After many years of valued advice to our parents the time sadly came that mental capacity reduced to the point that financial affairs had to be passed on - as had been prepared for some ten years previously. For the past two years the children have been dealing with all emails, taxes, banking etc. The annual meeting with the saleswoman (name initials removed) was organised and especially in light of current market volatility (it being wuhan flu season) we had decided to look into the financial products a little more closely.
The litany of dis...gusting behaviour by hill ross is almost too numerous to cover adequately but I will try. For starters there was no financial briefing, nor advice provided. There were lengthy discussions about various mental health and senior living options available. I am very firmly of the opinion that this meeting was primarily an information gathering activity on our finances and the mental health of their clients. There were no financial options available - simply very subtle but extremely firm 'suggestions' that we had to sign then and there as 'this is what your parents set up thirty years ago'. Why octogenarians with mental health issues fully and at length discussed in a near 4 hour meeting would 'have' to have all their available money in high growth funds with current extreme market volatility seemed very strange. When we put forward cash as an alternative option we were told 'that's just gambling with your parent's money - you can't do that!'. Excuse me? Since when has cash been gambling??? I have never come across an australian financial advisor who has no faith in the $aud! No signature was provided and further discussions were to be had with all siblings and for good measure I also contacted my accountant and provided relevant paperwork with a request he have a look as well as I had only ever seen financial products from this company so had no benchmark. He made a couple of comments, stressed he was not a financial advisor but would ask people he trusted what they thought and get back to me.
Take control of your financial position today
My family and I are very grateful for all the financial advice we received from Hillross, especially from Paul Dawson. After I suffered a serious workplace injury, I struggled to see the light out of financial trouble and stress. Paul sat me down and helped me take control of my current financial position and work on a game plain that I can proceed and protect the lifestyle for my family. I wish I saved myself stress by seeing Paul and the others at Hillross. Do your family a favor and remove the worry from your life, take control of your financial position today. Thanks again
Good gone Bad
When we first went to Hillross they were all over us. Told us how much better they were in comparison to others, but after 12 Months and a Profit, I might add, I needed some help and advice and they passed me off saying that wasn't there area and I would have to take care of it myself. They like taking your fees but don't like having to work for it. What am I paying for?? Not good service, that's for sure. Look elsewhere and check around first.
I learned the sure way to create wealth: become a Financial Adviser/Planner !
We used the Hillross advisor based at Epping who we will be refered to as [Name removed]- not his real name (but pretty close ).
Although appearing to be professional, he was very good at hiding the 0.5% trailing commission as there was no mention of it when asked about the fees prior to investing.
Do not depend on a finiancial planner identifying the best time to enter the market. It is like asking a barber if you need a haircut. This guy was no different.
The advice I recieved was minimal and resulted in a significant capital loss....The glossy plan that was provided is more to satisfy legal requirements than anything else. The fact that this planner and most in general do not get better than market returns, is the real problem.
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