adviser Code and the new Financial Adviser Act. An AFA would be best qualified to help you find the right investments for you - bearing in mind your total financial situation and how much risk you are comfortable. Just remember over 201,000 kiei investors lost their funds and with MMG many elderly investors lost their money. 

To check if somebody is an AFA, go to the Financial Markets Authority's website, www.fma.govt.nz and click on "How to Invest" and then "Using an Adviser". There's a link to the list of AFAs, as well as other useful information. 

An AFA's license tells you which categories of advice they are authorized to offer. The categories are listed on the adviser's disclosure statement, which you can probably find on their website, or you could ring or email and ask them to send the statement to you. 

Alternatively, you could look at the Financial Service Providers Register, at www.fspr.govt.nz Search - at the top of the page - by either an adviser's name or their firm's name. The categories are in the financial services box after the words "Authorisation Status". I suggest you look for someone who offers "financial advice" and "investment planning services" if you wish to go with a Financial Manager but bare in mind these investments are not 100% safe . 

As said what is a safe investment:

1/. Treasury Bonds;

2/. Property in your name bought by you alone;

3/. Fixed deposit in a Bank &................... best of all you can do it all yourself and be your own financial adviser. Now doesn't that sound good.

Whats better for you:

1/. Piece of mind

2/. A safety net for the future

3/. Knowing that your money is safe.

THE SAFEST INVESTMENT:

Government securities – Kiwi Bonds - can be purchased through some registered banks, NZX brokers, chartered accountants, solicitors, investment advisers and investment brokers. Their credit rating is AAA, which is the highest possible. You buy Kiwi Bonds for terms of six months, one year or two years. Note that Kiwi Bonds are available only to New Zealand residents. 
The New Zealand Debt Management Office today announced changes to the interest rates for Kiwi Bonds effective from 31 July 2014. The interest rates for six-month, one-year and two-year Kiwi Bonds have been increased by 0.25% to 2.75%, 3.00% and 3.25% respectively. The rate for the four-year bond remains unchanged at 3.50%. Kiwi Bond interest rates are set periodically from moving averages of domestic wholesale rates. The new rates have been set in response to recent changes in wholesale market interest rates.
The Kiwi Bond rates are as follows:
For subscriptions of $1,000 - $500,000


Maturity

Rate

6 months

2.75 percent per annum

1 year

3.00 percent per annum

2 years

3.25 percent per annum

4 years

3.50 percent per annum

"Don't trust financial industry " experts " with your savings ....... learn the hard way , to invest successfully for yourself . Take personal responsibliity for your future . Cut out the unnecessary ticketers-- the high flyer Money manahers and Wealth funders.......if the investments look so complicated that you think you need expert help, run away .....good  investing isn't rocket science" as said by a person whose wise. Be your own boss and fund manager & then think would you give your money to the Lawn mower man yet you will give it to a guy in a suit you just met????? caveat emptor prevails

 

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