If you want to loose money go to Dixon Advisory!
I also fell sort of Dixon Advisory and too suffered a significant financial loss.
I wanted to seek redress but was unsure on who to turn too. I got in contact with a company who were able to handle my complaint and lodged it on my behalf to the Australian Financial Complaints Authority.
I would highly recommend them especially if you have lost a significant amount through Dixon.
If you are looking to obtain redress but are unsure on how to go about it (very much like myself), let me know and I am happy to pass on the details of the company for you to see if they can assist.
- Verified customer
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...
- Verified customer
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.
- Verified customer
Amazing Service - Very poor results
Unfortunately I have spent the better part of a year trying to dissolve my SMSF managed by Dixon. The fund performed particularly poorly and the portfolio somehow resulted in a net loss over several years during a tremendous bull run. I had high hopes for Dixon and I’m sorry to say they didn’t deliver.
Keep away from Dixon's Advisory!
I was with Dixon's for about 6 years and during that time my super balance steadily declined because I took their advice and invested in their high fee, poor performance funds. I was continually assured that these funds would perform well in the long term. I am very glad I am now longer with them, however I lost a lot of money.
- Verified customer
Be wary of using this company for structuring a SMSF portfolio
I did have an SMSF ''managed" by Dixons for about 5 years but fortunately severed my relationship with them about 16 months ago, closed the SMSF and moved all funds to a better performing industry fund. I found Dixons (now Evans Dixon) to be very helpful in the administrative side of the SMSF but I received poor financial advice on numerous investments including the URF (and related fund raising entities), NEW and some other funds owned and managed by Dixons.
It only became apparent to me after several years with Dixons that the first priorit...y of their financial advisory team was to promote Dixon products with little regard to the balance of my portfolio. They also recommended investing directly in the Evans Dixon IPO (which I fortunately declined). I guess I am one of the more fortunate ones who exited Dixons prior to the URF unit price crash and did not take too much of a financial hit. I am do not understand why Dixons are still getting 5 star ratings for their financial services. Maybe 5 stars for administrative service but I would be very wary of using their financial advisory services - do your homework first on any of their recommendations and make sure the investments are at least listed on the ASX so you can sell them more easily. Quite a few were not listed and consequently difficult to sell.
- Verified customer
Very disappointed with Dixons' duds
We've had our SMSF with Dixons for over a decade. The SMSF administration team continues to function well, with good advice to clients when there are changes in the superannuation regime, and prompt and helpful responses when we get in touch. But the investment advisory side has failed us.
As Dixons has increasingly become both the investment adviser AND the investment provider, we've been concerned about the obvious potential conflict of interest. We have raised this directly with Dixons, and been assured that they are very conscious of the n...eed to ensure clients come first. The investment vehicles they create have been described as being designed to give clients profitable opportunities to invest in markets that would otherwise be inaccessible to retail investors like us. Acting on the advice we received, over time, our portfolio has come to be dominated by Dixons' vehicles. After being burnt with ED1, we discovered some scathing articles about Dixons, including the helpful reviews here on ProductReview, especially in relation to URF. We were shocked to see URF described as a ponzi scheme, and to read in detail about the incredible fee-gouging that has been going on. With hindsight we can see we've been guided into a number of poor investments and advised to stay with them despite poor performance, to our great cost. It is hard to believe we would have received such advice from an independent adviser who was acting in our best interests. So we have decided to move away from Dixons. After asking others on this website for advice, the responses were helpful, thank you all who replied. We've decided to go to an industry fund. But it's not that simple: as well as being poor performers, many of the Dixons vehicles are almost impossible to liquidate, so we're still working on that. In the meantime we will see what happens re the URF-related class action by Shine Lawyers and will consider a complaint to the Australian Financial Complaints Authority.
- Verified customer
Steer well clear of this company. It does not have your interests at heart.
I decided to set up an SMSF (for my wife and me) in 2007. I was attracted by the advertising that Dixons used to run (and still does) for helping with the administration of an SMSF. They had a cap on fees per year and seemed to be well run. It helped that they had people behind them who were known for their ethical stance and general scepticism towards the high fee parts of the finance industry. They set up the trust deed and necessary paperwork. They set up the bank account and while they would have preferred that we use their own broker, they...were happy to do the paperwork if we traded through an independent online broker. In fact they set up the account with that online broker on our behalf. Occasionally I would get a call from their in house broker suggesting a purchase and I did take up an investment in one recommendation which was a Listed Investment Company (LIC). They generally were pleasant and efficient. They did the taxes and necessary annual statements. I was reasonably happy with it over all with the only problem being that the fees seemed a little high given what they were having to do each year. One day (about three or four years into the relationship) I got a call from the account manager (whom I had initially set the SMSF up with). He explained that it was no longer easy or profitable enough for them to process the share purchases data made through the online broker. I needed to switch to their own broker or take my account elsewhere. I thanked him for his concern and made the leap to fully managing the SMSF myself (with my accountant). In retrospect that was the best decision I ever made in my SMSF. Had I listened to their advice I would have been in all manner of real estate and other trusts in extremely illiquid holdings. As others have pointed out (in this forum and in the press) there are multiple conflicts between Dixons as the manager and promoter of these vehicles and their role in protecting your wealth and building it so that you might live as carefree and happy a retirement as possible. I am happy making my own investment decisions and have had a reasonably good track record but the one investment that I did make through them has proven to be just about par with the market. My wife and I were in our thirties when we bought into it and it should have been obvious to them (if not us) that that type of investment was unlikely to build wealth but at least it was equally unlikely to destroy it. When you hear how they have sold products to elderly people that are clearly unsuitable to their age group you have to question their ethics and motives. Personally I am glad that the decided I was not good enough to be their client anymore.
Dixon Advisory have become fee greedy and lazy
I joined Dixons in 2012 and they were OK but their advice deteriorated. I was advised to over invest in URF and NEW. I have lost over $150,000 through Dixons bad advice and I have been trapped into investing too much in Cordish Dixon IV and can't get out with forfeiting my initial investment and paying all sorts of penalties. All the while they have been creaming off large fees for themselves. I put the off market investments, CDIV & Fort St up up for sale months ago but there are no buyers Dixons stacked my portfolio with their own produc...ts and when things went sour they had a conflict of interest and told me to hold when they should have told me to sell. I live on my super and thanks to Dixons my life has been severely impacted. Stay away from Dixons they not the company they used to be. I would love to speak to other dissatisfied Dixon investors. How they are getting 5 stars is beyond me, one has to wonder who is writing such glowing reviews. I am 70 yrs, I should never have been advised to invest in this way, I was naive and Dixons have destroyed me. We need to unite against this arrogant and uncaring company.
Investment advise is conflicted
This company started out as a reasonably objective investor of its clients funds. Unfortunately over the years it has has become a fee gouging organisation which continually recommends low performing products which it has a financial interest in.
We have been with Dixon Advisory since 2012. Throughout that time they have provided an excellent service which is personal and tailored to our needs. They keep us well informed of the wider financial and economic scene which at times can be bewildering to us ordinary folk. We appreciate the strategic approach taken in managing our financial future and the attention taken in meeting our current requirements & needs.
They have always given us 2 staff members as our personal contacts. While this team has changed over time it has always maint...ained the same level of personal service. We have no hesitation in emailing or ringing them for guidance. This provides a great deal of comfort and security as we now move into our retirement years. Our personal thanks to Lester & Alice who have been there for us the past 3 years. Many thanks to Dixon and their team. Sandie & Paul Dickson
Asked To Leave
I started a self managed superfund with this organisation but when they realised I was not generating enough revenue they asked us to leave. Their is nothing further to say however I only recently discovered this fact due to a recent interaction with this organisation.
Reliable and objective
We have been with Dixon Advisory for over 20 years and have always trusted our advisors to provide reliable and objective advice. We are very satisfied with the high quality service we have received and remain confident that we will continue to enjoy our retirement as our savings are secure and well-managed.
Great and solid advice for our SMSF following a review of our 10 year old Fund by Dixon
The two trustees of this SMSF are retiring this and next financial years and we needed a thorough review of the 10 year old SMSF because of our due retirements, our fund dependence on Australian listed shares with franking credits were another big concern for us with the looming Labor proposals and we were looking for opportunities available to us to benefit and correct our situation. We used E-Superfund for the last 10 years for our SMSF administration, we don't have any complaints with them but they clearly advice clients to get financial adv...ice from suitable financial and competent advisers. Dixon did a thorough review of our situation and came up with solid recommendations with regards to: 1. The mix of our SMSF investments (ours - mainly Australian shares with a lot of franking credits), and recommendations on potential remedies for diversification. 2. Address the funds and personal taxable positions for the now and the future and how to remedy any issues. 3. Address the SMSF set-up and structure from a legal and inheritance perspective so that surviving partner(s) don't have the stress when you don't need that.
Questions & Answers
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 he has restructured my portfolio from the Dixon shipwreck
The system to transfer is pretty straight forward as the new advisor arranges the transfer from his end after consultation with you
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?
What is Dixons going to do about recouping the losses made on their in house products eg URF, Cordish, Fort St . We have made considerable losses whilst you still kept saying to invest in the products knowing the failing situation. Will we ever recoup our limited funds will you compensate us
Dixon wont volunteer any compensation by the looks without a push.I have done this by registering my complaint with Australian Financial Complaints Authority who have taken my issues with Dixon on.
Secondly I have registered a complaint with Dixons complaint resolution at email email@example.com ...the contact person is [Name Removed]
I have also registered with Shine Lawyers to participate in their class action against Dixon's
FYI on 4/9/20 ASIC took legal action against Dixons for giving advice full of conflicts of interest
Thanks Nic I have also sent a letter of complaint to Dixon
I spoke with AFCA who said at this stage that’s the first step until I hear back from them which apparently takes Up to 45 days
I did ask for reimbursement but I wo t hold my breath
Let me know what your status is
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