Home Forums Money matters Tax / Financial Advice – Should I do it?

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  • #1000096
    Soccerooplugger
    Participant
    • Total posts: 32

    Recently my wife found an advertisement for a tax minimisation seminar in our area. First 100 to sign up, go for free.

    She suggested that I sign up online. I entered my email address phone number and signed up. I was successful in reserving a free place for the event at a club near me on 31 March. The company running it is Smart Money Wealth Management.

    They called me on Thursday to say it is called off. Then proceeded to ask me all my financial information so that someone can call me and my wife next week to get an “understanding” of our financial situation and see how they can help out.

    Anyone heard of this organisation? Are they legitimate? Is it possible they are scammers just trying to get information?

    What should I do?

    #1222943
    bb1
    Participant
    • Total posts: 4,472

    First thing never ever give out your financial information to anyone over the phone.
    2nd if it’s free, it means they want something when you attend.
    3rd it never hurts to go to these rip off session, you may learn one useful thing, but don’t take your credit cards, cash, and keep you hands firmly in your pockets so you don’t sign anything.
    4th go, take in the information and go home
    5th assume they are just trying to rip you off, why else would it be free
    6th nothing is ever free

    #1222944
    Henri K
    Member
    • Total posts: 30
    Soccerooplugger, post: 269263, member: 100555 wrote:
    What should I do?

    Run

    #1222945
    Soccerooplugger
    Participant
    • Total posts: 32

    Thanks everyone. I wasn’t feeling comfortable with this at all.

    #1222946
    JamesMillar
    Participant
    • Total posts: 1,675

    If you are not paying for the product then you are the product.

    Thank god we finally had a royal commission.

    #1222947
    bb1
    Participant
    • Total posts: 4,472
    JamesMillar, post: 269272, member: 5318 wrote:
    Thank god we finally had a royal commission.

    Its a pity not much has changed

    #1222948
    JamesMillar
    Participant
    • Total posts: 1,675
    bb1, post: 269273, member: 53375 wrote:
    Its a pity not much has changed

    I actually think it is changing and about to change dramatically

    1. The FASEA professional qualification requirements has resulted in many leaving the industry or planning to leave. Mainly because they can’t be bothered getting a decent qualification (must be great advisers). The old salesmen type towards end of careers see this as too much work.

    2. Very sophisticated technology is now available and becoming increasingly available to manage your investments. Let’s face it. The overwhelming majority of financial planners are not share traders (old stock brokers). They simply park your money in a range of managed investment funds and let some else handle that (and charge more fees). In my opinion most of this can be done better by automation. Much comes down to risk assessment and financial mathematics based on key data obtained from the client. What value is the human financial adviser bringing to the table?

    There are a few that are great and very honest and upfront about what they will and won’t do. At least you can go in with eyes open if someone is honest. It’s the salesy type that I can’t stand. They call us all the time asking to establish “referral relationships” which generally means they have no clients but want ours. I always say to them we can meet right after they refer a client to us (never hear back). As if I would refer a client to someone that called me out of the blue to have their life savings managed. Some of these people are idiots.

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