- Jan 2, 2006
Anyone know anything about these guys. A few of my mates are clients. They are Townsville based . I don't use advisers.
They're the richest people in Townsville...
Husband and wife team, been around a long time, $4b under advice
Appear to have a good reputation.
That's all I know.
Heard that they were going down the tube as the whole 'stormified' thing relied on heavily geared mortgages - not so good when property started to slide backwards.
Two here in Redcliffe Qld a Firm called (Ron) Jelich Jones ( Bob) are with them and have a lot of money to throw around and have been buying some top R. .E ( well use to be top).
The person who started it in TVL got a mention in Qld richest in a recent press release.
I've heard all of the above.
Gearing over the past 12 months would have been brave.
They are all over Australia I believe.
I know they are spending a lot of hours in the office of late. My girlfriend has a portfolio with them so I need to find out a bit more of their methods myself.
The advice up until the meltdown seems to have been ok but their fees seem to come in for some mention from others in the industry.
I work in financial planning and we received an email recently showing what constituted a 'Statement of Advice' for Storm. If it was legit, it is a joke of a document and discloses little while getting you to sign off on an open, unexplained investment plan.
Clients are often 'double geared' so when markets go backwards it gets nasty.
From what I know, one of the things they offer is to set up a margin loan using the equity in your home and average in long the Aus 200 index regardless of the direction of the market.
The local group here in Redcliffe Q brought a ex boat yard (message there?) and have a huge banner proclaiming big things but nothing has been done for a long time.