Financial review

[MSK]

Hi there..

I went to a seminar last week held by a company offering financial advice. TBH, I dont know where they got my details from when they contacted me with the invitation. They spoke about mortgage reduction, and retirement solutions through property and SMSFs. After the session, they requested the attendees to sign up to a personal financial review with them, "normally $397, but $199 if you sign up tonight". They handed out the sign up forms and encouraged people to "take action". I didnt sign up, but ended up winning the lucky door prize which was a FREE personal financial review.

They are coming over tonight. Hubby is very concerned handing out out personal information to them (ie. income, loan balances etc). I am less concerned as I dont think they can do much with the information if my intention is merely to hear them out and take from it what I can. I will not sign up for the "more in depth financial advice". I am interested in getting some perspective from a professional service regarding my current financial position and some ideas on a plan forward which is why I agreed to them coming over.

{deleted}

What can I tell my husband to ease his concerns about handing out personal information ??

 

[geoffw]

I'd be really careful. Hubby has legitimate concerns.

Any group which operates in this way is suspect. Many of these groups make good money by offering newly built properties, where they collect very good commissions on any properties they sell. And they can be extremely persuasive.

I've not been impressed with any financial advisor in the last few years- one caused me considerable financial pain, one offered advice which was completely inappropriate to my needs- and one, although advising me that I was already doing the right thing, did send a number of other clients broke. Having said that, I am giving them one more go- my accountant has recommended somebody who charges a fee for service but collects no commissions, and who has apparently helped clients do well right through the GFC.

 

[The Y-man]

I am less concerned as I dont think they can do much with the information

You would be surprised what you could do with the info!

Let's see. They would most likely by then know your

• Names
• Address (unless you are meeting in a neutral place)
• Contact Details (phone email)
• Lending institutions you use, amounts owing, amounts in savings accounts
• Your employment details (income etc), and probably your employer
• Ownership structure of your properties
• Your credit card providers/credit limits
• number of kids in the family

I am not saying it might be all intentionally sinister, but

• It could leak out
• It could be sold to advertisers etc

The Y-man

 

[Aaron Sice]

cancel the interview and walk away.

if you're uncomfortable then you're doing nobody any favours by entertaining these people; especially yourselves.

 

[Success]

Plenty of info here on this forum to help you and very helpful people.

This sounds like a hard sell ... I would cancel right away.

 

[Peter_Tersteeg]

{deleted}

Their business model is one I'm very sceptical about. Almost all of the business I've seen that operate in this manner are mostly about good sales pitches and have lousy investments and advice (and I've had a lot of these types of businesses ask me to refer clients to them). People have lost their homes and any chance of recovering their financial security by taking the wrong advice.

{deleted}

Cancel the meeting.

 

[Rolf Latham]

Would you like a Rolex with that

ta
rolf

 

[MSK]

Thanks SO MUCH to everyone who replied. I have cancelled the appointment. I feel better now (so does hubby).

I am still in a position though of wanting to do an execise of running my numbers and brainstorming a plan forward wrt investing in property. Somersoft has educated me more than I could have imagined just in the last few months, but I am still very hazy about which direction to take from here.

Should I look for a property savvy accountant to talk to ? a good mortgage broker ?

(deleted)

I am also reading every property investing book I can get my hands on (but with 2 little kids, available reading time is minimal )

 

[tobe]

Did you win the 'lucky door prize' on the night? Or did they call you afterwards to let you know?

If it was the latter, Id suggest everyone who left their details and didnt pay the $199 'won' and got the hard word for an appointment.

Pass.....

 

[tobe]

start by reading and researching. Not to answer all your questions, but to know which questions to ask when you get in front of a broker. accountant, estate agent etc.

 

[MSK]

Did you win the 'lucky door prize' on the night? Or did they call you afterwards to let you know?

If it was the latter, Id suggest everyone who left their details and didnt pay the $199 'won' and got the hard word for an appointment.

Pass.....

Tobe, I actually won on the night. Normally I would have been elated at "winning" something, but my enthusiasm was already deflated when they thoroughly pushed the $199 session on everyone sitting there. Even the couple who said they would most likely do it, but wanted to go home and talk to their son about it, were told "I will charge you $397 if you dont sign up now".

Anyway I feel I have dodged what might have been a bad experience. Phew.

 

[Nathan]

Thanks SO MUCH to everyone who replied. I have cancelled the appointment. I feel better now (so does hubby).

I am still in a position though of wanting to do an execise of running my numbers and brainstorming a plan forward wrt investing in property. Somersoft has educated me more than I could have imagined just in the last few months, but I am still very hazy about which direction to take from here.

Should I look for a property savvy accountant to talk to ? a good mortgage broker ?

(deleted)

I am also reading every property investing book I can get my hands on (but with 2 little kids, available reading time is minimal )

Just to let you know I have no idea what this company is, and by no means is an affiliation. They look like a sales company.

 

[Aaron Sice]

it must be you nathan!

you're the only dodgy bloke we know....












.....and of course, you know i'm kidding

 

[Aaron Sice]

Thanks SO MUCH to everyone who replied. I have cancelled the appointment. I feel better now (so does hubby).

I am still in a position though of wanting to do an execise of running my numbers and brainstorming a plan forward wrt investing in property. Somersoft has educated me more than I could have imagined just in the last few months, but I am still very hazy about which direction to take from here.

Should I look for a property savvy accountant to talk to ? a good mortgage broker ?

(deleted)

I am also reading every property investing book I can get my hands on (but with 2 little kids, available reading time is minimal )

you could do much, much worse than following Nathan's blazing trail of success.....no pun intended....

 

[Terry_w]

I know the guy. They are financial planners and mortgage brokers and are a reputable business. "he" also posts here sometimes.

 

[Corey Batt]

I know the guy. They are financial planners and mortgage brokers and are a reputable business. "he" also posts here sometimes.

I was going to say, I've seen the biz name before on here from one of the posters.

"Seems legit."

 

[MSK]

I know the guy. They are financial planners and mortgage brokers and are a reputable business. "he" also posts here sometimes.

I was led to his website through some posts he made on Propertyinvestor.com.