The MMG / Money Managers brands are dead – but the advisors who promoted the machine live on. And they are still tied closely with NZ Funds so not alot has changed.
Below could you record the new business name of your former Money Managers advisor so that people can be fully informed.
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”.
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!
This is really good advice. They are leeches of the first water.
Does anyone know where Ken Martin or Helen Rusher are? they were my agents.
David Strong’s ex Money Managers & MMG advisor’s office, now situated in Bakehouse Lane Orewa, has changed to “Investment Solutions”. Received a letter from him offering his services.
Won’t happen in a million years
This website should attempt to detail these “new’ independants of MM/MMG in detail so the public can be better informed of the past that these now so called independants were involved in.
Have they gone independant to hide the past? to rid themselves of the untold failures they were involved in?
Nothing appears to have changed in that they continue to use the APS service (nzfunds) which MMG has used for some time and as for the so called “new fee for service”, nothing has changed here either from the APS/MMG days, the fee structure appears to be the same, whose kidding who?
These independants should not get one red cent of anyones hard earned.
Dave Rohan former long time Money Managers adviser reinvented as Rohan Financal Solutions,same building new coat of paint and a fancy new website,all go again
Mike Jones and Jonathon Davies formerly of Botany and Pukekohe MMG have renamed themselves Generation Wealth Management. Same offices and phone numbers.
… and MMG Albany has moved from 222 Bush Road, Albany, to C3 17 Corinthian Drive, Albany, also under Generation Wealth Management. Same staff basically. NZFunds apparently bought the back-office (30%) of MMG that is now called APS and which seems to have no reporting except annually, no visibility for GWM clients (agents only), and weekly debits GWM clients accounts with multiple charges, amounting to many thousands each year.
Get out now! Ring NZFunds and ask for an APS Withdrawal Form, then see your doctor and tell him/her how worried you are about your APS Funds investments and see if he/she will write a letter suggesting an early release of your funds for your health’s sake. This will cut down the repay period from 63 days to about 3-5 days depending on which day your letter arrives at NZFunds. Post it arrive on a monday.
Do it now! Regards.
I was with Jonathon Davies, Pukekohe. Yes, extremely bright, knowledgeable, very, very likeable guy but I learn from history so won’t be burnt again!!! Rather like being bitten by a dog…….you all know that answer! Shame trust gets undermined by greed. The less I think of my loss, the better able I am to move on and lessen my loss….just need to live an extra 20 years!
My agent was (is?) mr. Terry Collins who is based at level 2, 70 The Terrace in Wellington.
It appears he now calls his business “Collins Group, Private Wealth Management”, a grandiose name for a small office with basically a limited scope of functions. Last week I received a letter with this new letterhead advising me that I would be receiving a letter from Forsyth Barr. This duly arrived with a suggestion to contact their investment advisors regarding the portfolio and investment objectives. Mr. Terry Collins has suggested that before any decisions are taken to talk to him first as he has a “special arrangement to pay the cost of DNZ share sales where the sale involves a rebalancing of the investment in an appropriate, full advice, situation”.
I can only conclude that they don’t want us taking our money outside their sphere of control – perhaps if they had done their job in the past people would be more willing to take their advice now.
Peter J Roberston – BBS CA CMA ACIS DipBS(PFP) – is turning the Hamilton regional business into Apex Investment Services.
Needless to say there has been no discussion in his “ïmportant announcement” about how unresolved problems will be taken care of.
Lizz, thank you for the posting. I am one of the Trustees of an elderly relative’s Trust, appointed due to the failing competance of our relative because of increasing age. We had set up internet access to Macquarie accounts in the event that we would be required to action anything. Now my relative tells me that Macquarie has folded and the account has been closed- first we’d heard. Further enquires and bounced emails to Peter Robertson reveals his re-branding as Apex Investments and obviously Macquarie is no longer the conduit for rare payments. As Trustees we have received no information and although Peter Robertson is not required to communicate with us, the Trustees, he is well aware of our relative’s failing ability to deal with financial issues. Can you pass on any information you have?
Macquarie CMT closed 30Jul2010 and GEAA closes 04Mar2011. As trustees you should have been advised of this by Macquarie by mail several months in advance. If you did not respond to their many letters then a cheque would have been sent for CMT to you for the final balance.
Call or TXT us or your number if you would like to chat about it, we have gone through both processes and are clients not agents. 021 250 1580
Whangarei
Bill Raynel former MM franchisee has set up business as Investment Solutions Northland.In the final paragraph of his letter to clients under the MMG banner he advises that he is exited about the change and views it as a positive move forward!
No mention of the poor people he has left behind.
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?
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….
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?))
Three of the Albany ex MM advisers write they are now operating in an ‘independently owned wealth management business’ – “Generation Wealth Management” with offices at Albany, Botany, and Pukekohe. Thanks, but no thanks.
The Browns Bay ex MM adviser, who changed his shop front to AMP is no longer AMP, but sells Insurance, from the same office – a commodity he totally rubbished in his Money Manager days!
Jeremy Simpson, my former ‘adviser’ from MM. and MMG is now working as a financial adviser elsewhere.
Since leaving the sinking ship his former company has again renamed itself – this time to Financial Solutions Canterbury…
Yes, Jeremy is now an Advisor (salesman) for Spicers in Christchurch – big quarter page Ad in the Press with photo announcing his appointment!
Nelson branch also have terminated their franchise.
Now will be called Blackmore Wealth Management.
There has been to much blackness for me in the past, so will not be seeing any of my money.
The Dunedin office of MMG will be rebranded as Shore Associates from 1st October. Will that make a difference?
Very pleased to read that there is an action group.
One person on their own has no chance against these clever fraudsters.
Did you know that MMG in Christchurch has now turned into Financial Solutions Canterbury?
The same staff, same advisors, same address.
I received a disclosure statement making sure my advisor has no liability-or the firm she has worked for i.e.Money Managers, and M.M.G, and this new company(privately owned) is also free from blame or liability.
(Are our funds transferred? Or have they have they already lined other pockets?).
Two and a half fullscap pages of it, which is less than the rubbish I was previously sent from M.M.G.
No apology-no recompense and no recovery.
Too bad we cant pay you, has only ever been mentioned over the phone, (initiated by me).
Apparently the “privately owned” paperwork will all be completed this month and I shall be sent another Disclosure statement.
I have all the web, email etc info of this company should it be required.