Today MMG (formerly Money Managers) officially announced they will shut up shop after their failed attempt to bury the past.
This is a positive result for the many people who have lost millions through the dreadful products promoted by Money Managers.
However, we note that:
- not once has anyone associated with Money Managers offered an explanation or apology
- the sales agents who blindly promoted these products are reforming as individual investment businesses.
- they will still be associated with NZ Funds products – a business owned by Siddall & Tills (shadowy millionaires who profited handsomely from some of the failed Money Managers products)
Our advice remains the same. These agents failed to protect investors interests in the past so let the buyer beware!
Check out this story for an amusing take on things http://www.goodreturns.co.nz/article/976497358/mmg-advisers-glad-to-be-moving-away-from-the-brand.html – be sure to note the lack of humility.
And what does this quote say of past practices “Now we’re fee-based there’s no conflict of interest and it’s better for the client as it’s more transparent”!
Time will tell what brands they have established as most have done little for their clients these past years.
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Help us keep track of the former advisors by recording their new businesses here http://moneymanagersactiongroup.org.nz/the-phoenix-agencies/
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Filed under: Uncategorized Tagged: | MMG, Money Managers
