Chan and Naylor accountants

I don't know anything about Chan & Naylor except that I have only heard of them through this site. The scheme/scam you are describing is however all too common. Real successes are unlikely to be giving seminars etc- they are too busy making money. I know of one gentleman in Brisbane- his developments net him about 18% per annum (not counting depreciation benefits) . I've seen the figures. His accountant and solicitor are superb and operate out of small suburban practices- and are both as cheap as chips (about 1/3 city/cbd prices). I sometimes think that people get caught up in the razz a matazz and forget the basic essentials.

I hate the food chain/hidden commission/refer to matesdeals that are always going down.Other people are making money out of you and you aren't even aware of it most of the time.

Deal with people you can trust- but make them earn (and keep) your trust first.

Chan and Naylor seems to be aligned via referral to Metropole. I know of at least 3 metropole clients who where referred to them.

If you read the C&N website, it is strongly worded IMO as to why you should pay them, rather than "what is the value to me".

I dont like this type of approach personally

It aint illegal to receive a commission, in QLD it is disclosed on the purchasing documents

Maybe a new thread on "how can you tell who to trust?" is needed.

Here's a few:

High overheads = high pressure to perform at any cost

If they mention God or the Church- run for a hundred miles

Self promotion can be a worry. If someone is good at what they do the results speak for themselves.

Good to see natural justice in play

I guess cynical is better than gullible.

By the way Ed's Rich Uncle is in the BRW Rich 200 each year . It makes agreat story  – I wish i had a good one like thant to tell.

Hi Wealth4Life It has come to my attention that you have made several comments about myself that are inaccurate and I thought it best to correct it with the facts  On your comment  … his newsletter states he has been an accountant for 25 years when our research shows this is not the case at all ???? My response:I am not sure where you are researching but I received my Batchelor of Business Degree in 1982 from the University of Technology (previously known as the Institute of Technology) when I was 22 and I am now 49 (this year) so that makes it 27 years.  I then attained my CPA status in 1983 but when David Naylor(NIA) and I joined up together in a Partnership known as Chan & Naylor in 1985 I left the CPA’s and joined The National Institute of Accountants(NIA) as CPA’s could not be in partnership with NIA’s back in 1985.   Chan & Naylor was subsequently incorporated in 1990 (check ASIC records).So Chan & Naylor is over 23 years old and we now have offices in NSW (Pymble, Parramatta, Castle Hill), Perth, Melbourne, and Brisbane (recently) and soon to open in (2008) Central Coast and Newcastle. I am especially proud of the fact we have grown our business from 2 people to over 100 people based on good service, honesty and integrity and our specialisation in property structuring, asset protection and wealth creation through property.Chan & Naylor won the 2007 BRW Fastest Growing Accountancy Firm in Australia and continue to grow mainly from word of mouth referrals, publication of our books and seminars. We have spent minimal money on direct advertising which is a testament to the culture and goodwill of the brand and value of our services to client that has shown consistent growth for 23 years.               On your comment  “……does he really have a rich uncle in Melbourne that taught him how to get rich – sounds a bit like rich dad poor dad to me ???” My responseHis name is Bernard Chan and he lived in Sydney and has since passed away. His fortune was handed down to his 3 sons who now appear in the BRW Richest 200 Families in Australia. Their story maybe read in every BRW article which is published around September of each year. You can purchase back copies from BRW or wait till the next one is published.  You will find them mentioned as the “Chan Family” and in 2007 their wealth was $220 million which was up from $200 million in 2006. I refer to him often because it was he who first started me thinking differently about wealth creation and taught me how 95% of people are held back by their own cynicism. Its fine to be sceptical because that saves you from being ripped off but a closed mindset is a by product of cynicism and that only hurts oneself.  Like the cynical person who refused to buy a property because he had to pay the real estate a fee and the property doubles in value On your comment  “….he also purchased a property from him where he believes he was paid over $30,000 commission from the developer 3 years ago and now the property has dropped by $140k in value..”  My response I do not ever remember getting a fee of $30,000. However from time to time when clients ask us for property, we refer them to various Developers or Agents, but insist that they do their own research. Some developers pay no fee for a referral and others do pay a fee. The developer generally pays a larger Commission to a Real Estate Agent for selling the property as opposed to a Referral Fee.  The Referral fees were generally $1,000 at that time. This usually covered the time required to spend with the client to advise them on the right structure such as Trusts, Companies etc and assist with finance structuring,  assessing the numbers and tax planning etc which otherwise would have been charged to the client separately. We charged clients our time when we did not receive a referral fee from the Developer or agent. The Referral fee was a win for the client because it saves the client from getting an accounting fee from us. Currently our practice is to disclose all fees received. Statistics from Residex shows that 3 years ago the market in Sydney was at its peak (2003/2004) and most properties in Sydney showed a decline in value since then (except perhaps the higher end properties in the Eastern suburbs). Most of my own Sydney portfolio has suffered the same decline. It is simply part of the property cycle and anyone who knows anything about property knows that all investments go up and down and you only crystallise a loss if one sells. Investors as opposed to traders ride through the highs and lows. The Sydney market is expected to experience an upturn over the next few years but will eventually come back down again, its part and parcel of the property investing cycle which has seen similar cycles historically.  Your Comments   “….is this bloke for real” My commentsThe last time I looked in the mirror I was realJJ

Not the type od posts I'm used to here……but while we are at it….if I can address Ed Chan – Ed, I really enjoyed reading your profile in API not that long ago. Just thought you might like to know. (and yes, a very tactful, dare I say professional first forum post under the circumstances    )
Cheers
V8GHia

Thank you to V8GHia and trakka for your support and yes i think what trakka said regarding being careful about what you state on a public forum is important because people do not have an opportunity to defend allegations and a lot of people believe everything they read without checking the credibility of the sources.There is no need for an apology from Wealt4Life. Everyone makes mistakes including me.

Can I also just add that the Internet is regarded just like any other media outlet. Please be careful in making allegations about individuals and companies as defamation laws apply.