Not Happy, Jan

by skully Tue 27 Mar 2012, 03:25

Have given my so called Financial Advisor the arse, and am now Direct managing my Super. Didn't realise it was an option until I called my Super fund and they fairly reluctantly informed me that I could. "We don't advertise the fact, but if you are that unhappy with your advisor, there is another option."

Instantly $6,000 a year better off, and can now balance my portfolio how I see fit rather than argue with some self-interested no-care-no-responsibility git.

They were less than enthusiastic (Not at all happy, Jan) when I told them to send the confirmation email to the Super fund confirming my decision to self-manage.

by skully Tue 27 Mar 2012, 03:27

Should I have started a blog?

by embee Tue 27 Mar 2012, 03:33

send your investment scheme prospectuses to skully for his perusal

hint for skully ...no matter how many times a day tac fuqks his goats... his breeding scheme wont work ...

by JGK Tue 27 Mar 2012, 03:48

skully wrote:Have given my so called Financial Advisor the arse, and am now Direct managing my Super. Didn't realise it was an option until I called my Super fund and they fairly reluctantly informed me that I could. "We don't advertise the fact, but if you are that unhappy with your advisor, there is another option."

Instantly $6,000 a year better off, and can now balance my portfolio how I see fit rather than argue with some self-interested no-care-no-responsibility git.

They were less than enthusiastic (Not at all happy, Jan) when I told them to send the confirmation email to the Super fund confirming my decision to self-manage.

And yet your precious Tories want to vote against the FOFA reforms which will help stop people like you being fleeced for $6k a year.

by skully Tue 27 Mar 2012, 04:15

Ooh, someone's not happy about today's Newspoll. Cool

If everyone did what I have done, there'd be no need for this superfluous industry. What a bunch a leeching scuzzbags.

by JGK Tue 27 Mar 2012, 04:43

To be fair, there are some very very good financial advisors.

But it's hard to sort the wheat from the chaff.

I don't think this problem is very different to mechanics or other tradies to be honest. If you renovate your house you are taking a massive risk on the competence of the builder.

by skully Tue 27 Mar 2012, 05:34

I guess. I was just peeved at how I had to argue (after them trying to advise me differently to my gut instinct - which turned out way more accurate than their financial "skills") with the qunts everytime I wanted to do something with MY money.

After having a quick trading lesson with my Super fund this morning, I'm spewing that I didn't know I could do this stuff myself much, much earlier. I guarantee I'd have a considerably more healthy balance right now. And most other Super payers would be in the same boat.

by JGK Tue 27 Mar 2012, 07:19

Anyway skull, it looks like your view on Financial Advisors has been vindicated by ASIC:

http://www.investordaily.com.au/cps/rde/xchg/id/style/13868.htm?utm_source=newsflash&utm_medium=email&rdeCOQ=SID-0A3D9633-3E8A7446

by skully Tue 27 Mar 2012, 09:35

Aye. Mob of robbing qunts who prey on the millions of clients who don't pretend to understand finanical markets and trust these pricks to make the right calls on their behalf. The only right calls they make are aimed at maximising their own fees, as well as the time spent schmoozing fund managers on the golf course. About the same moral standards as lawyers.

by Merlin Tue 27 Mar 2012, 09:38

skully wrote:Aye. Mob of robbing qunts who prey on the millions of clients who don't pretend to understand finanical markets and trust these pricks to make the right calls on their behalf. The only right calls they make are aimed maximising their own fees, and time schmoozing fund managers on the golf course. About the same moral standards as lawyers.

Your money's much safer in a Building society (NOT a bank) skulls ... piss poor interest but it's regular.

"High yield" plans leave me icy cold ... for all the 35 % makers ... there are ten times more 25 % losers.

by skully Tue 27 Mar 2012, 09:48

Merlin wrote:
skully wrote:Aye. Mob of robbing qunts who prey on the millions of clients who don't pretend to understand finanical markets and trust these pricks to make the right calls on their behalf. The only right calls they make are aimed maximising their own fees, and time schmoozing fund managers on the golf course. About the same moral standards as lawyers.

Your money's much safer in a Building society (NOT a bank) skulls ... piss poor interest but it's regular.

"High yield" plans leave me icy cold ... for all the 35 % makers ... there are ten times more 25 % losers.

In the past 3 years I have assumed full control over my money and my account has advanced quite nicely. My so-called Financial Advisors then started nagging me about how the balance of my portfolio didn't match their benchmark, and that I should adjust my risk upwards. I told them I didn't GAF about their benchmark then rang the Super fund and asked what my options were (mainly aimed at getting away from these pricks and ensuring they had no right to any ongoing fees). After a bit of levering on my part they eventually offered up the direct-management option (something they don't make a lot of noise about, fearing a backlash from the leeching Financial Advisory industry).

Anywho, it's all done now. I made my first trade today and have looked closely at the performance of all the individual managed funds in my portfolio (some OK, some not). Needless to say, more trading is not far away. It's very interesting and a piece of piss. And I will get a shitload better return than a Building Society.

As I told the very helpful guy at the Super fund (who I've been dealing with for the past fortnight), I don't need every cent working at 100% efficiency at all times - that's impossible, but I do need to know that as much as possible is going forwards, not backwards.

by Brass Monkey Tue 27 Mar 2012, 10:48

I had a similar thing skulls. Basically I realised I was spending too much on washing up sponges (you know, with the scouring pad bit on the top). I found a place who selled them cheaper without a reduction in quality, so I'm £0.80 better off a month.... that's £9.60 better off a year!

by taipan Tue 27 Mar 2012, 10:51

Brass Monkey wrote:I had a similar thing skulls. Basically I realised I was spending too much on washing up sponges (you know, with the scouring pad bit on the top). I found a place who selled them cheaper without a reduction in quality, so I'm £0.80 better off a month.... that's £9.60 better off a year!

Shit, that's over ZAR 100. Can we get them in SA?

by Brass Monkey Tue 27 Mar 2012, 11:09

I'm not sure. You may be able to get them cheap already. I think I was buying incorrectly anyway...

by skully Tue 27 Mar 2012, 20:44

skully wrote:Should I have started a blog?

by taipan Tue 27 Mar 2012, 20:48

Question?

Is this your own personal money or some kind of pension fund?

by skully Tue 27 Mar 2012, 20:52

My own money in a Superannuation fund. Monthly contributions from my employer and myself.

by taipan Tue 27 Mar 2012, 20:56

skully wrote:My own money in a Superannuation fund. Monthly contributions from my employer and myself.

So basically a pension fund then.

Similar to here but normally the company sets in up so they make the rules. It's changing slowly, far better than 20 years back, I can tell some horror stories of those days.

by Bradman Thu 29 Mar 2012, 02:17

What is super?

by skully Thu 29 Mar 2012, 03:20

Fark off, ya rich qunt. Cool

by G.Wood Thu 29 Mar 2012, 03:48

Bradman wrote:What is super?

Life under LJH.

by JGK Thu 29 Mar 2012, 03:51

GWood = Jeanette?

by JGK Thu 29 Mar 2012, 03:53

Speaking of Not Happy, Jan - I had to make 3 of my staff (all very good operators) redundant today.

Now that is a sh1t task (although more sh1t for them of course).

by embee Thu 29 Mar 2012, 03:56

I blame skully ...the fees from his super were paying for JGK to have 3 fluffers on his staff ...now he'll have to fluff himself

by taipan Thu 29 Mar 2012, 04:37

Yep, he should spread his wealth around.

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