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Discussion in 'Introductions' started by dak, 30th Nov, 2007.

  1. dak

    dak New Member

    Joined:
    29th Nov, 2007
    Posts:
    3
    Location:
    Melbourne
    Hi everyone,

    Just stumbled on this website while I was looking for some general information on investments. I must say there are plenty of experts in this forum and it has been an educational experience reading through your posts. I'm looking at investing some money in managed funds. I've invested in these sort of funds before but that was when I was overseas. Recently walked into the anz branch in dandenong plaza and talked to the financial planner. I must say he gave me a bad vibe from the start. Initially I wanted to start with 5k, but he told me to wait till i can come up with 10k. does this have anything to do with the amount of commission he gets? until then it seems that he didn't want to divulge much information. i simply wanted to know the processes/details. he even refused to give me the prospectus & I felt that he looked down on my financial knowledge. well...i left and vowed never to return...i suppose it takes a while to find a reliable financial planner. Or perhaps, it's not even necessary to have one.

    prior to this, i've invested abt 20k in 2 managed funds while i was overseas. made an average of 28% net (after taxes and fees) over 2 yrs in one fund and 9% net per yr over several years in another fund. I wonder if this is about the average here.

    cheers!
     
  2. AsxBroker

    AsxBroker Well-Known Member

    Joined:
    8th Sep, 2007
    Posts:
    1,448
    Location:
    Sydney, NSW
    Hi Dak,

    I'm sorry to hear about your bad experience. Did your ANZ planner give you a Financial Services Guide (FSG)? If he did (which is a statutory requirement) towards the back it will have details on complaints process. You are free to leave feedback about the planner to the Financial Planning area.

    I don't know exactly how ANZ work as I've never worked for them. I'm sure it was a bit of a disappointment as you've spent your time going to see their planner.

    I had a client in on Tuesday and was thinking of putting $2k away for a child for about 7 years. This client believed that Australia is going to follow the US into a recession and hence didn't want to invest in shares, I discussed with the client multi-manager funds and that their money could be invested 50% into growth assets such as Australian shares, International shares and property and the other 50% into defensive assets such as cash, govt bonds and company debts.

    At the end of the meeting the client was happier as we had discussed what their objectives were, investment experience, additional assets, occupation, longer term ideas and of course fees. I also gave her a PDS after she requested one.

    I'll give her a call during the week to see if she want's to go ahead or not, whether she does or not at least the experience for both myself and my client was (as far as I can tell) very positive and both of us left the meeting happy.

    Anyway, the point is that the planner you saw should have been alot more open and trying to get to know you better rather than taking more interest in how quickly they can get you out the door.

    Cheers,

    Dan
     
  3. dak

    dak New Member

    Joined:
    29th Nov, 2007
    Posts:
    3
    Location:
    Melbourne
    Thanks for the reply ASX. I didn't get anything from him that day. Not even a business card! At the moment, I'm going through the forum to learn as much as possible before I decide to take the plunge. Plus, it might be worthwhile to wait for the U.S. recession when prices are lower.
     
  4. Nigel Ward

    Nigel Ward Team InvestEd

    Joined:
    10th Jun, 2005
    Posts:
    1,172
    Assuming there is one! ;):D (I think it's a 50/50 chance atm)

    Cheers
    N.
     
  5. samaka

    samaka Well-Known Member

    Joined:
    30th Sep, 2007
    Posts:
    308
    Location:
    Sydney
    I'd say your better off drip feeding your investment to average out a recession if it happens.
     
  6. Simon

    Simon Well-Known Member

    Joined:
    17th Sep, 2005
    Posts:
    520
    Location:
    Newcastle
    Your $5K seems like a lot of money to you today. Maybe even all your money. I was like that when I first started out.

    Soon enough it will seem like small change to you. You will be buying shares in parcels of $20K, $50K and even $100K sooner than you think.

    So don't be too concerned about it dropping in value a bit. In fact it will probably happen at some stage and you will learn a valuable lesson as you struggle to decide to sell like most "investors" do or hold on and kep building your portfolio.

    What they $5000 will give you today is a starting point in your investment life - something some people never get as they worry and procrastinate about losing a % of their cash.

    I say "Just Do It" get that ball rolling and focus on building to $50K, then $500K, then $5M etc etc. You need to start sometime - don't keep putting it off in case the shares get cheaper some time in the future.

    The biggest asset you have is time in the market!
     
  7. dak

    dak New Member

    Joined:
    29th Nov, 2007
    Posts:
    3
    Location:
    Melbourne
    I must say, this is an awesome forum. Thanks for all your input.
     
  8. aviraj.sakhare

    aviraj.sakhare Member

    Joined:
    23rd Mar, 2007
    Posts:
    6
    Location:
    North Sydney, NSW
    I was overseas and moved to Sydney couple of years ago, I did research for financial planner using the financial planning industry website met couple of them and finalised on one. I am very happy with him, since he helped me move some of my across from overseas to Sydney and also gave very good advice for my risk profile. I am stating good advice since my returns over last year were quite good and I am happy about the service provided if you need the details let me know.