hello,
and those who are close to zero with BNB, MFS, Allco, numerous listed trusts, and the other 1000's of three letter codes past or present from the ASX
its all a circus
thankyou
robots
A very happy Storm client.I am also a storm financial client & agree with above comments.
You all must be idiots to believe in your advisers, media etc etc.
If i had a shop that sold milk, why would i send my customers down the road to buy milk off someone else. So the only person to promote storm would be clients & themselves dont you think.
Storm Clients Pay for their own holidays which is another quoted error.
You people are so ill informed that i will not be taking any of your stock pick advice seriously as i now know you believe in unfounded gossip, & chineese whispers that grow & GROW until this sort of **** is written.
Oh yes & only Townsville clients are going through the **** not everyone else. Oh that was another untrue statement by this forum that its soon to be more (redcliff) it was only people with Colonial loan(Commonwealth) which are in Townsville.
But you all kow so much. Infact every statement on here is wrong a lie or miss informed.
I just cant believe how you get on these forums & know so little but sprout you know all the facts.
Be carefull people on this forum getting advice from these blokes that know everything about nothing.
I am a very happy Storm client & would like to say thank you to Storm for being up front and honest with everyone (clients only) We are all having a hard time with the sub prime & i also hope that this year bring all of us at Storm a great year.
Storm has 13500 clients with only 200 affected.
Not a bad % in this sub prime mess dont you think? Which is quoted from the Asic website and they still have found no problems with storms model.
You guys realy have no idea do you?
Its called fear of the unknown & you dont know nothing about Storm do you?
They should have been tailoring to their clients age, financial situation and appetite for risk.
A very happy Storm client.
Nice.
The Storm model was hardly unique - it was pretty much the gospel over the past 10 years to use home equity loans to make further investments - be it investment properties or equities. Then for those investing in equities, margin loans were pushed heavily as well.
There are now plenty of people in the same situation as Storm clients - many will have gotten themselves there without any help from financial advisers, others will have gotten there with help from financial advisers.
I feel sorry for the Storm clients but I feel sorry for anyone that has naively over geared against the 'family home' and now faces losing said home - regardless of age - though it is clearly a much tougher situation for those near/at retirement age - its a terrible thing to face.
My main point is Storm clients are hardly alone here - this pattern is playing out across Australia and the world at the moment regardless of whether people were Storm clients or not. This aggressive, debt driven chasing of wealth is exactly what has led to the crisis the world is now facing.
Anyone borrowing against their family home to invest was knowingly taking on risk. Because it was so prolific it is easy to see that people became apathetic about the risks but thats a big step from being unaware there were risks. I find it hard to believe anyone borrowing against their home to make investments wasn't aware there was risk involved in that sort of strategy.
I'm surprised that Storm didn't protect themselves and their clients with derivatives. The relatively small cost of out of the money put options over the indexes would probably have saved them a lot of bother.
If Storm heavily pushed the aggressive, leveraged strategy to people who were at or near retirement age, without warning them clearly of the risks of such a model, that was irresponsible. They should have been tailoring to their clients age, financial situation and appetite for risk. But it doesn't sound like all Storm clients were using this aggressive model though - so I don't know where or what the truth of the matter is.
hello,
spot on mrfmad,
people read a few blogs and they are a professor on Storm, property, sub-prime, investment banking etc etc yet still pulling money box incomes
thankyou
robots
Same with the margin loan - and we have so much in the way of capital losses I doubt whether we can use them all in our lifetime - the only saving grace was that there was sufficient security outside of the margin loan to pay it out once I decided to ensure everything went pear shaped.
Argue on.
The market didn't suddenly drop 45% overnight. There were plenty of warnings about what was happening, not the least of which was simply the falling market. Surely professional financial advisers should have, in these circumstances, advised their clients in such a way as to protect their capital, and in particular for those who were leveraged.Dont forget that Storm may not have factored in the stock market crash of this extreme but did you?
That's nice. Not too warm a comfort for those who have been wiped out.I am possitive this market crash will certainly be factored into new clients plans
Judd, sorry if I'm being dense, but I'm a bit confused about your last bit:
"once I decided to ensure everything went pear shaped".
OK, sorry for asking, didn't mean to pry. Glad all is OK now.um, a certain medical condition tended to exacerbate my moments of irrational exuberance which lead to very foolish - and expensive - trading.
All under control now; I've found an illegal source of suitable drugs (just kidding there.)
A very happy Storm client.
Nice.
in the Townsville Bulletin today
Storm in hands of administrators
1. ``This is obviously a deeply distressing event and both Julie and myself are devastated,’’ he said.
2. ``We will now be working with the administrators to formulate a proposal to assist clients in the future.’’
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?