Steve Navra - Guru or Ghost?
- Thread starter pelos
- Start date
Not sure if a post I made some time back might help.
http://www.somersoft.com/forums/showpost.php?p=757010&postcount=54
Cheers,
Oracle.
It seems nobody is allowed to mention that name here with the reason given that he threatens legal action.
Being too afraid to have your products discussed should give you the answer about how good they. Market Reality me finks.
Being too afraid to have your products discussed should give you the answer about how good they. Market Reality me finks.
Understood.
Hence, my post only details facts which are already available on other online sites (website name appropriately quoted). No conclusions, criticisms or praises made. Just outline the facts and let ppl make their own judgements.
Cheers,
Oracle.
Holy thread revival Batman,
Nothing like going back many years
Those -'s at that % in recent years would make a huge hole, especially when leveraged
I see many banks still offer 70% to 75% that would have seen you stopped out and at those levels was against Steve's advice at the time from memory
NFS In liquidation with many excuses and everyone else being blamed...
Market Reality strikes again.
I think the Steve Miller Band had an appropriate song for this.
Market Reality strikes again.
I think the Steve Miller Band had an appropriate song for this.
Sim
Administrator
Just to be clear - it is the financial planning company Navra Financial Services which was placed in liquidation, mostly due to an insurance bill they couldn't afford after all the post-GFC and Great Southern fallout
The funds management company NavraInvest, is still operating.
yes, im familiar with that song. probably appropriate.
I was going to put a youtube link but thought better of it.
So much for gurus.
I was going to put a youtube link but thought better of it.
So much for gurus.
Sim
Administrator
Note the 'phoenixing' and subtle renaming (from 'services' to 'solutions') is not consistently acknowledged in all relevant parts of the above website.
Eg the following refers to the company being established in 2000.
http://www.navra.com.au/how-we-work
Furthermore there is reference to 'over 15 years of financial experience' at http://www.navra.com.au/about
It doesn't quite say the company has been going for 15 years, but the careless may read it that way.
In a volatile industry, people (rightly or wrongly) regard company longevity as a crude assurance of soundness, so it's important that facts are presented in a way that cannot be misinterpreted.
There is a much fuller and more up to date presentation elsewhere on the site. This includes an audio recording, which I'm not sure if Google will pick up.
http://www.navra.com.au/blog
So is it the same company (established 2000) or has it been wound up and a new one restarted?
If the latter, isn't 2011 a fairer start date to claim than 2000 (nothwithstanding the longer industry experience of the principals)?
Sim
Administrator
It's a completely new company - with a new single director (Dylan Navra, Steve's son).
Company was registered in May 2011 ... that page is definitely misleading. The first paragraph is a direct cut-and-paste (word for word) from the old Navra Financial Services about page.
Steve is no longer acting as a licensed planner - he is focussing on the property side of things.
Sim
Administrator
Guess: insurance/ASIC/legal action/had enough/etc.
Sim
Administrator
Don't know about Peter Spann.
In their defence - it does seem like GS were trading while insolvent and were effectively operating a form of ponzi scheme using money from new investors to prop up the returns for existing investors. All while being a "well respected" ASX200 listed company.
They were well known and fully approved tax-effective managed investment schemes ... which shouldn't have happened if they were dodgy!
Personally, I think ASIC has a lot to answer for on this one (as do the GS directors of course!).
But yes, it did cause a lot of problems for a lot of financial planning organisations - some much larger than NFS!
I do find it somewhat ironic that ASIC are responsible for both approving schemes like GS while also investigating financial planners who recommended them after they went bust.
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