Australian (ASX) Stock Market Forum

Storm Financial Group

Jump to new
Good Citizens,

Again I ask, If you have anything to offer the
Inquiry into Financial Products and Services in Australia,
you can make a submission.

Remember when making a submission you are protected by
parliamentary privilege once the submission is accepted.

Dark Leopard: END of Transmission.
 
Thank you Batman, and if the citizens of Gotham need you, we'll be sure to shine your symbol on the clouds.
 
All I have heard is that EC is not appearing before the inquiry in Townsville - perhaps Brisbane . . .
It's hard to figure out many stormfied views on EC but the vast majority I know are not postive about him and would never even invest again through a financial planner, if they had the $. The word of mouth, referral from relatives, friends, bankers has creted tension in many relationships but it sure worked to get us in.
While EC was a veyr good salesman he was not that impressive as a speaker and maybe people just thought he is one of us, in his blue jeans - a down to earth guy who has made good . . .
 
Smiley said:
GG, Many of us spoke to SICAG founders about their intended inronic but inappropriate use of the symbol on the website and asked that it be removed; you do love taking credit . . .
Solly, Please do not post entire submissions. If people are accessing this site, they have the downloand ability to go to this link and open submissions themselves:
http://www.aph.gov.au/senate/committee/corporations_ctte/fps/submissions/sublist.htm
I have been to SICAG meetings and found people very critical of EC and the Storm model; now seen to be product sales and not good advice. Hindsight i life is always fascinating, could have . . . but didn't . . . the important thing here is to have ways to move on . . . financially and emotionally, as the vast majority are doing.:2twocents
Click to expand...

Ah, another voice of reason in this debate. Thanks Smiley.

By the way, GG, there is a world outside Aussie Stock Forums. You may spend your life in this world, but SICAG is working very hard IN THE REAL WORLD to get an effective outcome for its members. SICAG is not perfect. You are quick to point out the negatives . . . what about acknowledging the positives?
Big Max
 
GG, they are/were not money spiders; they are/were ants. The ant metaphor grew out of the SICAG information road trip earlier this year. We were sitting on the verandah of a Storm client's house in Rocky where we were being billeted when Co-chairman Noel O'Brien was attacked by some nasty little black ants. That prompted a humorous discussion about how the ants reminded us of SICAG and its strategy to get EC/JC and the banks to admit their role and their level of culpability in the Storm affair and breast the negotiating table. The man running the website (Luke Vogel) thought it worthwhile putting some active ants on the site. Not all that Machiavellian, hey GG?

You say the SICAG website is a clone of the MLC site. Maybe. The SICAG site was build from a Microsoft template. Again, not all that Machiavellian.

We are all looking forward to seeing EC/JC under the spotlights at the two current inquiries and perhaps other subsequent, related hearings.

Big Max :rolleyes:
 
Smiley said:
GG, Many of us spoke to SICAG founders about their intended inronic but inappropriate use of the symbol on the website and asked that it be removed; you do love taking credit . . .
Solly, Please do not post entire submissions. If people are accessing this site, they have the downloand ability to go to this link and open submissions themselves:
http://www.aph.gov.au/senate/committee/corporations_ctte/fps/submissions/sublist.htm
I have been to SICAG meetings and found people very critical of EC and the Storm model; now seen to be product sales and not good advice. Hindsight i life is always fascinating, could have . . . but didn't . . . the important thing here is to have ways to move on . . . financially and emotionally, as the vast majority are doing.:2twocents
Click to expand...

Smiley , if the submissions are in the public domain, why are you against them being published in their entirety.

The ones presented so far on this site, ASF, not SICAG , are very damning of Manny, Storm advisers and the Banks.

Why should the poor Storm victims who may not be internet savvy have to go a step further to access the submissions. What is there to hide?

gg
 
GG, post away . . i have no objection to inquiry submissions being read by as many as possible. . . just seems a doubling up . . . in fact i have had my hand in a couple of them and want as much openness and transparency and visibility of these stories., . . think ya got me wrong. . . .

great end to SBS story on 1920s stockmarket crash . .
"History repeats itself, , , human folly and greed are much stronger forces in financial affairs than reason and restraint"
. . . sounded so familiar as at the heart of that crash was borrowing to invest in shares with big loans. . . .
 
Dear Solly, darkside, bunyip and others who have toiled to inform the Storm investors of their rights and options in relation to EC, Storm Advisers and the Banks.

The SICAG site has now.

1. Gotten rid of the money spiders.

2. Gotten rid of the Storm advert.

This is in large part due to to your efforts and those of other ASF posters and Storm investors contacting the SICAG site.

May I ask you all to persist in asking that a paragraph on the left lower part of the SICAG site be altered. It appears to endorse the Storm Model, of not charging upfront fees, rather sugesting that fees be paid on committment to investments with Financial advisers.

This contravenes all common sense and professional advice presently given to investors.

I am sure this is an oversight on SICAG's part but it has been repeatedly pointed out to them.

Somebody in SICAG needs to remove this reference to Storm.

We have been approached by several organisations wanting to advertise their services on our web-site.



Whilst we can and will use revenue that we can generate from this site to assist us in our fight, the Committee has decide not to allow financial planning firms or other parties with vested interest to advertise here.



It should be obvious that whilst some approaches have been genuine, others are clearly predatory. It is NOT in the best interests of SICAG or its members to allow such predation.



Those of us who would like to obtain independent financial advice should contact the FPA for a suitable list of advisers.



Be aware that we have received communications from some members who have been charged large sums of money for essentially useless advice or a simple explanation of their circumstances.



Before you commit to anything, ask about fees!



Remember, the Storm Fees model charged nothing for discussions until something was actually done. Most of the financial planning industry charge fees for each appointment regardless of outcome!
Click to expand...



This is not good advice to be giving to injured Storm Investors.

I endorse the SICAG's efforts to take care with all advisers.

But advising them to follow Advisers who behave as Storm did is unwise.



gg
 
Smiley said:
great end to SBS story on 1920s stockmarket crash . .
"History repeats itself, , , human folly and greed are much stronger forces in financial affairs than reason and restraint"
. . . sounded so familiar as at the heart of that crash was borrowing to invest in shares with big loans. . . .
Click to expand...

I didn't see it on SBS but I think your referring to this documentary that is posted on you tube,

http://www.youtube.com/view_play_li...29+-+The+Great+Wall+Street+Crash+&+Depression

Wonder if Grandpa Cassimatis was advising people to borrow truck loads of money to invest in stocks back then, stormers might find this doc interesting.
 
Solly said:
"Complaints over CGI systems failure continue"

"More former clients of Storm Financial and Colonial Geared Investments have voiced frustration about perceived inadequacies in the systems of CGI for handling the share market volatility of last year."

More by Lucinda Beaman in Money Management;

http://www.moneymanagement.com.au/article/Complaints-over-CGI-systems-failure-continue/489596.aspx
Click to expand...

This could be why EC is so adamant he was correct, it will be interesting to see what the lawyers and judges decide.

gg
 
I have read most of the submissions. As a general observation, the aspect which comes through to me is that, in a lot of these cases, the people had achieved, or were well on their way to achieving, their retirement goals. They just didn't need Storm or any financial planner.

So why Storm? Trying to keep up with the Jones'? Dissatisfaction with their own very worthy efforts? A pining for the wine dark seas of the Aegean - as displayed in retirement pamphlets - but income only allowing an annual dipping of the toes at Trinity Beach?

Only they will know I suppose. A very sad outcome for them in any event.
 
Judd said:
I have read most of the submissions. As a general observation, the aspect which comes through to me is that, in a lot of these cases, the people had achieved, or were well on their way to achieving, their retirement goals. They just didn't need Storm or any financial planner.

So why Storm? Trying to keep up with the Jones'? Dissatisfaction with their own very worthy efforts? A pining for the wine dark seas of the Aegean - as displayed in retirement pamphlets - but income only allowing an annual dipping of the toes at Trinity Beach?

Only they will know I suppose. A very sad outcome for them in any event.
Click to expand...

I felt the same on my reading. Many were relatively diversified - owned house, share portfolio, super - but were lead into an all eggs + borrowed ones into one basket which cost quite a bit as well.

Sadly it has harmed a lot of people. Hopefully others will learn and avoid such a scenario.
 
I think storm's marketing centered around making people scared of things like inflation, becoming a burden on others and of missing the gravy train...

Once they were scared, storm could step in and 'save' them...
 

Similar threads

TiminOz
The dynamics of money and TIME: crimping cashflow for a period
Replies
3
Views
719
TiminOz
TiminOz
BossMan.
The planning of a portfolio
2
Replies
29
Views
817
Value Collector
Value Collector
basilio
Ozempic: Magic Pill or Devils Bargain?
Replies
10
Views
2K
sptrawler
sptrawler
Garpal Gumnut
Mayfair 101/Mayfair Platinum
2
Replies
35
Views
5K
Dona Ferentes
Dona Ferentes
sptrawler
Competency and trying to maintain standards
2
Replies
27
Views
3K
sptrawler
sptrawler
Top