- Verified customer
Great until you want to end your subscription
I have been with Fat Prophets, since 11/1/2013, I renewed a 5 year "top of the line" subscription early in Mach 2016.
i have since had to close our SMSF due to health reasons and move our funds to an industry fund.
I contacted Fat Prophets with regard to this, and asked for a financial consideration for the considerable unused part of the subsription.
i was told this doesn"t happen.
So all i can say is buyer beware.
In the meantime i found out a lot of there key staff and financial advisers have moved to another company, who are basically ...
Great WM division with excellent managed portfolios!
I got in touch with the wealth management team at Fat Prophets after subscribing to their research and after making some gains on a few of their recommendations like EVN GOR SAR, TPG VOC and MFG. It got a little bit too much after the correction in february and march so I decided to let the team take control of my investment capital + Savings.
I got invested into the Global shares portfolio and Asian portfolio - needless to say its going great.
I can log into their platform at any time and can also access my portfolio from my phone. Its a great product.
Got conned, switched to their competitor
Been with FP for 3 years, after a sales man made me a "too good 2 b true" deal.
Newsletter was a joke. It was 10,000 words of what Angus ate for dinner, what he thought of cold play concert, his diving trip in Greece, and oh, here are some stocks. Didn't see any value in it but the cooling off period lapsed and I had 3k for 5 years.
Anyway 1 year into subscription, they called me to say my contact is nearly expired but they can renew for special price of 4k. I'm like what - this is bull crap. Anyway, I got it emailed in writing a...nd then I showed them what time was left on my account - website is really bad but you can find out if you look for it - and told them I'm going to ASIC and ACCC unless I get a full refund of the original subscription as they were deceiving me. I gave them 24hrs and they refunded ; folks you need to have things in writing. Did some research and found out that they backed pie face which went into backrupcy and they have ex pie face people working there. checked on LinkedIn. Angus won't put that into his daily lol. BUYER BEWARE!!! Went to motley fool for couple of hundred. So far so good.
- Verified customer
Fat Prophets or fat con-artists
I've been a subscriber to Fat Prophets' investor newsletters for just on ten years. On 25 February I received a phone call from one of their sales people telling me that my subscriptions were due to expire this year and that I should renew now and save money before a pending price rise. I expressed surprise as I thought the subscriptions still had a while to run. I was offered five years, to start at the conclusion of my current subscriptions, for $4000. After negotiation we agreed on six years for $3000, and I paid there and then by credit car...d. Later that evening I checked and I had been correct. My two current subscriptions weren't due to expire until December 2022 and October 2025. The new expiry dates would take me to December 2028 and October 2031, when I'll be 89!! Will they be in business then and will I still be alive and compos mentis? I emailed them that night and demanded they call me first thing the following Monday morning. The salesman duly called, and at first denied the original expiry dates I quoted to him from my account details on their own website, but eventually and grudgingly agreed to my requested refund. I heard nothing for a couple of weeks, so phoned their office again and spoke to someone more senior who was suitably apologetic and agreed I deserved a refund. He got the salesman to email me to confirm that I'd receive a refund. Again, nothing happened for a week, so I emailed the senior bloke demanding the refund within 48 hours or I'd go to ASIC and the Financial Ombudsman, which I've now done. Still nothing further until today when a clerk from their Accounts Payable asked me what my request was about and said she'd check with her boss and get back to me. Next thing, I got an email from their Head of Sales who referred me to the fine print of their terms and conditions which state: "...Accordingly all new subscribers to the long term Fat Prophets Reports, are entitled to a 30 day money back guarantee. Please note that this does not apply to existing or past Members." This certainly doesn't pass the sniff test, particularly since I'd been lied to about the expiry dates. Also, if one is renewing by phone, they don't draw attention to this oppressive clause. I just want my $3000 back. Hopefully the Ombudsman will bring them to heel, but in the meantime I'm advising everyone to stay clear of this mob of shysters.
Checked out a trial via a special offer on the web, which had a lot of older reports which seemed ok, which was followed up by a lot of constant phone calls from sales. Eventually, I signed up, but regret it since.
Most of the content seems old, and there are no clear recommendations.... NO content in the 'New recommendations' area. All I see is a weekly roundup and general market news that I can get anywhere. Not happy. It is still early January, so maybe they are slow over the Christmas period, but I'm paying for up-to-date recommendations and research I'm not getting my money's worth.
I've also tried Motley Fool, and if you can put up with the spam, their service otherwise craps all over them.
Not worth the subscription
Subscribed. Not value for me . Will not subscribe again. They reported what success they had , but failed to inform the subscriber of the opportunity they saw until after they had been so successful. Would have been appropriate to inform subscribers so they could have invested and gained benefit of their knowledge before they made their profit and told how cleaver their decisions were. Too little information too late.
Can do better
Was contacted by unsolicited phone call and declined offer. Further unsolicited calls resulted in offer being discounted or other benefits eg. extended subscription time. After seven calls finally agreed Started with programme and found excessive and irrelevant information eg. UK and USA IPOs and M & As as well as international mining reports resulting in wasted time and confusion. Phoned to cancel subscription to be told trial time had expired actually, 2 days over. After written correspondence and phone calls which had great difficulty in getting any response and final result no refund and now have useless subscription with numerous e mails cluttering up computer. Suggest avoid or extreme care and diligence.
Great Service With support as well
I read some reviews prior to posting and can’t believe some of the negative comments.
I must say my Account Managers of over 3 years Edward is great. Every time I call
Or email I get a timely response that has not only been profitable but he saved me a fortune
Avoiding stocks like SGP WOW and buying stocks like MNF and HUB. I’ve made consistent
Double digit gains since 2014
Being a member for 5 years their service is clear concise and good. I have picked up many good stocks which have performed well South32, BHP, Collins Foods, and others worth the money I pay
March 16th 2017 Update: Contrarian Fund
Fat Prophets launches their Gloabal Contrarian Fund which I bought into. Looks like it was a big success from what heard with fund being very well supported looking forward to watching this space and the performance of the fund. Being a long term subscriber looking forward to good performance here
Won't answer emails
I've been with FatProphets for 1 year. I used to get bombarded with stock reports that I find difficult to understand and found it hard to stop receiving these unwanted emails. If you're a day trader you probably won't need these anyway. They have me marked down for the wrong subscription, despite emails no one has called or changed my subscription status. They won't even get in touch to conduct my pre-paid yearly review. They only seem interested in getting money out of me rather than providing a service. I'm going to write to the Financial Services Ombudsman. Would not recommend this firm.
These people are only after your money. They put on internet seminars recommending stocks, which information is available with a bit of research. If you attend the seminar they think they can call you when ever they like to try a sales tactic on you. I demanded that they remove my information from their data base and still got calls so take care if you should be tempted. Do your own research.
Thinking about joining fat prophets DON'T
Signed up to Fat Prophets, but couldn't get my money back even when they were legally obliged to do so. This business has been reprimanded by the authorities for inflating their returns in advertising material. Still not convinced then never accept the first offer or the second as they will keep dropping the price. Their sales reps are on commission so they are only interested in making a sale not your interests. Always get the terms in writing as they will change them from what is promised over the phone and don't worry about it being a one time offer, they will call, again and again and again. After all that is how they make their money. If the recommendations were that good wouldn't they be doing it themselves?
Avoid - Boiler Room
I tried to engage with Fat Profits to use their service, they have a very 'hard sell' feel about them. When I asked for evidence of their performance claims (i.e. I asked to see the Audit report on their performance that they talk about) the Account Manager hung up the phone and I never heard from him again. Do your research before getting involved. I have started using the Eureka report instead (I do not work for or have any association with them).
Fat Prophets = HARASSMENT BOILER ROOM
After signing up online for a free "Webinar" I was BOMBARDED with phone calls and emails with the aim to sign me up to their expensive news letters. When I told their phone spruiker that I was not interested in buying anything or receiving any more phone calls he hung up in my ear!!!
Do you want some good financial advice? STAY AWAY FROM FAT PROPHETS!!!
- Verified customer
I was subscribed to Fat Prophets Market Research for just over 2 years, and followed their stock recommendations to Buy/Hold/Sell stocks.
I have seen mediocre returns, with the expensive subscription only cutting into my margins.
From my own research, Each recommendation never amounted to the % gains fat prophet claim.
The Wednesday Weekly stock report is hardly current, where market moves have already transpired before you get a chance to get in/out. All the while, fat prophets are already positioned well before you and base their % ...gains from that and not when you get notified. I believe the service provides some ideas and general analysis, but hardly worth the subscription price. Look elsewhere. Upon expiry of my subscriptions, the sales rep was extremely rude as if they were wolves of wall street and made the conclusion to hang up on me.
Questions & Answers
Has anyone else had troubles with the Fat (Super) Prophets reporting system.
As a result of the sale of a $50K+investment in a global share portfolio I have received $12K (approx) but no one can tell me where my other $40K is - on their system there is no area the records funds pending settlement. Lots of promises -admin will fix but nothing has happened.
No, I am not aware of this, I can only comment that their communication can be pretty weak and loose, pays to keep on top of them.
Report the issue to ASIC & APRA, missing money with no explanation from a financial institution is a major RED flag!
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