The Institute of Financial Advisors have decided to ignore the massive losses suffered by First Step investors by partnering with NZ Funds – appointing them their “Professional Development Advisors”.
What skills NZ Funds will pass on to the industry are unknown – but if others adopt the historic financial management techniques of NZ Funds owners we have serious concerns for investors in New Zealand.
Mr Siddall & Tills, the ultimate owners of NZ Funds, were beneficiaries of trusts that made many millions of dollars through First Step – a scheme which lost millions of dollars of investors money and was plagued with multiple levels of inter-related transactions with little independent oversight.
Incredibly the IFA now holds these two individual’s company up as a beacon for the industry – yet neither of them have ever fronted up to explain how such apparently safe investments turned so bad.
If you find that appointing NZ Funds as Professional Development Advisors is an affront to the losses and pain you have suffered please write to Peter Lee, Chief Executive, IFA, peter@ifa.org.nz.
Read more about these Siddall & Tills here http://www.stuff.co.nz/sunday-star-times/business/3016690/Old-school-tennis-champs-NZs-hidden-money-men
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Try this. When writing a letter to the head of the IFA, I ran the letter through spellchecker. It suggested changing MMG to MUG. I think my computer is smarter than NZ Funds.
My understanding is that not only were Siddall and Tills beneficiaries of the First Step trust but were instrumental in creating the investment and ran the trustee company of this investment and oh my god were they not responsible for the Cash Plus Fund where investors got less than 50% back.
The IFA must be desperate.