Self Serving Investment Advice.
I left after 4 years after escalating costs. What I found was the administration e.g. setup and annual audit, returns etc. was very good. However, I found their investment arm was self serving, over priced and under performing.
Left Dixons after 3 years. Nothing but self serving 'advice'. We dodged the URF and New Solar ( even though they were really pushed on us) Other, non 'Dixon' stock recommendations were a mixed bag but overall fairly hopeless. Put us into closed Funds that are a problem. Still trying to clean up the mess they left us with. Reading other reviews I count us as one of the lucky ones. Stay well clear of them.
Dixion Advisory experience
Lost over $140K due to Dixions advise to purchase URF and New solar. When confronted my advisors regarding the decline they assured me verbally that all will pick up after the USA election...load of bullocks!
I am working with Shine Lawyers
We have lost over $350,000 + over 6 years investing is what is biased advice to invest in ïn-house" products with exorbitant fees. Very disappointing outcomes and a blatant violation in what is supposed to be a "controlled" industry.
Dixon/E&P has lost my SFMF thousands of dollars
I bought Evans and Partners (E&P) shares on advice from the firm at $2.50 each which now is being purchased for $0.30 cash with offer of new TGP shares valued at $0.40. This will result in a loss of $21,880 to my SFMF. The losses from similarly recommended products such as the URF from Dixon Advisory are even larger. Understand ASIC is now taking legal action against E&P. Happy to provide data in support of this action if and when required.
Dixon advisory now E & P Financial Group
Beware Dixon Advisory have changed their name to E & P Financial Group. Don’t trust them or their SMSF advice. Dixon’s reputation was trashed because of their poor investment advice, so now they have changed their name to rebuild their business. I know because I lost $150,000.00 through their advice and ASIC is taking Dixons to the High Court for not acting in their clients best interests. They should not be able to get away with this.
Advice not in the client's best interest!
After being a client of Dixons for the past 6 years I have now left. Like many new clients I chose Dixons to establish my SMSF and manage it because of the excellent reputation of Daryl Dixon in the field of superannuation. It is a pity his reputation has now been totally trashed. I trusted my advisor and in hindsight realise that was my first mistake. I was consistently advised to invest in the 'in house' products developed by Dixons because they would perform. I now believe that the advice I was given was not in my best interest and fee...l totally betrayed. Yes, I was naive as an investor to begin with which is why I chose an expensive full service provider. Unfortunately I have lost about 300K which I doubt I will ever recover. Whenever I questioned the diminishing value of my investments I was told 'the value is there, it will come back". After reading the experiences of others who have written here it is clear we were all being fed the same line. I now control my own investment decisions and sleep at night. Unfortunately it will be a long, long time before I have any faith in another investment advisor and I think this is a pity. Hopefully the ASIC case will uncover the truth about the investment strategy used by Dixons toward their clients.
Conned by Dixon's
We became clients of Dixon Advisory about 6 years ago after the GFC , believing they were a reputable trustworthy company . How wrong we were. We were advised to invest the majority of our funds in their own products which have seen us lose a fair percentage of our capital in a very short time.
We trusted our advisor and when URF, New Energy Solar and [name removed] shares started to decline, we questioned him several times about their performance , but on each occasion were advised not to sell as they would improve, which never happened. We n...
When ASIC completes its corporate action against Dixon Advisory (owned now by E&P Financial Group), we will see the confirmation of yet another bad actor in the investment sector. How bad is now revealed in the reviews on these pages, as well as numerous articles in the financial press. While we can measure our financial losses in the SMSFs set up by Dixons, what is harder to measure is the ongoing anxiety, worry, sleepless nights, guilt and sorrow that this company has brought upon us.
When I had an interview with the founder of Dixon’s over 1...
Conflicting & Irresponsible Advice
It appears Dixon Advisory have or are changing their name to “E&P Financial Group”.
Like many other Dixon Advisory clients we too have suffered significant financial losses due to their advice to invest in various funds in which Dixons were associated. Many of their clients are self-funded retirees who, like us, relied on Dixons to assist them with financial planning in their retirement.
We joined Dixons in 2017 and like many retirees had a very conservative risk profile not wanting to make risky investment decisions. They looked at our port...folio and recommended we sell various stocks we had had for years and invest in a number of property funds which we were told would suit our situation. Rather than go into specifics many of these funds were funds in which Dixons were associated and over the course of the next two years the value of these funds dropped to a fraction of what we paid for them. Despite this our advisor was suggesting we buy more of these funds which we declined as to us it seemed Dixons were using clients' cash to fund their own projects. We are now stuck with several funds which we are unable to sell (Fort Street, Cordish Dixon – now name changed to CD Fund) despite our advisor telling us we could sell at any time and other funds (URF, ED1, NEW) which have dropped in value to a mere fraction of what we paid for them.
Huge Loss of nearly $300k . - Greedy and Unethical and kept touting their product knowing it was going down
Been with Dixons for 12 years - at first all good but their advice deteriorated. We were advised to over invest in URF and kept doing so despite our concerns with its deteriorating state. We were concerned with the way Alan Dixon was managing the fund and his lavish lifestyle . We have lost nearly $300k - never to be recovered . We are not able to ear this ever again as retired. This has significantly affected our lifestyle and I have several health issues which are dependant on those funds. They will not do anything about trying to reimbu...rse us or even reimburse us for the fees charged for bad strategic advice and investment decisions made. We have joined a class action with Shine Lawyers. ASIC has taken them to court so lets see what they can achieve. Unfortunately to leave now would mean that realise our losses. All the while they have been creaming off large fees for themselves. Dixons stacked my portfolio with their own products and when things went pear shaped. This is an arrogant and uncaring company.
Worst SMSF administrators
I've been with Dixon Advisory for several years, Dixon push their own products ahead of others, practically every investment presented, has Dixons fingers in the pie. and don't mention Evan Dixon Limited ED1 shares... what a flop.
Dont go near these Duds
Invested my SMSF with Dixons 5 years ago,the nett result being we were steered into their in house brands,after paying $7000/year to receive their "advice" we are now $120,000 + down with no real hope of gaining any back even though 2 board members operating the URL scam walked away with $26 Mill each.
I was never offered compensation for their tainted advice to reinstate my losses.
I thankfully departed Dixons some 3 months ago to a new advisor who is thankfully restructuring my portfolio from the train wreck of the Dixon years
Disappointed in Dixons
I switched from another provider about 10 years ago( for geographical reasons) to Dixon’s as they came highly recommended as a industry leader at that time. Their administrative service is very good but their financial advice, was originally OK but in latter years has proven to be disastrous. Their growing recommendations of in house and company related investments have caused a hefty decline in my fund over the past few years whilst the share markets have climbed to record heights pre Covid19. Have yet to see the impacts of Covid 19 on the fu...nd. The difficulty in liquidating these company related funds makes it very difficult to make positive changes to our fund, we seem to be ‘welded’ to Dixon’s until some of these funds turn around. Also, the management fees on some of these funds are exorbitant. TB. North West NSW
Presents well but Poor Performance for High Fees
We were with Dixons for 12 years. For the first few years it was OK, but never really achieved anything comparable or better than industry funds. In the last few years before we left a number of in house Dixon products either made losses during restructuring or have paper losses of 30% to 90% of the original investment. At the same time we were being charged high fees. In addition to the the poor investment performance the administrative fees and the fees within the in-house products the SMSF lost money long before the 2020 downturn. The o...verall experience with Dixons was extremely disappointing especially compared to my SMSF management situation since leaving 18months ago. Further, the Dixon experience has left us considerably disadvantaged as we start to contemplate retirement and an income from our SMSF.
Questions & Answers
I am more fortunate than most of those who have commented in that I was always suspicious of Dixons' "financial advice" so have generally ignored it. My real reason for becoming a Dixons' client was the admin support in the 2017 super changes (Transfer balance caps etc) - which was, I think, effective. On-going accounting/admin has been patchy. Would now like some recommendations for an admin only service - but it's a priority that it doesn't limit my investment options. Anyone know of some-one good?
Aquila Super. Professional SMSF admin and audit company that dont flog product (not financial advisers). Choice of fixed fees depending on investments (ie complexity) and they are very good at the com...plex (such as loans and related party dealings). They also dont usually care what bank you use or broker and data feeds work fine. Not sure if you need to be referred through an accountant or adviser though. They appear to have a QLD office. I use the ACT one. Good luck.
Hi, I'm in a similar situation to many of the previous reviewers - Dixon's has proved a disaster and a nightmare that I just can't seem to escape from. I'm down about $500,000 and totally devastated. So, for those of you who have managed to move your SMSF from Dixon's to another manager can you tell me how easy/difficult is the process and who did you go to?
Hi Nellie - We are the same amount band it is devastating to be honest - caused all sorts of health concerns . It is actually pretty easy to move and your new company person will be able to provide ...you with all the requirements. If you like I would be happy for you too call and we can go through it with you . I guess you have been able to sign up to the class action too. Please do call us as it is easier to explain in person - 0409525652 . I unfortunately do not have the prospect to earn any more income because of age.
Yes certainly a situation we dont deserve to be in....Dixons are a disgrace.
I approached a reputable advisor in Melbourne and more than happy the way ...
Thanks Nick. Were Dixon’s “co operative” to your departure? Did they charge your fund any exit fees etc? Any other insights you can offer regarding departing Dixon’s would be appreciates
ASIC is prosecuting Evans Dixon/Dixon Advisory for allegedly advising not in the best interests of its clients, citing 5 cases, in connection with URF products which those clients invested in on the advice of Dixon Advisory.
I understand that ASIC is seeking pecuniary penalties, and if successful fines will be paid by the entity to the Commonwealth Government.
Will those fines effectively be penalising shareholders in Evans Dixon or will they be payable by individual officers of the entity?
How or by what means will investors who took the advice and invested in products which have lost substantial monies be compensated?
Is there any possbility that ASIC will take criminal proceedings against Evans Dixon/Dixon Advisory and it responsible officers?
I’d love to know the answers to those questions too. Can anyone help? Will the Shine action help all who are badly affected, or just those who join the action?
Get an answer from our members and Dixon Advisory representatives
|Category||SMSF / Small Funds|
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