Comments for Money Managers Action Group

Comment on First Step by moneymanagersactiongroup

moneymanagersactiongroup — Fri, 23 Dec 2011 21:12:38 +0000

First Step Investors have received notices of two small payouts from the Trustee Calibre Asset Services in 2011, so here is an update of the current financial situation as at Dec 2011:

Funds Value:
Total Investor Funds Value @ Feb 2007 – $457 million

Repayments:
Approx. Payout No.1 – 2nd-Feb 2007 – $53.0 million
Approx. Payout No.2 – 20th April 2007 – $51.5 million
Approx. Payout No.3 – 31st July 2007 – $51.5 million
Approx. Payout No.4 – 31st Oct 2007 – $29.5 million
Approx. Payout No.5 – 2nd Feb 2008 – $13.0 million
Approx. Payout No.6 – 31st April 2008 – $15.0 million
Approx. Payout No.7 – 27th Feb 2009 – $10.0 million
Approx. Payout No.8 – 18th June 2010 – $9.0 million
Approx. Payout No.9 – 4th July 2011 – $14.4 million
Approx. Payout No.10 – 9th Dec 2011 – $5.0 million

Total repayments to date – $251.9 million (55%)

Write-downs:
Write-down @ 13th Dec 2007 – $38.0 million
Write-down @ 29th Jan 2009 – $59.7 million
Write-down @ 30th Nov 2009 – $73.0 million
Write-down @ 30th Nov 2009 (future opportunity cost) – $8.5 million
Total write downs to date – $179.2 million (39%)

True Outstanding Funds:
Funds still not repaid to Investors (ignoring write-downs) $205.1 million (45%)

Outstanding Funds after Write-downs:
Funds yet to be returned @ Dec 2011 $25.9 million (5.5%)

Comment on Somers-Edgar’s Directorships by steve,

steve, — Wed, 30 Nov 2011 03:57:19 +0000

good to see Doug out and about ,spotted at Elton John in Dunedin,looking very prosperous

Comment on First Step by Kiwi in OZ

Kiwi in OZ — Tue, 29 Nov 2011 05:14:52 +0000

Hi, it’s been almost a year since I last herd anything about my “investment” in First Step”. Can any one shed some info as to if I’ll ever see any of my money ever again?

Thanks.

Comment on The Phoenix Agencies by Eddie Fox

Eddie Fox — Wed, 16 Nov 2011 01:24:15 +0000

So Rob Blackmore of MM Nelson who vanished at least $40,000 of my dollars is now masquarading as a financial adviser under the name of Blackmore Wealth Management ! Which means only Blackmore will manage to get wealthy. He lied to me. All those running MM and the outfits it has spawned should be in prison after having their assetts siezed to repay those whose money they”lost”.

Comment on Chris Lee Newsletter by R. M

R. M — Fri, 11 Nov 2011 22:07:13 +0000

The M.M. advisers must have to accept that they were responsible for the safe keeping of their clients investments, that is why we placed our trust in them them in the first place. They must have known, or should have known that First Step and Cash Plus were looking shaky many months before the crisis, therefore in my opinion we should have been “ADVISED” to withdraw our funds. These advisers were either incompetent or insidious, either way I hold responsible for not managing my investments as promised. I note that many of these charlatans are still operating under another name. My question is, have any of these advisers been taken to task? If not why not? In my opinion we have been paying these people substantial fees under false pretenses.
R.M.

Comment on The Phoenix Agencies by P Franks

P Franks — Fri, 21 Oct 2011 05:53:05 +0000

Sorry
I wouldn’t deal with with any one who was associated with MM. Any financial advisor who has obviously given financial advice based on getting the best commission for him/her self instead of putting the interest of his/her client first should be avoided. Stuff what their stated intentions for the future are. Too many people have been hurt!

Comment on The Phoenix Agencies by Gavin Busch

Gavin Busch — Wed, 19 Oct 2011 09:47:50 +0000

Hi JS,

Before I start I will declare I am an AFA and a Certified Financial Planner.

I can appreciate your concerns and I would suggest you look around, ask friends who they use and what is their experience. Whille I know it can be hard to believe not all advisers take commissions and have been tarnished by the lack of transparency, process or ethics that others have.

As a rule any Adviser involved in the business of giving advice will be registered with the FMA (Financial Markets Authority), they will either be an AFA (Authorised Financial Adviser) or a less qualified and more restricted Registered Adviser.

I suggest people stick to AFA’s and ensure they are NOT classified as Wholesale Investors, this will offer them the best protection going forward as well as be covered under the Adviser Code as well as the new Financial Adviser Act.

My last comment is great site, as an adviser of 10 years plus experience it has become difficult to keep track of where some of these people have ended up and what name they now operate under.

(Most interesting i see the SFO announced today they are investigating another company Investment Solutions (exMM?))

Comment on The Phoenix Agencies by Lyn Bebb

Lyn Bebb — Sun, 28 Aug 2011 21:16:47 +0000

This is really good advice. They are leeches of the first water.

Comment on The Phoenix Agencies by John

John — Sun, 28 Aug 2011 09:13:32 +0000

Bill Raynel should provide a disclosure statement which details his background and experience.

You may like to ask how many clients he put into First Step, Orange Finance etc and what he has done to help them out of the predicament he promoted.

Your best bet would be to avoid financial planners – http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=10743269. The commissions they charge mean that low risk clients end up in high risk schemes just to earn a return. Depending on your fathers age he probably could be well advised to put the money in the bank or a conservative diversified fund offered by his bank. Saving paying Bill Raynel and his like should see him better off for starters….

Comment on The Phoenix Agencies by JS

JS — Fri, 26 Aug 2011 20:28:29 +0000

Where was Bill Raynel’s franchise? Do you know anything more about him? His background/training etc? My Dad was with David Strong at MM Orewa, now owned by Bill Raynel. Bill is putting together an investment plan for my Dad. How do we go about finding a trustworthy financial advisor?