There are absolutely NO ADVANTAGES using a broker or any type. I have tried BIG, MEDIUM, ONLINE, FACE TO FACE.... every one of them engaged in illegal activity.
For the wonderous COMSEC, I used to have them, but one day they did something illegal. So I reported them to ASIC. They (COMSEC) immediately closed my account because I reported their illegal activity on my trading account. They actually deleted a few of my buy/sells on a share that was thinly traded so THEY (comsec) could do a cross trade between comsec mates. I even had full proof of this and their lies re what they did to my account. Very simple with screen shots and emails and audit trail of acitivity.
In any case, I have come to learn, any, any organisation/persons with an ability to get any fingers on your money or accounts WILL INDEED DO IT. So for ASX and share trading and financial advisers in Australia.. it is buyer beware.
I currently have a complaint with the ombudsman where my 'SMSF manager' took $22,ooo from my SMSF to set up a portfolio of 8 shares worth a total of $50,000. Well, I gave him $90,000 to invest into a bank account. He bought 8 shares worth about 65,000. They lost about $15,000 in value - down to $50k. I thought I had 25k in the bank, but I learned he took all that as fees for setting up the portfolio.
The broker/financial advisor/SMSF manager simply said 'oh, all that money I took out (without telling you) was for work I did according to the financial services guide'.
So, that was a $40,000 lesson I learned. And that is not the first. I went face to face after being cheated by three online organisations.
So, now I do all, all, all myself. There is NOT ONE financial planer, financial system that is operating in your interests for a fee. They are all operating in THEIR interests to see HOW MUCH OF YOUR MONEY they can grab.
BDR Price at posting:
22.5¢ Sentiment: None Disclosure: Held
