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Yeah. He may be liable, proving it is another kettle of fish. Not all drivers are as smart as you.
I have this friend
- Thread starter darkside
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Yeah. He may be liable, proving it is another kettle of fish. Not all drivers are as smart as you.
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One issue that is not 100% clear, is was the accountant the registered address for the Share correspondence?..presumably was?
If he was, and simply neglected to forward the info to the holder, and this is not in question, I would probably be approaching them, as this seems a fairly clear cut case, and possibly Professional Indemnity Insurance may cover such matters.
20k plus is more than I would be prepared to ignore.
The issue of advice is a separate matter, he may hold the appropriate license
Prospector
Not a scaredy cat anymore
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I totally disagree. If you have made the decision to hand over all responsibility to another qualified person (not something I would do though), then you also pay them for that responsibility. And it us up to them to follow through. Not you!
well the storm people paid 8% commission, so we are talking about a lot of money, for someone else to look after your interests...like 80,000 pa for a million dollar investment, or 40,000 pa for a half mill....that is seriously big money to be handing over to another to look after your interests
and look where they are now....
whether you agree with me or not...its people like this that take no responsibility who end up losing their money.....
find a good broker to help, then have another professional (maybe the accountant) to give a 2nd opinion....make sure they are not working together....
Most of the wealthy people I know who are good at running a business,or even just salaried people, but not good at investing, have at least 2-3 other professionals, to discuss any ideas with, before making decisions....and it works for them...they would not put all their eggs in one basket ie; giving sole authority to one person.....
anyway...will this be a lesson for the future or not, for the friend
and look where they are now....
whether you agree with me or not...its people like this that take no responsibility who end up losing their money.....
find a good broker to help, then have another professional (maybe the accountant) to give a 2nd opinion....make sure they are not working together....
Most of the wealthy people I know who are good at running a business,or even just salaried people, but not good at investing, have at least 2-3 other professionals, to discuss any ideas with, before making decisions....and it works for them...they would not put all their eggs in one basket ie; giving sole authority to one person.....
anyway...will this be a lesson for the future or not, for the friend
Krusty the Klown
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I agree, particularly the larger the amounts you are dealing with. Good way to flag potential losses from incompetence as well as less than ethical types.
A second opinion could be thought of as due diligence.
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i thought if you chose not to take up the rights issue you could sell the rights. maybe the accountant has sold them for himself? if he sold them on her behalf he would have said. he has nothing to gain by doing nothing
i thought if you didnt take up the offer, the rights were allocated to the instos and the holder got paid according to the auction price the insto paid for excess rights?
in which case she will get a cheque for about $28 per right, and she was entitled to X rights.
could be wrong though
i thought if you didnt take up the offer, the rights were allocated to the instos and the holder got paid according to the auction price the insto paid for excess rights?
in which case she will get a cheque for about $28 per right, and she was entitled to X rights.
could be wrong though
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I am sure I read something similar, as I said in my first post, but couldnt find the detail.
Under the circumstances, probably the best thing to do would be ring the Share Registry, and ask them to explain how it works, would be better than speculating incorrectly, as I myself may have done in a subsequent post, and having a tantrum with the accountant ( although you would expect him to know, if he is being paid to manage clients financial affairs)
Maybe thats how your mechanic works? (you should find another one if thats the case) or perhaps your stereotyping motor mechanics in general ( hope no mechanics read this forum) or you just know something about my mechanic that i don't (if thats how it is PM me)
Our mechanic looks after all 3 of our cars, he has done for the past 12 years, in that time we have not ever had a problem with any of the cars , not a flat battery, oil leak , anything.
I don't believe i am a sucker for trusting someone to look after something that i don't have the slightest amount of interest in , he even chooses the new cars for us every 3 years as i know nothing about them , and don't really want to.
Maybe you have the time or the inclination to know your motor cars more intimately than i do, but untill that time i will have to hand over that responsibility to someone more qualified and way more interested than me.
Prospector
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Thinking some more about this, the situation is no different from trusting a surgeon to operate. Most of us know nothing about medicine so we have to place our trust in the medical profession. If they omitted to do something and as a result there was a mishap then we might expect to do something about that depending on the impact.
This friend knew little about shares and had nominated the accountant tone the communicator. He didn't. Why is it any different?
This friend knew little about shares and had nominated the accountant tone the communicator. He didn't. Why is it any different?
Ok, she went to the accountant, expecting an apology and maybe some free financial work for the rest of the year and all would be good.
He apologised profusly, said he has cost her a lot of money, took full responsibility and gave her $15000.00 cash , and will do her financials for the next 2 years gratis.
She is rapt, mind you it's not like she needed the money, but i suppose thats not the point.
At the end of the day, he keeps a wealthy client who won't bad mouth him to her friends , she has some extra coin, and free financial work and odds are , it's a valuable lesson that he will never forget. Great result.
He apologised profusly, said he has cost her a lot of money, took full responsibility and gave her $15000.00 cash , and will do her financials for the next 2 years gratis.
She is rapt, mind you it's not like she needed the money, but i suppose thats not the point.
At the end of the day, he keeps a wealthy client who won't bad mouth him to her friends , she has some extra coin, and free financial work and odds are , it's a valuable lesson that he will never forget. Great result.
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Happy Days darkside. Love to hear a win for the "A" team every now and again ! 
Happy Days darkside. Love to hear a win for the "A" team every now and again !
Thank you, and yes she was stoked, and obviously the accountant feels a lot better and can probably sleep easier knowing he did the right thing.
