Monday, November 25, 2013
Friday, November 22, 2013
Remember this name, Richard Hurley, Managing Director of Auckland City Brokers and on the recommended advisor's page on the Good Returns website Richard is described as having:
"18 years of experience in the Finance and Investment industry and has lived in Mt Eden for 25 years. Your satisfaction is guaranteed".
And his company Auckland City Brokers is there to:
"To protect our reputation and your peace of mind, we deal only in quality products.
We aim to implement strategies that will build your wealth and produce income streams in retirement".
All good inspiring, bodice ripping stuff but lets see how this stacks up.
Richard advised one of my elderly retired clients to invest a large sum of money into various ING funds that went belly up last year - he got an upfront fee for selling it to this person.
My client was assured by Richard that the investment was very safe.
Two days before ING announced a freeze of the funds this individual asked Richard to redeem the investment because of its dropping value but Richard laughed at this request and told his client not to worry because investments changed in value all the time - said said he was speaking to her like she was a fool.
Richard has refused to take responsibility for his selling of ING products to this person on the basis that it was low risk and turned out to be high risk and has left his former client in the lurch in terms of her getting all her money back.
We can imagine the rest.
There was much heartbreak, stress and tears over the following months and in the recounting of the facts today my client was close to tears a number of times.
Fast forward to the offer from ANZ/ING to investors in their failed funds of a 60% return of their capital into a cash call account at just over 8% but with a legal stipulation that those that accept the offer will not sue ANZ/ING or can you believe it anyone who advised people to invest in the fund.
You would have to ask yourself why is ANZ/ING protecting advisers, when they are not part of their corporation. The answer you might get, like me, is that advisers might know more than the public does about dodgy dealings in relation to what went on at ING/ANZ and a legal way of shutting the whole thing down is the best way to keep a lid on things.
I didn't sign anything so I aint obliged to shut my gob.
My client accepted the ING/ANZ offer because the individual is getting on in life and hasn't got the energy to waste precious time and money going through a long expensive legal process that might not be winnable. Life is too short and all that stuff.
Financial Advisers (and I use that term in its loosest sense) like Richard are going to get away with their misleading advice because people like my confidant are either afraid, ashamed or legally obligated not to talk about it and that is a crime, morally and legally.
Richard Hurley from Auckland City Brokers and his ilk have advised and made money off the elderly under false pretenses in cases like the one above. They have lost nothing, others have lost everything they have worked their lives for and now live with a high degree of uncertainty in retirement.
Mr Hurley you have fallen well short of being a good financial adviser.
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c Share Investor 2009
Monday, October 14, 2013
When walking, and looking for the brain injury trust - Friday Mornings at 9.50am for swimming - who did I come across in Hastings Rd but one fellow that has been in the news of late - well he hasn't really been out of the news really - Xero Ltd's [XRO.NZX] Rod Drury.
I initially walked past him as he was walking to his Porsche Cayenne to get something, he has totally changed
in that he has lost a LOT of weight and boy does he look good ...something that is bound to add many years to his productive life - I didnt want to miss him, I would have been too shy in the past.
Anyway he mentioned lunch or something so I guess it will be down to the local coffee shop - which there are countless - to have a break from work and a catch up.
For those of you who dont already know, I had a seizure about 6 weeks ago, which had me on my face with broken bones to about half of it, my face basically took the full impact, and I had a further brain injury of which im starting to feel better now.
Because of that I quit work, I wasnt able to do it any way, to concentrate on getting better. This includes moving to Hastings for a year to stay with my brother and his business activities.
Im going to make a full recovery but it is going to take time..the brain is an amazing thing.
For the people that I miss, Sophia and Komla, to those that will not be named , especially my tennis partner, I will return better than I was before.
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c Shareinvestor 2013
Friday, July 26, 2013
Sky City Entertainment Group Ltd [SKC.NZX] had Friday morning received approval for the 340 plus million expansion of the Adelaide Casino and together with the 400 plus million expansion of the flagship outlet at Auckland, NZ received earlier this month will combined with borrowing costs, shell out the best part of 850 million dollars.
While the latter has been widely canvassed on this blog and other media the former is picked to be more of a game changer than the latter with an amendment to the state's Casino Act allows for a 20-year extension of SkyCity's exclusive casino licence until 2035, the introduction of cashless gaming and ticket in, ticket out (TITO) technology, lower gaming tax rates for VIP gaming, an increase in slot machines by about a third to 1,500 and an increase in gaming tables to 200.
By comparison the major features of the Auckland agreement, in addition to an extension of the Auckland Casino Venue Licence to 30 June 2048, the Heads of Agreement provides regulatory reform for SKYCITY’s Auckland property, comprising: An additional 230 gaming machines and 40 gaming tables plus 12 gaming tables that can each be substituted for 20 automated table game player stations.
So, what the aussies are saying is that they will gain a 6 star hotel - yep a 6 star - and a revamped casino, heaps of additional gaming tables and up to 500 extra gaming machines for 20 years. That is well up on what Sky City got and it cost them 50 million less.
All that aside though, is that the Aussies also changed gaming laws, just like we did over here, and it was just as stead fastly done as it was in Auckland.
Then where is the opposition!
I did a quick google for both OZ and NZ and came up with years and years of opposition to the Auckland Casino and very little for the Australian one - are Australians really that against more jobs, more tax, more revenue from a new development?
Apparently not but we over here seem to be against it with our own newspaper editors writing columns multiple times and people having opinions based on flimsy ideas like public assets not getting a fair deal.
What it is is a private investment in two areas that will require more private investment as the years move on, bigger, brighter and classier than these two buildings - in 10 years time we will have to do it all again and continue to invest.
Hopefully we will have settled down by then, we will be perhaps inclined to accept the generosity of others when they invest money and expect a return for it - and not have bureaucrats stick their noses in.