Infocus Wealth Management

Adviser fees & commissions taken with never giving any advice!!! – Think twice about using this business. They have been in receipt of fees from my super account (with my well known super provider) for every contribution I have ever made into it - which I only just discovered they were being paid. They & an advisor employed by them (a CFA...Certified Financial Adviser) continued over 23 years in total between… Read more

them - to take fees (or be in receipt of ) & on going commissions from my super account amounting to over $15k (all transactions fully detailed by my super provider & provided to me by them on request once I discovered what had been taking place)........they gave no advice for these fees what so ever. According to them - they are not required to inform client's of their fees on 'old super products'. They made it clear there is nothing I can do & that they won't reimburse me for the fees they took from my super account. They told me that they had written to me to inform me of fees to my account - yet they sent these letters to an address I hadn't lived at for 15+years - so they were never received by me at all so I could sort this problem earlier. Although Infocus & the adviser apparently had 24/7 access to all my current contact details via my super provider.....they chose to not update these - so they kept sending letters to an address I didn't live at. Nor did they contact me via phone when they had no response from me. I have managed to now stop Infocus from receiving fees from my super account - I did this by contacting my super provider direct. I had them removed as an adviser (an adviser I never knew was receiving fees from my account....as well as had them removed from receiving kickbacks from my life insurance). When I approached Infocus & their Adviser about this......they said there is nothing they have done wrong....it is 'your fault for not replying to their letters'.....(letters I never received from them) Infocus Wealth Management seem to be growing quite large across the nation......I wonder how many of their clientele are completely unaware that they too are paying a company in fees & commissions when that company provides NO service to them? I am NO LONGER a 'client' of INFOCUS Wealth Management anymore.....in fact I never knew I was.....but with the current legislation on 'disclosure' - allowed this adviser & Company to continue to receive fees & commissions WITHOUT providing any service to their client at all. It seems the legislation in place still allows them to continue this practice without any repercussions. (in regards to 'old' financial products that can be legally onsold from adviser to adviser over many years. This is disgusting - & I have experienced this first hand from Infocus Wealth Management. How many other hard working people do Infocus continue to do this to? Please check you super policies - especially if they are 'old' products.....you might well be paying fees & commissions to an adviser or company that you are completely unaware of. Here's something funny I found out. Although Infocus said they would never refund any fees & commissions they received from my account..... I then stumbled across a company that 'refunds fees & commissions' for consumers unfairly charged for services never provided by financial services companies. Apparently this company will find out the fees & commissions charged to your (super) account...& they will get these fees & commissions refunded back to you at no cost to you!...because they say these fees are unfair - especially when you get no service from advisers for them. All they ask is that you might use them & their service for any future financial advice you might seek. Wow - that sounded great. I then read more on the website & found out this fees & commissions refunding company are owned by Infocus Wealth Management!......the same people that told me they would not refund the fees & commissions they got from my account .

How does that work Infocus?

August 28th 2018 Update: Infocus Wealth Management - Stirling Highway Nedlands Perth

It's been a while since i first posted about the rip off Financial advisors called Infocus Wealth Management - that basically skimmed adviser fees off my MLC Super account for around 25 years without providing any financial advice to me whatsoever. I manage to learn (after many years of it happening) that this adviser 'brought a book' of clients from another financial adviser that originally signed me up to MLC.....thereby allowing the new adviser WHO PURCHASED THE 'BOOK OF CLIENTS' to then receive 'fees for advice' from these newly aqquired clients that had existing super accounts. These advisers could onsell these books or retain them as they liked. This is basically how the big for banks worked back then - ie NAB bank had their spinoff super arm called MLC. (whom i was with) Over the years i had super.....i never received or asked for advice from an adviser. I was charged a 'contribution fee' to money i put into my super & i thought this went to MLC to 'look' after my super. What i didn't know - is that this 'fee' went to an adviser who had 'brought' my account basically. Over the years - the recipient of the fees taken from my super account since 1990 (which equates to approx $15K+)changed from person to company....ended up being taken by Infocus Wealth Management (in Stirling Highway Nedlands - Perth) with the current Senior Financial Adviser (born in WA) at that premises being the culprit that hid behind legislation & was able to take fees from my super account for 25 years without actually providing advice to me on my super account. I know many would think this is my own fault for not discovering this much earlier - maybe it is.....BUT it clearly shows the morals of these people at INFOCUS WEALTH MANAGEMENT. How many other people are still in this same situation unbeknowns to them? How many are still being ripped off without any knowledge of it? Apparently old super products are not protected by new super legislation & laws...meaning advisers DON'T need to inform people with old super products - so beware!

INFOCUS WEALTH MANAGEMENT in Nedlands (& their Senior Adviser born in WA) may have legally hidden behind legislation at the time (in the last 25 years) - so were not required by law to inform me that they were receiving 'fees for no advice' from my account.....imagine that!.....being : Infocus Wealth Management - getting paid from a company (MLC super/NAB bank) for fees & commissions - which were taken from a person's MLC super account on a weekly/monthly basis for a service that Infocus Wealth Management never provided to that client, & without that person knowing they were being charged for advice let alone never receiving it from Infocus Wealth Management. Believe me - even though legislation has recently changed.....this still goes on undetected & unpunished by Government bodies even now.

Our Financial Adviser's Industry has a lot to answer for!

The Senior Financial Adviser with Infocus Wealth Management - Nedlands Perth (born in WA) apparently is a member of Financial Planning since 1995, is a certified Financial Planner, is a member of APRA & has a Diploma in Financial Planning from Deakin Uni.......was the receiver of fees (as was the company he manages). They were paid these fees from MLC for 25 years - despite never giving advice to me.

Infocus Wealth Management & their Senior Financial Adviser at Infocus Nedlands in Perth might think they did nothing wrong in the eyes of the law that protected them at that time (& still might protect them now)....but in my eyes & many others - it is pure THEFT!

Disgusting & despicable morals that Infocus Wealth Management (& a particular Senior Financial adviser in their employ in their Nedlands branch) have used to grow their business.....off my finances (& likely many others).

I have no interest in the legality (at the time) of what you were able to do financially to me or other clients & our super accounts..........it is basically THEFT. You didn't provide a service - yet you still knowingly took payment for it all (FROM YOUR CLIENTS ACCOUNTS) because you didn't have to inform people/them according to the law at the time.

Your Managing Director & CEO of Infocus Wealth Management has a lot to answer for.