Hi,
Can anbody tell me if they have or are dealing with abc financial group please?
My husband and I had a visit today from what I would say was a 'rep' and, yes, like many others I am assuming, we have agreed to fly to Melb, but not necessarily to jump in and buy in but to learn more as we do not know much about investing. Don't get me wrong the fellow did a great job going through everything, but not entirely sure on their crediability etc and the risk etc?
Is there a DIY solution?
Like everyone else we would love to pay our mortgage asap!
Thanks,
KateABC, PREMIUM FINANCE SERVICES, PREMIUM CONSULTING GROUP, BOSTON ONE, OPTIMA EQUITY SOLUTIONS, JARDINE PACIFIC, SYNERGY PACIFIC, CARLY CRUTCHFIELD & CCORP ………….Need I go on! They are ALL the same!
ALL of these so called "Wealth Creation" companies (and there are buckets more of them) disguise their services as providing education and giving people the whole "Knowledge is Power" spruke when, the REALITY of what they do is they want to FLOG you one of THEIR DEVELOPMENTS and make tens of thousands of dollars in 'padding' to boot.
Have you also noticed they're all on the east coast (usually BrisVegas or Melbourne) and then fly people from all round Australia for a couple of hundred bucks to show you how you can pay off your home loan sooner, reduce your debts and be financially independent in retirement. How many of these companies, once they've flogged you that 'amazing' investment property they conveniently have, then truly continue to service you with their 'client for life' programs that usually cost you upwards of $5000?
C'mon people, wake up!G'day Kate
I worked for Premium Finance Services as an In Home Consultant for 14 months up to the end of Oct last year. The simple answer is this: we were trained to talk about the "Knowledge is Power" we'll give you a "Financial Health Check", do the Retirement Planning, and so on. You would have filled in a signed Assets & Liabilities sheet, a "Booking Confirmation Form" with usually a $295 "Comittment Fee along with Credit Card details, Chq or Cash and finally, a "Statement of Understanding". OK, I think you can see I know what i am talking about. We were flown all around the country to basically tell people nothing but reassure them they would obtain the knowledge at the office in Brisbane or Melbourne.
Here is the bottom line: ABC will fly you to Melbourne, make you more uncomfortable than the In Home Consultant did as far as how bad off you are and how much you need their help. They will convince you that investing into property is a good thing (which it is!) and then flog you one of their properties. As far as I know ABC is not into blatantly ripping people off but I also know they make an average minimum gross profit per settled property of around $40,000.
Have a look at their website – it basically does what the In Home Consultant does and tells you nothing other than we'll explore ways to minimise your tax (depreciation and tax variation), pay off your home loan faster (by using your varied tax dollars usually through a restructured home loan in an offset/redraw type of account) and retirement planning. The kicker is you will have to sign up for the supposed "Client for Life" program which will cost you upwards of $4-5000 but will be buried in your loan restructuring.
Go to Melbourne on ABC, let them explore ways to improve your financial position, but be resolute and strong. Do not commit to purchase on the day. Exercise your freewill to do your own homework in your time. If you should buckle under the weight of pressure to buy, remember you can simpy "cool off" as VIC has a mandatory min 3 day cooling off period.
I hope this has been enlightening!
CHEERS!
TCThank you both for your comments, much appreciated.
My hubby broke his foot so we wont get to go now! But we've decided to do it on our own if we can.
Anthony who is the best person to speak with in Launceston?
Thank you both again,
KateHi Kate
We could probably be able to give you a hand in Launceston. Feel free to have a look at our website and if you feel comfortable doing so, please feel free to send me an email to my address below. It's also nice to know that you have been reprieved from the clutches of one of those east coast investment property floggers! Also, I do hope your hubby is not too bad off with the ole foot!
Hi Kate
I'm an active investor myself and am involved in a network of investors who get together to talk property on a regular basis (no property is sold at these meetings). Private message me if you'd like or check out http://www.propertymeeting.com.au
There's also an active Rich Dad group in Launceston and I can find the information for that if you'd like it.
Cheers,
Tracey
Hi Tracey – can you pm me the rich dad group info? Would be much appreciated!
Nic
Hi Nic,
Your profile is not accepting messages so hopefully the following link will take you there:http://groups.to/richdadlauncestontasmania/
Cheers,
Traceythanks Tracey!! Your a star
Hi everyone, I've joined specifically just to thank those of you who have posted about ABC financial group. I normally say 'not interested' to these companies but found myself last week agreeing to have a 'free talk/information session' for tomorrow night. After reading the feedback on this site (in particular, TC, Anthony, and the original replies to 'Joanne'), I made sure I cancelled it today and am so so thankful for not getting my husband to engage with what would be a seemingly laborious and frustrating (and potentially costly!) process. It's very helpful to have the wisdom of experience here, so thanks again.
JBHi All,
An update on this mob.
ABC Financial (or their agents) recently visited our home town (WA Country) and did some door knocking & home visits in an effort to convince local people to fly to Melbourne and buy property there.
A local couple have recently returned from one such trip with property in back pocket.
Turns out the property is a motel unit (Quest ? or similar)
Spiel went something like this – we wont take out a loan against this hotel/motel unit because it is commercial rates and that is expensive. We will set up line of credit and you can pay for motel unit outright from LOC funds secured against your own home.
Don't worry about growth on these small units as the important thing is cashflow and this property will only cost $15/week (I assume after depreciation, tax variations etc etc). Projected rental increases of 4%/annum.
Scary stuff – indeed.
Where do I start?
Ignore growth, its about cashflow.
Cashflow is negative.
Ummm…
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