I had money in Cash Plus (Cash Pus?). When it started going backwards I wanted to withdraw it but the advisor was away. When she returned she told me to keep it in the fund as by withdrawing it I would crystalize my losses. I took it out, losing about $14,000 in the process. My step-son’s friend was advised by a different advisor to leave it and when the fund was finally wound up Money Managers had converted $40,000 into $14,000. Based on those figures, if I had left it in the fund I would have lost about $40,000.
I was also advised to re-invest my money from First Step into Cash Plus and found it was losing money instantly.
I became alarmed but was advised that all was well through Money Managers monthly newsletter, and in person by my ”financial adviser”.
However I decided to get out but it took several weeks and lost many thousands of dollars.
I have spread my money into a whole range of Money Managers investment products to reduce my risk but find I have lost money in every single one.
Doug Somers-Edgar, “Where the bloody hell are you?”
I have lost $7938.00 in Cash Plus.
This needs to be added to the $32K lost in other Money Managers ‘Investments’.
In a monitoring report dated April 2007 from Money Managers, It was ‘recommended that all of the money returned from First Step be reinvested into Cash Plus as it will be paid out.’
Following this recommendation meant that I effectively lost the money paid out twice.
I had money in Cash Plus (Cash Pus?). When it started going backwards I wanted to withdraw it but the advisor was away. When she returned she told me to keep it in the fund as by withdrawing it I would crystalize my losses. I took it out, losing about $14,000 in the process. My step-son’s friend was advised by a different advisor to leave it and when the fund was finally wound up Money Managers had converted $40,000 into $14,000. Based on those figures, if I had left it in the fund I would have lost about $40,000.
I also am invested in Totara and DNZ and am losing money!
Was the Cash Plus account basically an account the Money Managers advisers used to extract monitoring fees?
I was also advised to re-invest my money from First Step into Cash Plus and found it was losing money instantly.
I became alarmed but was advised that all was well through Money Managers monthly newsletter, and in person by my ”financial adviser”.
However I decided to get out but it took several weeks and lost many thousands of dollars.
I have spread my money into a whole range of Money Managers investment products to reduce my risk but find I have lost money in every single one.
Doug Somers-Edgar, “Where the bloody hell are you?”
I have lost $7938.00 in Cash Plus.
This needs to be added to the $32K lost in other Money Managers ‘Investments’.
In a monitoring report dated April 2007 from Money Managers, It was ‘recommended that all of the money returned from First Step be reinvested into Cash Plus as it will be paid out.’
Following this recommendation meant that I effectively lost the money paid out twice.