23rd Sep 2016
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New report reveals public distrust of banks
New report reveals public distrust of banks

Australia’s banking and financial sector has taken a beating lately, as evidenced by new research released by Ernst & Young (EY) that reveals the level of public distrust about banks.

The EY 2016 Global Consumer Banking Survey shows that just 22 per cent of people actually trust their banks to give them unbiased advice. The findings reveal that those surveyed were more likely to trust alternative financial services over traditional banks.

Around 44 per cent of non-bank customers had complete trust in their provider, while only 36 per cent of traditional bank customers felt the same. Only 48 per cent of customers have complete trust in banks to keep their money safe.

"Consumers do broadly trust Australian banks to look after their money securely, however only 20 per cent have complete trust that they will give them unbiased advice that puts their interests first," said EY Banking Customer Leader for Oceania, Rob Colwell. "This is consistent with global trends, where consumers were more likely to trust non-traditional competitors, such as digital-only banks, fintechs and supermarkets offering banking services to provide transparency of fees, unbiased advice, and product recommendations in the best interest of the customer."

Based on these findings, the report suggests the following four ways that banks can regain the confidence of Aussie customers:

  • Building customer trust, both in the ability to look after customers’ money and to do the right thing for the customer by providing unbiased, quality advice
  • Enhancing customer understanding through learning customer behaviour and needs and creating financial programs to better suit the needs of the individual
  • Rethinking distribution and customer engagement by providing better customer service, advice and creating a better ‘customer journey’ across all channels
  • Innovating customer experience just as fintechs do, by simplifying products and delivering exceptional customer experiences.

"While Australian banks remain among the most relevant globally, they are facing many challenges, as customers re-evaluate their relationships and a new breed of innovative competitors enter the market," said Mr Colwell.

"In this environment, traditional banks will need to reconsider current practices if they want to maintain relevance with an increasingly disenchanted consumer base. Those that don't adapt, will find their ongoing ability to grow wallet and market share to deliver stable returns to shareholders increasingly at risk."

Do you trust your bank? Where do you seek financial advice?

Read the report summary

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    COMMENTS

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    Ozetwo
    23rd Sep 2016
    10:11am
    Modern banks do not provide unbiased advice. They, first and foremos,t hire salespeople to sell their products. The days are long gone when a bank would advise you of the possible pitfalls of your borrowing. The argument of "the bank said I could afford it "does not hold. The principle of caveat emptor applies and people should seek independent advice from an accountant or financial adviser not tied to any financial institution.
    buby
    23rd Sep 2016
    12:55pm
    your a very wise person indeed Oz i wish i had you for a parent :)
    Old Geezer
    23rd Sep 2016
    4:55pm
    If you go to see any professional and they provide free advice then who is paying for their time? Remember you get what you pay for.
    Sen.Cit.90
    23rd Sep 2016
    10:55am
    I now avoid 'Finance Advisers' and rely on 'Term Deposits' After Keating's changes to savings years ago, I invested on advice from a Financial Advisor and lost 75% of my lifes savings in the downturn.
    I fell for it again on advice from a "friend" and listened to an adviser at a bank losing quite a bit more. The mistakes above forced me onto the Age Pension.
    Nan Norma
    23rd Sep 2016
    11:34am
    I really feel for you. That must have been dreadful.
    Old Geezer
    23rd Sep 2016
    4:50pm
    It's a pity you now have to rely on lazy investments like term deposits as they hardy ever make a profit after tax and inflation.
    MD
    23rd Sep 2016
    5:36pm
    Your recommendations then OG, c'mon share both the wealth of your inestimable knowledge and wisdom.
    Old Geezer
    23rd Sep 2016
    6:39pm
    Just like you use a solicitor fro legal matters use banks for banking. Insurance belongs with insurance companies. electricity with electricity companies, financial advice with financial experts not financial salesman etc. The old adage you pay for what you get needs remembering.

    As I am not a financial expert then I would be doing you a dis-serve if I was to impart financial advice to you.

    Best advice I give anyone is do your homework and learn the rules before you play the game. If you know the rules you have a better chance of winning. Ignorance to me means losing.
    john
    24th Sep 2016
    10:31am
    Had a bad run from my advice over the last 2 years , but the market is manipulated and dangerous, and has been down and out, I have an investment property just one it will be our savior and my wife's super which she loaded up over the last couple of years.
    The point with financial advice from whoever, is that the stock market is barely worth the low risk investments that you think you can afford , unless you are investing a million or more, the come back is not big, and life time savings can get very small if things aren't great , not always the advisor to blame , its the market and its controllers.

    Of course I am not the greatest understander of why people take risks on the stock market while a few make a fortune the rest just get by. Or lose.
    For Lower to middle income people who are the "average person" , be very careful with what you do with your money, the stock market is a racket, I think that buying property , and I don't mean dozens of them to rip the heart out of the renting industry , but a house maybe to sell later in life. Seems safer, but then again talk about trusting banks , I don't think I trust anybody these days.
    Old Geezer
    24th Sep 2016
    11:27am
    My returns out of the stockmarkets have been many times what I have earned from owning property. Good thing is that they are no tenants and no agents to deal with either.
    Franky
    23rd Sep 2016
    10:56am
    I trust my own gut feelings with investing, certainly not the banks! Got caught once when I acted on advice by a bank financial advisor and it cost me lots of money. They are here to make profits.
    Old Geezer
    23rd Sep 2016
    4:57pm
    I get the feeling every time I see an advisor that their knowledge is lacking to my own and usually get shown the door without being offered anything.
    MD
    23rd Sep 2016
    5:37pm
    Well OG please see above, talk's cheap.
    sanity
    23rd Sep 2016
    11:09am
    People need to be careful what they wish for with our banking profession. They are, after all, public companies and are expected to make profits and increase them - just like any other commercial operation.
    It is hardly a responsibility of a commercial business to be its own watchdog - when the individual has the responsibility of repayment. Can't afford it - don't buy it!
    Quite frankly, I wouldn't trust a financial planner whose only interest is to make extreme commissions. Whether products recommended for you are right for you should be well considered by you. Not to suit the pockets of the advisor.
    Banks offer this service - they will recommend solutions to "your" problem most likely to suit their own income - both personally and the institution.
    So to close my opening comments - the banks provide much employment, much ATO tax $'s, much dividend to shareholders. Many, many people achieve a win/win.
    Most people need to wise up.
    Old Geezer
    23rd Sep 2016
    5:03pm
    Last time I saw a financial advisor he told me what a great service his company offered. It wasn't a bank. I said OK this sounds good but what sort of return are your investments getting? Not one was a double digit return and not much better than a term deposit. I then asked why then should I invest with you?
    MD
    23rd Sep 2016
    5:39pm
    Really OG, somehow I just knew this would be your reply. What we need is substance otherwise it's a lot of hot air.
    Old Geezer
    23rd Sep 2016
    5:50pm
    Maybe MD I'm not as gullible as others in that I am able to analyse what is really going on instead of leaving all warm and fuzzy thinking my money is safe.
    MD
    23rd Sep 2016
    5:59pm
    Not disputing you self worth OG, what we're looking for is method, man, method. The rest is merely your claim to oracular insight.
    sanity
    23rd Sep 2016
    11:19am
    Forgot to state - IMHO the banks do a pretty good job.
    Anonymous
    23rd Sep 2016
    12:17pm
    Yes, they do, for the most part, what they get paid to do, BUT you must ALWAYS be aware of the difference between what you want and need and what they will offer you to meet your requirements. This offer is most likely to be satisfactory, but oftentimes an overkill at a higher cost than a lesser alternative that would better suit your needs AND wallet. Again, you must be alert to protect your own interests and, besides, the world needs more lerts. Good luck.
    Nan Norma
    23rd Sep 2016
    11:35am
    Is anybody honest anymore?????
    buby
    23rd Sep 2016
    12:59pm
    i don't think there are many honest ppl left in this world except me :) lol and even i'm learning to be more cunning in my old age. Or i'd have sunken long ago :(
    micko
    23rd Sep 2016
    11:42am
    When I was on the brink of retirement I sought free financial advice from both my work super fund and the CBA. Both operated identically. They tinkeried around the edges but would give me nothing concrete until I signed up with them for about $3k. I would have none of it and politely declined. A friend suggested talking with Vicsuper who give financial advice to non members for $200. They were great. They crunched the numbers and advised I could comfortably retire. There was no pressure to join their fund either, just simple straight forward financial advice. I have recommended them to other friends as well and they have been equally impressed.
    ex PS
    24th Sep 2016
    10:28am
    micko, sound advice, I sought advice through Q-Super, the first thing they did was to sit us down and do a stringent analysis of what our risk strategy should be. This was decided by us not the adviser.
    As we were depending on this investment to fund the largest part of our retirement it was important to invest in a suitable portfolio to ensure a decent income and at the same time protect out initial investment.
    The advice was geared to people investing in Q-Super but as with you their was no pressure to invest with that company. We did end up investing with Q-Super and there were fees involved, we later had a windfall and sought financial advise from our bank, we received much the same advice from the bank representative but the advice and management fees were twice the amount.
    How much you pay for a service does not always translate to the value of the service provided, like anything else it pays to shop around as you did.
    bohanka
    23rd Sep 2016
    11:43am
    I'm not far off retirement and will retire with a lump sum. I guess I'll need some financial advice when the time comes - or will I?

    I've heard horror stories about banks and independent financial advisers but I'm sure, like most things, there are good ones and bad ones.

    I like to think there's a brain in this old head of mine and I'm leaning towards being my own financial adviser. I'm not greedy nor do I want to gamble with my money, I just want to ensure that it is safe and can earn me a little extra to supplement my pension.

    Do I really need a financial adviser?
    Anonymous
    23rd Sep 2016
    12:03pm
    No keep away if possible use Term deposits for money you don"t need urgently you can get 3 to 3.2% Government guaranteed or a little less for money you may need possible 2.7% in various cash accounts and that money can be got at any time.
    Then perhaps buy some shares such as bank shares they all pay good dividends as high as 7 to 8 %
    Read the financial pages and as much as you can on these things and you will not go wrong. All the best.
    buby
    23rd Sep 2016
    1:03pm
    NO and i been thinking that way for quiet a while, and even tho i don't have too much stashed away cause i started with not much, and spent too much at the start of my downfall after a disgraceful marriage breakdown. But anyway i'm doing well on my own.
    With NO need for those financial adviser whom i hear plenty about.
    as i've heard too many being ripped off.
    So i'm pleased to say i'm doing better than i was when i was married even lol . cheers ppls
    Anonymous
    23rd Sep 2016
    1:06pm
    I would advise similarly to robbo. I am with Colonial First State who charges NO admin fees and, with the economy the way it is, I only have term deposits with them. Better than a SMSF as you have no work to do - no files, no reports, etc. As said, read the financial pages, Money Magazine, etc, it's really no big deal and you will save yourself heaps as long as you heed on the cautious side, and sleep better, as well. Good luck.
    Old Man
    23rd Sep 2016
    2:28pm
    Without knowing your background bohanka, it's a hard question to answer. Let me put it this way, I worked in the finance industry for a lot of years and although I had a lot of training, I wasn't trained in the area of giving financial advice on superannuation. Consequently, when I got close to retiring age, I sought the services of a financial adviser who was recommended and we haven't looked back. Yes, there are horror stories and they should be heeded but I suggest that you find a good financial adviser and use their services. We use State Plus which was formerly State Super Financial Services.
    Anonymous
    23rd Sep 2016
    9:42pm
    Bohanka - I would definitely get INDEPENDENT advice – and years before retiring if possible so you are thoroughly prepared. Banks most definitely fail the independent test – as do many others that are attached to companies. You have to avoid this type of advice as they are working for themselves and their shareholder profits – not you – but many Australians fall into the trap and use them.

    There are lots of tax issues with super that an advisor will take you through as well as independent financial product advice. There could be tax issues with stopping work at a specific point in the year and possible use of long service leave if you have any so you can delay your actual retirement date and fall back on any sick leave if you get ill during that time.

    The advisor will also ensure you maximise any pension amounts and advise you on the best strategies to deploy.

    Lot of people use SMSF’s – but if you are not comfortable with one – make sure you challenge any advisor who pushes in this direction and get them to articulate why. It is very cheap way to run an SMSF using online crews like Esuperfund – BUT you have to be interested in compliance and managing your own money.

    Here is a list of online SMSF providers if interested…
    http://www.thesmsfreview.com.au/comparison-table-smsf.html

    A good advisor will do two main things – startle you with really good tax ideas and advice and provided you with excellent ideas about financial products that they get no upfront or trailing commission from.

    Here are a couple of independent advisor leads for you…
    http://www.superguide.com.au/the-soapbox/truly-independent-financial-advisers-in-australia
    https://www.moneysmart.gov.au/investing/financial-advice/choosing-a-financial-adviser

    Find a good independent advisor ASAP and get a plan organised to ensure you maximise your retirement income – but be prepared to do some work to learn so you get the best outcome.
    Anonymous
    24th Sep 2016
    7:27am
    Bohanka - I should have added that you need to be prepared to pay upfront for independent advice. Banksters and other commission based advisors won't charge up-front because they are just dumping you into their products and commission streams.

    I learnt a long time ago that you get what you pay for - find a good advisor and be prepared to pay reasonable money for really good advice and a comprehensive ongoing retirement plan. You might only need them once-off - or you might find they are useful going forward if you are unsure about investing and tax.
    ex PS
    24th Sep 2016
    10:46am
    bohanka, at the risk of stating the obvious, have you spoken to your Super provider, Super organisations often give free no strings attache advice advice to people within their organisation who are ready to retire.
    You may choose to go elsewhere to invest, but it will give you a starting point and a point of comparison.
    I had an investment adviser attached to a brokerage firm recommended to me by my son, I met with him with a fair bit of skepticism as these people have a bit of a reputation as sharks, but I already had a fair idea of how I wished to invest using the low/medium risk strategy and was pleasantly surprised at the quality of advise offered. The way the system works is, I get a company recommended by the Broker with a full S,o.a statement and ASX Code, along with the price, performance record and recommended level of exposure by the Broker. I can then choose to buy in or decline with no expense to myself. If I decide to buy I pay market price for the product and a transaction fee of about $120.00, this is working on about $14,000.00 there are no other fees.
    I must be clear though, I am using money that we do not depend on for our retirement, most of our funds are tucked away in a Super Pension account earning an average 8% in a low to mid range investment strategy.
    bob
    23rd Sep 2016
    2:01pm
    if you come to these pages for financial advice you do need an advisor.try an industry super fund as they do not pay commissions and work for their members not outside shareholders.i went to qsuper and have not looked back and they are double what my fixed deposit pays
    Ozetwo
    23rd Sep 2016
    2:26pm
    Totally agree Bob.I would also add that people need to lean to the conservative in the risk level of their investments. I also found the industry funds to be the best option.
    ex PS
    24th Sep 2016
    10:48am
    bob, I wish I had read this before commenting above, it would have saved me quite a bit of time.
    Dee
    23rd Sep 2016
    2:04pm
    Just before the GFC I had a gut feeling something was wrong in the financial world so I went to my bank for advice on what to do with my money. The financial planner brought out a graph of the share market and she said, invest with us look what shares are doing they are going up and up. All I saw was Mt Everest that looked like it was about to crash like an avalanche and I told her so. She got ticked off with me and I left. I told everyone I knew to sell their shares. The answer. Oh no my financial planner has told me to leave them where they are. The GFC happened 3 weeks later. I still have my money, they don't.
    Old Man
    23rd Sep 2016
    2:18pm
    The CBA had a group of advisers in place who were left unsupervised in the main and whether they were on an ego trip to see who could write the most business or whether there was a bonus attached to writing business, some of the advisers failed in their duty of care. As they were employed by, or contracted to, the CBA, I believe that any funds lost through bad or reckless advice should be compensated by the CBA. The CBA was very happy to pick up the commissions on the transactions without much oversight so, in balance, they should be liable for paying out on the errors of judgement of their servants.
    Ozetwo
    23rd Sep 2016
    2:36pm
    On the contrary, the advisers were very closely supervised by people who were paid on the basis of the results and who were being driven by the people above them to achieve better volumes of business.They drove the advisers to write more and more business with little critical examination of the quality. A recipe for disaster that was destined to fail. The important thing is , has the lesson been learnt and independent auditing and control measures put in place.If not, history will be repeated.
    Old Man
    23rd Sep 2016
    2:47pm
    Sorry Ozetwo, I sense a contradiction in your answer. You say they were closely supervised yet the quality of the sales weren't critically examined. Surely this means that if part of their work was unsupervised then all of their work was not fully supervised?
    Anonymous
    23rd Sep 2016
    3:07pm
    OLD Man I think Ozetwo probably means the Supervisors watched the commissions paid closely.
    Old Man
    23rd Sep 2016
    3:28pm
    I get that Robbo but if the advisers were chasing commissions to please the supervisors who in turn didn't care about the products being traded then the CBA is at fault as are the supervisors who didn't do their job properly as are the advisers who cared not a jot about the client but were more interested in either keeping their job or making bigger commissions. (Apologies for the lack of punctuation)
    Ozetwo
    23rd Sep 2016
    4:12pm
    We are on the same track Old Man. I totally agree. It was a pure sales culture and duty and care went out the window.That went right to the top, where the buck must ultimately stop.
    You need someone not in the sales line to address business quality.If that the problem has not been addressed then it will reoccur.
    Anonymous
    23rd Sep 2016
    4:34pm
    THe trouble with these so called advisers is they are only salesmen and really have a very vague knowledge of the product.
    I remember going many years ago to a financial product show and display and bugger me if I didn't run into an advisor ( salesman) who happened to sell me my first car, that was the end for me.
    Old Geezer
    23rd Sep 2016
    4:54pm
    If the GFC hasn't happened then it would have had a good outcome so why blame the banks for the downturn of markets as that is exactly what is happening here.
    Old Man
    23rd Sep 2016
    4:57pm
    Yes Robbo, they say salesmen are born, not made but when it comes down to tin tacks, a good knowledge of a product is essential. It's the same with mortgage brokers who do a crash course in how to fill out an application form but soon learn which company pays the highest commission and how to fabricate numbers to ensure an approval. Back when banks employed loans people they were answerable in the event a loan went tits up and their job was on the line. Not so with a mortgage broker who is just barred by one lender, not all of them.
    MD
    23rd Sep 2016
    5:45pm
    However, OG, the GFC did/has happened, read the posts & give us something of substance please.
    Old Geezer
    23rd Sep 2016
    5:46pm
    I did MD in that people too risks thinking the party was never going to end. Now they blame the banks for their greed. That is the reality of this.
    MD
    23rd Sep 2016
    5:57pm
    Still deflecting OG, substance please, we're not interested in what YOU did or have done or might do, try offering something we all can consider as worthy - please.
    Old Geezer
    23rd Sep 2016
    8:07pm
    Well what you to offer MD? Nothing much it seems.
    ex PS
    24th Sep 2016
    10:56am
    O.G, I think it is worth asking the following questions:

    Did the banks know that there was likely to be a decline in the share market and still let their staff recommend investment in stocks?

    Were the Banks motivated more in taking fees from clients and listed companies than providing sound financial advise?

    Were bank employees trained to be more interested in commissions than providing good advice that they were being paid to do by the client?
    If the answer to any of these questions is yes, they have a case to answer, if the answer to all of these questions is yes, someone deserves to go to gaol.
    Old Geezer
    24th Sep 2016
    11:30am
    No to question 1. Only doomsayers get that one right once in awhile.

    Of course banks are motivated by fees as that is how they make their money but that doesn't mean they give bad advice.

    Bank employees do get commissions but most are just being helpful.

    So no to all those questions.
    Gee Whiz
    23rd Sep 2016
    3:01pm
    Trust a bank? You can't be serious!

    They are nothing more than robber barons operating under a "theft license" issued by that other bunch of sleaze bags the federal government.
    Old Geezer
    23rd Sep 2016
    4:47pm
    Absolutely as I bank with about 6 of them. If one goes broke I still have the other 5 to fall back on.
    Old Geezer
    23rd Sep 2016
    4:48pm
    They all provide me with a nice income every year too.
    MD
    23rd Sep 2016
    5:54pm
    Mmmm, yaddah, yaddah, yaddah, OG, just more of the same old same old - I, me, my, they, them, you're right and it would seem as though everyone else is wrong, or at the very lest misguided.
    Self aggrandizement and war medals aside do you propose to offer anything at all of SUBSTANCE for mercy sake ?
    Please don't feel compelled to reply !
    Old Geezer
    23rd Sep 2016
    6:33pm
    MD you obviously don't see the need for banks so good luck with your money under your mattress.
    ex PS
    24th Sep 2016
    11:03am
    Since the emergence of Credit Unions, Banks are far from necessary to average savers. They are cheaper, give better service and are generally not taking kickbacks from companies trying to off load inflated products to unwary investors.
    The thought that if you can't use a Bank there are no other options is quite quaint, it sits alongside the belief that paper money will never be a substitute for carrying around gold coins. I certainly hope you don't fall in the river with all your gold in your pockets O.G, where will I get my daily chuckles from.
    Old Geezer
    24th Sep 2016
    11:18am
    After my very bad experience with a credit union I would never use one again. The only gold that is worth buying is unpolished gold bars. All the rest go for far more than their real value.

    By the way credit unions play the same game as the banks but even worse pray on people with the idea that the money stays in the community. That my friend is just a marketing tactic nothing more.
    Anonymous
    24th Sep 2016
    1:23pm
    I don't care what credit unions do - as long as they run properly - are government guaranteed - and pay higher interest.
    Old Geezer
    24th Sep 2016
    1:30pm
    Do credit unions pay more than 3.5% at call?
    Anonymous
    24th Sep 2016
    6:01pm
    OG - you have got my attention.

    Which institution is paying more than 3.5% at call?
    Old Geezer
    25th Sep 2016
    6:51pm
    Reasons next time you want to invest money ask for a better deal. I did.
    Anonymous
    25th Sep 2016
    7:06pm
    Useless information - but congruent.

    If you want to contribute - substantiate with the name of the company so you can assist others.

    Your post is WORTHLESS.
    ex PS
    28th Sep 2016
    3:22pm
    I actually had a bank representative ring me on a Sunday asking me why I did not reinvest the profits from a house sale in one of their Term Deposits. I told her it was because they were only offering 3% over six months. She had ample time to offer me 3.5% on call if it was available and I probably would have considered it.
    Since she called me and she was obviously keen for my business, why would she not offer me that deal if it was available?
    Pancho
    23rd Sep 2016
    6:24pm
    It just means that 22% of people are fools who will soon be parted with their money.
    Old Geezer
    23rd Sep 2016
    6:31pm
    It depends on what advice you want from banks. Only today I had a problem with a banking issue so I went into the bank concerned and came out with an answer. That solution saved me not only money but time too.
    ex PS
    24th Sep 2016
    11:07am
    O.G went into a Bank and came out with a solution, so unusual it merits mentioning in print, I guess that says it all. Makes you wonder though, he had to solve a banking issue, wonder where the issue came from in the first place.
    I would not like people to think that I perceive banks as useless and irrelevant, if it weren't for some of the older banks in my area the Japanese wedding parties wouldn't have anywhere to take their wedding photo's.
    Old Geezer
    24th Sep 2016
    11:24am
    No the issue did certainly not come form the bank in the first place as it is something I want to do myself. I had a solution but I thought they may be able to suggest a better. Good think I asked.
    MD
    24th Sep 2016
    4:34pm
    OG, both you and the brethren herein will be, by this time, already jack of my insistence to extract something of consequence from your good self. for gawds sake man - put up or shut up.
    Am I missing something herein ? excluding OG, then will someone, anyone - tell me if I've lost the plot, cos I don't comprehend whether OG submits anything specifically of value.
    Granted, OG certainly posts no end of claims purporting his brilliance and method in countless 'dealings' with (almost) every institution but FAILS to list WHAT was achieved, WHO it was with, WHY it required his intervention and OG, until such time as you CAN or WILL offer substance then for mercy sake - take a break, ------ please.
    NAMES, DETAILS, COMPANIES (dealt with), SUBJECTS & OUTCOMES.
    Anonymous
    24th Sep 2016
    7:30pm
    OG is getting more than 3.5% interest at call - so that one is simple for him to provide us - I want that name first.
    Anonymous
    24th Sep 2016
    11:23pm
    MD - No - you haven't lost the plot at all - OG is a kind of amusingly useless poster. He is no orphan.

    OG definitely has a body of tax knowledge about super and some other investing stuff - but it is hard to know how/if he applies that knowledge - as he never substantiates anything with useful data or facts. Occasionally, like what he said about gold bars above is correct, so he knows some stuff.

    He makes sweeping statements about his investing prowess as you note, but does not follow-up anyone's questions with anything useful to assist.That would strongly suggest he does not execute too many of his ideas - possibly it is done for him - possibly he has more theories compared to resources to deploy.

    His interest rate numbers for home loans and investment rates are totally out of sync with reality - a kind of weird parallel universe existence.

    OG is no orphan in regard to deploying useless wide-sweeping statements on this site. NO-ONE puts any numbers or other useful data up to substantiate their thoughts or theories.

    As a poster on this site - OG comes across as a well-read narcissist - which most likely sums him up.
    MD
    25th Sep 2016
    3:58pm
    Well thanks Reasons for your confirmation of what otherwise may have been perceived as my bias against OG's contribution. Quite the opposite & on the contrary in fact, my aim being to prompt something of better value from OG - he is capable of this - as I have previously & on a couple of occasions praised his contribution. No less the number of times, yours also Reasons.

    Strictly speaking for myself, I lack detailed knowledge re matters financial, and it is for this reason I (& dare I suggest, maybe also a good few other regulars) that someone else's dearth of knowledge could or might benefit our prospective lot(s).

    So OG, apologies if I've offended you, it was never my intention. I welcome your continued participation. My aim was to encourage your disclosure of detail in that this might prove of some assistance to the brethren. By saying more & spraying less, you might affect more change for your peers herein as opposed to infecting them.

    Reasons, you certainly don't need anyone else's kudos - your evident merit speaks for itself - maintain the rage.
    Old Geezer
    25th Sep 2016
    6:50pm
    Well Reasons unfortunately you will be very disappointed when I tell you yes I do use most of my knowledge to invest money, legal issues, self sufficiency, and lots of others. I don't accept anything without asking for a better deal and most times I get one. Most people are too proud to even think of asking. Folks if you don't ask the answer is no but if you ask you may get a yes.
    Anonymous
    25th Sep 2016
    7:13pm
    OG - I am not too proud to ask for ANYTHING - you are STILL teaching me and others - ABSOLUTELY NOTHING.

    SO - I AM ASKING YOU AGAIN - what is the name of the company that gives you over 3.5% interest at call, please?
    Anonymous
    26th Sep 2016
    12:26am
    And so MD - no response from OG is what I expected.

    You can get close to 3.2% interest outside super at call ongoing (not a special offer) - but not over 3.5% at call at the present time.

    For that reason OG was never going to come back with the name of a financial institution for me - because it was too easy to authenticate what he identified is false.

    So OG - I still think you have some knowledge that could be useful to people, BUT - ONLY IF YOU SUBSTANTIATE what you are saying with some useful FACTS and DATA that can assist people - not wide-sweeping statements that tells the reader nothing - except how clever you THINK you are.
    Old Geezer
    26th Sep 2016
    11:02am
    Reasons I can't actually tell you the bank concerned other than it is one of the big 4. If you can qualify for personal banking then you will be given much better deals than is open to the public. Remember everything is negotiable with a bank.

    Yes Mick the banks look after the rich too.
    MD
    26th Sep 2016
    4:45pm
    Hmmmm, all very well OG. So - then my question to you is thus:
    If you aren't in a position to divulge the respective source(s) of your claimed 'windfalls', why then do you insist on listing these unsubstantiated and therefore dubious achievements.

    My guess - (a bad trait) - that most folk seek to better their respective lot by accessing this site in that we may learn something from our peers and in participation might equally, or unwittingly, respond in kind.

    Then again, I may very well have missed the thrust of your contribution, due largely to my limited capacity for comprehension.

    Still, I wish you continued success with your endeavours.
    Anonymous
    26th Sep 2016
    10:36pm
    OG - negotiable smoshable - and rubbish.

    You are SO full of crap - and clearly enjoy wasting our time by waffling completely narcissistic investment drivel!

    The REAL reason you CAN'T tell us - is because the big 4 DON'T get ANYWHERE NEAR 3% at call - let alone OVER 3.5% AT CALL - even if you had tens of millions. Why the hell would they when they can go to OS investors and get that sort of money much cheaper in the international money market? They don't need yours or anyone else's money at call that badly to overpay - so don't waste any more time trying to convince us differently!

    Investors have to go out on the risk curve with smaller institutions like credit unions to get close to 3.2% at call - with the $250K government guarantee.

    To get higher you would need to go right out on the risk curve and be lending money to a high-risk, non-government $250K guarantee money shop - or buy bank hybrids.

    A very silly - TOTALLY UNIFORMED and USELESS POST.
    Bonny
    27th Sep 2016
    7:46am
    I'm only guessing but OG could be a sophisticated investor that has been given extra margins by the bank for loans and deposits. Maybe make some inquiries at your bank.
    Anonymous
    27th Sep 2016
    9:13am
    Yup Bonny - you are only guessing - badly.

    I am 100% CONFIDENT in my response due to my own investing background.

    OG can only fool amateur investors with his drivel.
    Old Geezer
    27th Sep 2016
    10:26am
    Ok I'll admit it I have a professional relationship with a couple of the big banks and they really look after me. All I did was ask many years ago.
    Anonymous
    27th Sep 2016
    10:44am
    YOULIFECHOICES MODERATOR - can I report OG for repetitively attempting to overstate his financial abilities - and for misleading the masses?
    Old Geezer
    27th Sep 2016
    11:08am
    Rubbish I am not overstating anything or misleading anyone. Reasons need to do more research on the matter.
    Anonymous
    27th Sep 2016
    11:43am
    Tell it to the others OG - they will likely WANT to believe you.

    I am wasting no more time on you.
    ex PS
    28th Sep 2016
    3:32pm
    Bonny, in other words, O.G's claims of being just an ordinary bloke who is market savvy are false and his advise is useless to anybody who does not have a special relationship with his/her bank or megabucks invested in that establishment.
    I get the feeling that OG just likes to sit in judgement and hand out advice like Solomon administering to the peasants. I suppose there is a little of this in most of us but it can be taken too far at times.
    This behavior is relatively harmless and even humorous to those with a little bit of financial savvy, but it could be devastating to someone taking advice on face value and risking their life savings.
    Old Geezer
    28th Sep 2016
    7:50pm
    I deliberately try not to give people financial advice on investing their life savings because I don't know their circumstances or their risk tolerance. That said I consider my risk tolerance is quite low as I feel that if you want a mega win you buy lottery tickets not very high risk investments.
    Not Senile Yet!
    28th Sep 2016
    4:15pm
    NO I DO NOT TRUST THEM...THEY ARE RIGHT UP THERE WITH PARTY PUPPET MP'S!


    Tags: money, banking, finance,

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