Dixon Advisory Questions & Answers

Susan, I've had both my Class Action and my CSLR submissions finally determined and am now just waiting for the CSLR compensation which is minus what I get from the Class Action. Chose not not employ a professional Loss Assessor, because AFCA utlimately calculate the losses based on the info you provide them with anyway. Just to prepare you, they will contact you to provide all the info they request within 10 DAYS!!! The sort of info they request is :

1. Provide a timeline of events and outline your advice relationship with Dixon.

2. Copies of the following information for the advice period: • SMSF Trust Deed and investment strategy • all correspondences (including emails, letters etc) received from Dixon in relation to all investment recommendation • all Statements of Advice, Records of Advice and any other advice documents provided by Dixon. • SMSF financial statements for all relevant periods to date • A copy of your SMSF portfolio holdings on 30 June 2023 (if applicable)

3. Details of what you were told about the investments leading up to your decision to invest, including: • what were you told, • who told you and when, and • copies of any written material provided to you, such as brochures, emails and presentations.

4 Detailed explanation on what you would have done, or how you would have acted differently, had you known about the issues for the in-house related financial products and the illiquid investments.

5. Confirm in dollar terms, the compensation you are seeking and how you have arrived at the amount.

6. Since your complaint has been on pause at AFCA, what steps have you taken to minimise your losses from the alleged inappropriate advice you received from Dixon? Please provide a timeline of the steps you have taken.

7. Information about the current status of the SMSF: • ABN details • copies of any notices confirming it has been wound up (if applicable).

8. If Dixon has provided advice to your SMSF, the financial services were provided to you in your capacity as a trustee of an SMSF, not your individual capacity. Please complete the attached authority form and return to AFCA.

9. Any other information you want AFCA to consider.

So start preparing now. Good Luck. If you prefer to employ a Loss Assessor, some accountants do this for a fee of course. Try Paul Green | VINCENTS – 07 3228 4014, but the fee may bite into your compensation somewhat!

They are based in Sydney but may have changed their name to Evans and Partners. Don't go near them. Currently their is a class action against them. They give advice that serves them NOT you! Read the rest of the reviews ..not sure how they manage the stars given them....again, something dodgy.

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 complex (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.

thank-you

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.

Hello Nellie 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

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

Hi Nellie, I understand how you feel as I went through similar anguish. I saw how Dixon was changing over the years: they told me I had to give up my broker and change to the banks they preferred. Then they kept pushing their own products which I felt were not in my interests. Although I felt at first I was wrong about resisting the pressure to buy URF, now the full stories have emerged about excessive fees and conflicted advice. I found leaving them was quite easy. I think they didn't want me as I wasn't sending enough fees their way and they were glad to see me go! After a lot of research I chose Super Concepts. They are an excellent administrator for my SMSF and they helped me transfer to the Corporate Trustee structure. My client manager, Ms Hatami, is excellent and responds quickly to questions. They do not give investment advice so I use my broker for advice and make up my own mind. I have saved money over the years and am more relaxed without the continuing worries I had with Dixon. Regards Pip

Hi Nellie, We left Dixon's after 9 years due to our dismay with their conflicted advice and deteriorating returns. Dixon's were cooperative but the process took a long time - more than 6 months from memory. We moved to Australian Super. We did get stuck with some unlisted shares we could not sell and had to buy them in our personal names. Australian Super has been excellent and doesn't waste our much lower fees on lavish functions. Aust Super is very competitive with their fees when you are in pension mode. I wish we had got out sooner as we would be at least $200,000 better off. Good luck!

Hi Nellie, same for us. We left Dixon after they lost us money not acting in our best interests and not providing independent advice. Also we contacted Shine lawyers to sign up as they are investigating Dixon. We are now using SuperHelp.

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?

Hello Gina 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 complaints.resolution@dixon.com.au ...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 Regards ..Nick

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 Thanks Gina

Did AFCA actually say to you that you were entitled to any form of compensation though ?

No they didn’t

Approach an advisor/accountant you feel confident with and they will approach Dixon Advisory and arrange all documentation and administration to be handed handed over. It is a fairly seamless process and if nothing else it makes you feel better

Thank you Nick. I need to feel better. I’m also concerned about my MyDixon online facility being captured and retained for future possible needs after I quit, such as evidence for any claims I might have arising from my dealings with them for 6 years. I know that in criminal matters this sort of materials can be retrieved by forensic enforcement authorities, but in civil matters being able to provide proof is usually at the litigants expense. Do you have any ideas about that?

I’m aware from friends who use the provider that they don’t understand that the smsf compliance and administration function is severable from the advice function. Just as people don’t always realise that their investments, whether listed or not, are in their smsf, not in Dixon, and they can take their smsf to another provider.

Emiko, If you have an SMSF with Dixons you need to check with them on the procedure to close the SMSF. There are requirements to be met with the ATO. Dixons charged me fees to close my SMSF - a flat fee of $2990 plus about 1% of the value of each investment (up to a maximum of $399).

I do not know how you sell the Fort St funds if there are no buyers - maybe you have to wait until Dixons sell all the assets held by the funds. Ask them what they plan to do with the Fort St funds. R

Emiko, you can move your entire fund to another accounting firm, your smsf owns Fort Street, not Dixon's. If you want to fold the fund and cash out, you'll have to wait for Fort Street to sell. As Dixons charges fees up front, wait until they have finished your end of year tax return, you've already paid for your end of year financials - you won't get a refund from them if they don't do it but you'll have to pay someone else to prepare it for you. Messy.

My experience with their investment advice was not good and I've since separated from Dixons. . They were OK with general administration of the SMSF . I dont know if the investment committee has changed but be wary of them recommending their own financial products.

R

Thank you very much!

Cant sell Fort Street (Walsh & Co. A subsidiary of Dixons) so stuck with an SMSF until all assets are sold. I dont trust advisors at all after this experience so opened a Commsec account and bought ETFs for now. Will go with an industry fund as soon as I can. Advised by Dixons that there is a long list of sellers and Fort Street has no buyers (also controlled by Dixons) but they will need to do something by June 2020. Till then, ETFs and a Commsec account is working better than my years at Dixons. At least I can trust myself.

I lost so much money with Dixon's I took my SMSF to another advisor. On his advice I have sold just about all the Dixon products and am in no fee paying ones now. I am completely disillusioned with Dixon's and regret having ever been a client.

Likewise, all Dixon products (except Fort Street that cant be sold) gone. Too unethical for me and funds are not performers. I lost a lot also on totally non performing funds recommended by Dixons that just happened to be their own products. Best advice is to get out or don't consider getting in.

Sold out 18 months ago and moved to an industry fund. Best move I ever made. Had previously minimised my losses by selling out of US Masters Fund 12 months earlier and moving to a much better performing wholesale property fund.

If you have had bad investment advise go the Financial Ombudsman also Shine Lawyers are looking at a class action against them especially in relation to URF. They have have not behaved in the best interests of many of heir clients.

Jayel what ETFs did you buy?

Hi Des, Thanks for your question. This is an area we may be able to help you with but it would be best to discuss over the phone or in person so we can get a better understanding of your situation and provide you with the most relevant information. If you contact our Client Services Team on 1300 852 017 they will be able to put you in touch with one of our advisors in Melbourne.

Best regards,

Dixon Advisory Team

Oh please!!! More bad advice. I hope you didn't make that call.

Hi Tony,

Thanks for your question. We have passed this on and Daryl will contact you directly with a response.

Best regards,

Dixon Advisory Team