Some years back a mate in QF MEL suggested I go to see this supposed "financial guru" about investing,tax etc.. .Well, I got the silver tea service,some very expensive scones and a ritzy hard sell about how many hundreds of thousands of dollars I should borrow against my very well managed and accrued super fund which he wanted to take over.
To add to this the abovementioned scheme was mentioned as an example (which did not apply to me as I paid tax offshore as a foreign resident) and some movie investment scheme which since has had the tax man doing backflips!!
To make matters worse when asked for an outline of his scheduled fees I was told something like "with the money I shall derive for you it's minimal and besides - its a tax deduction anyway".
What did I gather from all of this??. .As my old man used to say "He was as flash as a rat with a gold tooth!". .Having heard how this man ran peoples funds I am glad I walked and have left my superfund so to speak with thorough professionals with an outstanding track record.
The funds company mentioned by this individual in Melbourne is without a doubt one of the worst performing overall super funds from what I have read.. .To blindly put your hard earned funds with an individual that cant quote his fees or invest in a lack-lustre fund and/or being an active promoter of tax avoidance schemes smells like the proverbial rat.
I wonder how many more trusting individuals have been affected by this person?