Margin Loans Leveraged Equities - dropping the ball

Discussion in 'Sharemarket Investing Platforms, Tools & Services' started by Simon Hampel, 26th May, 2006.

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  1. Simon Hampel

    Simon Hampel Founder Staff Member

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    It seems that Leveraged Equities might be struggling a bit with a lot of new staff in training at the moment.

    More than once in the last month or so (including twice this week with the same transaction!), I have discovered mistakes where my instructions were not followed correctly ... twice this has lead to money being drawn from my account (which I pay interest on immediately !!), but then the investment not actually being made !!!!

    Until they get back on their game, I suggest that you should verify that your instructions were carried out correctly each time - check that the transactions made at the fund manager end match what you requested of LE. Indeed, this is a good habit to get into anyway for every transaction.

    The good news is that most problems seem to be easy to fix - if you get to them soon enough.

    Ironically, this last mistake has delayed my investment into two of the Platinum funds by about a week ... which has actually been a good thing, since the unit prices have been falling since my original request went in ... so I've actually benefited from the delay. That's not the point though ... if it were strongly rising, I could be a lot worse off from their mistakes.
     
    Simon Hampel, 26th May, 2006
    #1
  2. Simon

    Simon Well-Known Member

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    Just yesterday I got a letter from LE to say my account manager had moved on and I had a new one. she wont be available for two weeks as she is still in training...

    Fortunately I don't plan to make any transactions for a little while.
     
    Simon, 26th May, 2006
    #2
  3. Glebe

    Glebe Well-Known Member

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    Hmm not good. Thanks for the head's up.
     
    Glebe, 26th May, 2006
    #3
  4. Mark Laszczuk

    Mark Laszczuk Well-Known Member

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    Spoke to my contact up here early last week who told me that a lot of people had been headhunted by Macquarie. Apparently A LOT of people left, lured by the promise of higher pay.

    One person handed in their resignation in the morning for the end of that day apparently!

    Mark
     
    Mark Laszczuk, 26th May, 2006
    #4
  5. TechMan

    TechMan Well-Known Member

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    Was your account manager Peter Banicevic? Because i received a letter saying that my account manager had moved on and that now i had a new manager called Heather.
     
    TechMan, 26th May, 2006
    #5
  6. Simon Hampel

    Simon Hampel Founder Staff Member

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    I had Warren, but now have got Danielle, who is in training.
     
    Simon Hampel, 26th May, 2006
    #6
  7. Glebe

    Glebe Well-Known Member

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    I'm in your boat Leandro.
     
    Glebe, 26th May, 2006
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  8. KevinH

    KevinH Well-Known Member

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    Seems like all the guys are leaving and being replaced by gals ???

    This national skills shortage is hitting all corners of the workforce atm...
     
    KevinH, 26th May, 2006
    #8
  9. Simon

    Simon Well-Known Member

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    Same here mate
     
    Simon, 26th May, 2006
    #9
  10. Tzaki

    Tzaki Well-Known Member

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    Hmmmmm, that WOULD explain the RTS of my instruction letter as it had Peter's name on it... .. .
     
    Tzaki, 1st Jun, 2006
    #10
  11. Simon Hampel

    Simon Hampel Founder Staff Member

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    One of your letters bounced ? That shouldn't happen (unless there was a mistake in addressing) - the other account managers are processing instructions still and should have dealt with it.
     
    Simon Hampel, 1st Jun, 2006
    #11
  12. TechMan

    TechMan Well-Known Member

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    I received my monthly account statement yesterday and noticed that the instructions for purchase of more units in the Navra fund was not performed as i had described in my recent letter to them.

    I usually send them a letter requesting to borrow $x from them, and to direct debit $y from an account that they have authorisation for to invest $z ($x + $y) into Navra units.

    What they did instead of this was borrow $z completely.

    I have rang them up and Heather was busy so i explained it to another person called "Nora" she said that she wouuld fix it. I also stated that i wanted all interest for the extra $y borrowed up until this point deducted from my account as this was not my fault.

    I was also disappointed that they did not notify me that the interest rate i had with them 8.25% went up to 8.5%.

    So yes it seems like they are dropping the ball in recent times in my opinion.
     
    TechMan, 9th Jun, 2006
    #12
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