The point is that these advisors you trust your money with usually know nothing anyway & you have to do all the research to tell them where you want it to go then they pass it over to some other jockey in the parent fund who just buys the units & yet every year they get a % off your money over & over again. Many people thought they were safe when their money was diversied into different companies under the MFS & Colonial First State umbrellas only to lose it all or have the funds frozen for years.
I don't like the banks mailouts either though the odd one might be okay like a Small Companies Fund or India or China growth Fund etc but I would avoid the ANZ entirely after its ethics were exposed in the Opes debacle as well as its unsecured exposure to Tricom & quite a few other companies - greed made them throw money everywhere without having any checks in place & when they got caught they changed the rules & put themselves on top of the list for an illegal handout.
I don't trust what else the ANZ have done which isn't out of the closet yet but some of the other story was backed up in the Fin Review today. Pity ASIC didn't strip their financial licence off them as they said they should do instead of just a rap over the knuckles.
