Fma independent financial advisors

Littlenige



Joined: 24/12/2006
Posts: 3594

Message Posted:
19/05/2009 11:02

Has any one had dealings with them ?



Been arround since 2006 seem to talk sense can you recommend them ?



Feed back please.

Lilli



Joined: 21/07/2008
Posts: 13081

Message Posted:
19/05/2009 11:18

yes most certainly. Scott is very experienced in financial matters and will do the very best for you.He is also very pro active in sponsorship here from golf to various other activities.

rocky


Joined: 17/10/2007
Posts: 1749

Message Posted:
19/05/2009 12:30

I did work for the Financial Services Authority in Canary wharf and whilst in this country the IFAs are regulated in NC I doubt there is any regulation or protection for the consumer. There may not be any Ombudsman scheme to handle any complaints independently of the firm and there may not be any compensation scheme should things go wrong. You should clearly establish how they act and look for a client agreement or terms of business and understand the risks. In UK very few firms will take cheques payable to themselves because of the regulations it has happened that advisors have had cheques payable to themselves and then disappeared or even produced false investment certificates even under our regulations. They can of course accept fees inline with any fee agreement which you need to understand before commencing business. Many products pay high commission which in UK has to be disclosed, take care, I dont know the firm they may be and possibly are very reputabel.

rocky


Joined: 17/10/2007
Posts: 1749

Message Posted:
19/05/2009 12:31

If it sounds too good to be true it probably is, always get a second opinion.

lovingcyprus


Joined: 02/03/2007
Posts: 1272

Message Posted:
19/05/2009 12:56

Despite what any advertising states there are NO 100% safe guaranteed investments around anywhere. I know this as I currently work in Financial Services, I have no doubt that rocky (message 3) will confirm that.

Littlenige



Joined: 24/12/2006
Posts: 3594

Message Posted:
19/05/2009 19:08

Haas any one invested with F M A and what risks were you advised of ?

rocky


Joined: 17/10/2007
Posts: 1749

Message Posted:
19/05/2009 19:20

Nigel the risks vary from Product to Product and Provider to Provider, remember Equitable Life, remember BCCI remember the Iceland Bank none of these were highlghted as high risk banks indeed the Iceland Bank that went under was not identified as riskay at all. Also any funds offered vary in risk, many advisers were advising clients to go into property funds and now because of the fall inproperties many funds will not allow withdrawals of what u want when you want it. Just look back at high performers who turned into loss makers look at High Tech funds of a few years ago...be warned just be sure you nderstand what you are investing in ....NC property for example!!!!

Brinsley


Joined: 04/04/2009
Posts: 6858

Message Posted:
19/05/2009 19:21

Scott plays chess at my club (best player I have) and although pretty unreliable in his weekly appearances comes across as legit and did organise the best 'Burns' night I've ever been too. Well, a Scott is a Scott and your money is your money so decide whether Hadrian's Wall is better than the Green Line!



Richard

negativenick


Joined: 10/11/2008
Posts: 6023

Message Posted:
19/05/2009 21:07

if they are returning 20% who the hell are they lending the money too ?? - Turkey's base rate is the highest in the Europe at 9.75%.....





I'd rather give my money to the Mongers.....





Nick

eager


Joined: 23/02/2007
Posts: 1272

Message Posted:
19/05/2009 23:47

you on the right thread, nn

Littlenige



Joined: 24/12/2006
Posts: 3594

Message Posted:
20/05/2009 08:52

They are issuing blurb it looks like they are investing in Australian stuff http://www.lmaustralia.com



I have now spoken to people who have NOT INVESTED with fma BUT would love to speak with any one who has and is happy.

boerboel


Joined: 02/05/2009
Posts: 290

Message Posted:
20/05/2009 10:32

Hello Nige, had dealings with FMA not in a financial investment way but to join the BRS - Cyprus Life Health scheme. Although Scott was very helpful, we do not feel he explained the scheme as fully as he should. The BRS website on this scheme is misleading and unfortunately their errors were not pointed out to us by Scott which cost us dearly, but hey this is North Cyprus and when does it not cost the Brits!!!

negativenick


Joined: 10/11/2008
Posts: 6023

Message Posted:
20/05/2009 11:04

Nige, just because other folk are prepared to invest - make your own mind up....



Australia's base rate is 3% - so borrowing for a fairly reputable company would be circa 5-6%....



if FMA are giving 20%, they must be lending it at 25-30%.....



So why cant they borrow locally for a shed load less.....



As my old Granny used to say - if it sounds.......







Nick

Littlenige



Joined: 24/12/2006
Posts: 3594

Message Posted:
20/05/2009 11:15

boerboel



Indeed it seems to cost at every twist and turn.



We know life is full of risks coming here was one, but if we can minimise the risk or at least be aware of the risk then it would help.

colly


Joined: 31/07/2008
Posts: 297

Message Posted:
20/05/2009 11:18

Just my opinion but anyone who thinks a return like those offered is anything short of extremely risky is mad. May as well go down the casino at least you know there is a chance of your number coming up.

If it were safe then all the banks would be investing.

Col

Aussie


Joined: 17/06/2007
Posts: 657

Message Posted:
20/05/2009 14:27

As best as I can tell the higher interest rates are historic and for high risk and high interest rate currencies such as the Turkish Lira.



LM Investments also run mortgage trusts that lend to developers and other higher risk borrowers. A large number of similar trusts have gone broke in the last few years in Australia as well causing substantial losses.



Whichever investment is proposed the relationship between risk and return holds ie the higher the interest rate the higher the risk and with foreign currency funs you also take on exchange rate risk which can cause large capital loses in a short time period (or profits) depending on the relative movements in the currency invested in.



There is no such thing in investing as a free lunch.



Aussie

girne


Joined: 14/01/2009
Posts: 438

Message Posted:
21/05/2009 12:03

ıf anyone ıntends on tradıng as a bank they wıll need to have a ıso no. Have they? ıf not then who ıs settıng the guarantee for them???

MotoMoto


Joined: 15/02/2009
Posts: 152

Message Posted:
21/05/2009 20:22

Nige the products in question are managed currency funds - it means they invest in Country and Company bonds

These Bonds pay much higher returns as both companies and countiries such as Turkey need to attract international finance

The rates are often set annually - you will find that they will drop 1st July when they are re-set

Have I invested? - yes but early days. You neeed to speak Scott direct, and make sure you ask all the rekevent questions, and get answers in writing - good luck