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.
This is the thing.
You think they will do better and that they must be good at what they do. But really most including this guy are just very ordinary at picking various managed funds and they can't generate the returns to cancel out all the fees that they charge along with the management fees of the funds they invest in. They are more likely to sell one fund over another based on their commission.
They are the ones who make the real solid returns on your investment.
You get what's left after that.
Probably would have been a lot less disappointed if they were up front about the 0.5% trailing commission.
I would have done much better just putting all the money into an exchange traded index fund with minimal fees. Forget these guys and forget trying to beat the market. Minimising fees is the best way to maximise returns.
Expensive lessons learned.
Very little value for money
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