Hi There,
My wife are currently in discussions with a company called Inception Wealth group regarding SMSF who they deal with through another company called MODE SMSF. I was wondering if anyone out there had any dealings with these companies. I realise that Inception make their money through setting us up through developers and make their money on these property sales and securing loans for the investments.
I was hoping other people out there had any experiences with them that they could shed some light, as I am still not 100% sold on this process yet.
Thanks everyone
What are you speaking to them about?
First make sure they have licenced to give financial advice if they are talking about super or suggesting you start a SMSF.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Hi Terry,
We are speaking to them about SMSF and also investment properties outside of super. They to be more of a conduit really as they facilitate processes between ourselves, MODE SMSF and another company called interactive mortgage and finance. Their literature also states they are a member of the FBAA Finance Brokers Association of Australia and their credit licence is ACL 391 922.
At the end of the day they seem legitmate from an operational and regulatory sense. I just have this feeling like their main driver is pushing you into over inflated SMSF investment properties to make sure they are achieving worthwhile commissions.
Thanks for your reply and engaging, it is greatly appreciated.
Regards
Matt
Are you speaking to the broker about SMSFs? If so they need to hold an AFSL or be an authorised rep.
You are probably right about the commissions on the properties. Have they disclosed how much they receive?
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Hi Terry,
I will double check the AFSL licence and confirm. They haven’t disclosed the amount of commissions but they work directly with the developers and the finiancial institutions so I just figured their commissions had to come from two places. Securing loans and selling property.
Thanks for your advice, it has been helpful.
Regards
Matt
Hi Matt,
Im wondering how you got on as we too are now talking to the same company????
Hi Matt,
Any more updates on Inception Wealth Group?
Thanks,
JosephI’ve had dealings with them recently. They promote themselves as “wealth creation experts” but seem to be nothing more than an agent for property developers – attempting to flog you an over valued investment property.
Although I was pretty sure what their game plan was before meeting them, I was willing to go along and listen to what they had to say. Sure enough, their slick presentation led to the inevitable sales pitch to purchase an investment property. Conveniently (for whom??), they offered a “one stop shop” for the purchase, from arranging valuations on my existing properties, arranging finance, and even conveyancing. They’ll pick you up from home and drive you into the city to meet with them for the day, then drive you home at the end of the day with a slick looking presentation box to carry all your glossy brochures in. The finance girl in the Brisbane office sports a huge set of bolt on tits – not hard to see how she got hired ;-)
In a nutshell, what they were proposing was for me to borrow $350K to purchase an investment property valued (by them??) at $310K. It took all of my effort to get out of their office without laughing in their faces.
My gut feeling at the start of all of this was correct. Just another bunch of try hard scammers. I’ll stick with my long term, trusted financial advisors.
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This reply was modified 6 years, 11 months ago by
Aussie5468.
Hey Aussie. Out of curiosity how did they initially get in contact with you ? Was it cold call or door knock ? Seem to have what looks to be same path with different company…
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This reply was modified 6 years, 11 months ago by
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