Your situation sounds very similar to mine about 18 months ago. I was with a scum bag FA who made all the promises of bi annual reviews and a helping hand ra ra ra.
Let me guess, you were paying 2 to 4% in upfront contribution fee’s, 1 to 2% in management expense ratio’s and he has probably also talked you into a margin loan where he is also getting a kick back.
Let me guess, you were paying 2 to 4% in upfront contribution fee’s, 1 to 2% in management expense ratio’s and he has probably also talked you into a margin loan where he is also getting a kick back.
You did the right thing in firing his ass. You can get better results over a five year period from an Australian index fund such as STW. and save yourself a small fortune in fee’s.
Active managed funds like the ones you are most likely in also buy and sell all year long which puts you in a pickle when it comes to tax time.
If you look at the make up of most of your Aussie funds they most likely hug the bench mark anyway, I. E the top 20 stocks are the top 20 in the index. Why would you pay all the fees to hug the index?
There are various threads on the subject that helped me on this forum. If you don’t have the time to school up just buy the index!
Best of Luck
GG
“If you not on the inside your on the outside”
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