AnneCanberra 2600, ACT
Keep away from Dixon's Advisory!
I was with Dixon's for about 6 years and during that time my super balance steadily declined because I took their advice and invested in their high fee, poor performance funds. I was continually assured that these funds would perform well in the long term. I am very glad I am now longer with them, however I lost a lot of money.
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GibboBywong
- 3 reviews
- 3 likes
- Verified customer
Be wary of using this company for structuring a SMSF portfolio
I did have an SMSF ''managed" by Dixons for about 5 years but fortunately severed my relationship with them about 16 months ago, closed the SMSF and moved all funds to a better performing industry fund. I found Dixons (now Evans Dixon) to be very helpful in the administrative side of the SMSF but I received poor financial advice on numerous investments including the URF (and related fund raising entities), NEW and some other funds owned and managed by Dixons.
It only became apparent to me after several years with Dixons that the first priorit...Read more
y of their financial advisory team was to promote Dixon products with little regard to the balance of my portfolio. They also recommended investing directly in the Evans Dixon IPO (which I fortunately declined). I guess I am one of the more fortunate ones who exited Dixons prior to the URF unit price crash and did not take too much of a financial hit. I am do not understand why Dixons are still getting 5 star ratings for their financial services. Maybe 5 stars for administrative service but I would be very wary of using their financial advisory services - do your homework first on any of their recommendations and make sure the investments are at least listed on the ASX so you can sell them more easily. Quite a few were not listed and consequently difficult to sell.Similar opinion? Write a review on ieatwords.com.au!
hate2seeitgoCanberra
- 5 reviews
- Verified customer
Very disappointed with Dixons' duds
We've had our SMSF with Dixons for over a decade. The SMSF administration team continues to function well, with good advice to clients when there are changes in the superannuation regime, and prompt and helpful responses when we get in touch. But the investment advisory side has failed us.
As Dixons has increasingly become both the investment adviser AND the investment provider, we've been concerned about the obvious potential conflict of interest. We have raised this directly with Dixons, and been assured that they are very conscious of the n...Read more
eed to ensure clients come first. The investment vehicles they create have been described as being designed to give clients profitable opportunities to invest in markets that would otherwise be inaccessible to retail investors like us. Acting on the advice we received, over time, our portfolio has come to be dominated by Dixons' vehicles. After being burnt with ED1, we discovered some scathing articles about Dixons, including the helpful reviews here on ieatwords, especially in relation to URF. We were shocked to see URF described as a ponzi scheme, and to read in detail about the incredible fee-gouging that has been going on. With hindsight we can see we've been guided into a number of poor investments and advised to stay with them despite poor performance, to our great cost. It is hard to believe we would have received such advice from an independent adviser who was acting in our best interests. So we have decided to move away from Dixons. After asking others on this website for advice, the responses were helpful, thank you all who replied. We've decided to go to an industry fund. But it's not that simple: as well as being poor performers, many of the Dixons vehicles are almost impossible to liquidate, so we're still working on that. In the meantime we will see what happens re the URF-related class action by Shine Lawyers and will consider a complaint to the Australian Financial Complaints Authority.Similar opinion? Write a review on ieatwords.com.au!
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- Verified customer
Steer well clear of this company. It does not have your interests at heart.
I decided to set up an SMSF (for my wife and me) in 2007. I was attracted by the advertising that Dixons used to run (and still does) for helping with the administration of an SMSF. They had a cap on fees per year and seemed to be well run. It helped that they had people behind them who were known for their ethical stance and general scepticism towards the high fee parts of the finance industry. They set up the trust deed and necessary paperwork. They set up the bank account and while they would have preferred that we use their own broker, they...Read more
were happy to do the paperwork if we traded through an independent online broker. In fact they set up the account with that online broker on our behalf. Occasionally I would get a call from their in house broker suggesting a purchase and I did take up an investment in one recommendation which was a Listed Investment Company (LIC). They generally were pleasant and efficient. They did the taxes and necessary annual statements. I was reasonably happy with it over all with the only problem being that the fees seemed a little high given what they were having to do each year. One day (about three or four years into the relationship) I got a call from the account manager (whom I had initially set the SMSF up with). He explained that it was no longer easy or profitable enough for them to process the share purchases data made through the online broker. I needed to switch to their own broker or take my account elsewhere. I thanked him for his concern and made the leap to fully managing the SMSF myself (with my accountant). In retrospect that was the best decision I ever made in my SMSF. Had I listened to their advice I would have been in all manner of real estate and other trusts in extremely illiquid holdings. As others have pointed out (in this forum and in the press) there are multiple conflicts between Dixons as the manager and promoter of these vehicles and their role in protecting your wealth and building it so that you might live as carefree and happy a retirement as possible. I am happy making my own investment decisions and have had a reasonably good track record but the one investment that I did make through them has proven to be just about par with the market. My wife and I were in our thirties when we bought into it and it should have been obvious to them (if not us) that that type of investment was unlikely to build wealth but at least it was equally unlikely to destroy it. When you hear how they have sold products to elderly people that are clearly unsuitable to their age group you have to question their ethics and motives. Personally I am glad that the decided I was not good enough to be their client anymore.Similar opinion? Write a review on ieatwords.com.au!
Dixon Advisory have become fee greedy and lazy
I joined Dixons in 2012 and they were OK but their advice deteriorated. I was advised to over invest in URF and NEW. I have lost over $150,000 through Dixons bad advice and I have been trapped into investing too much in Cordish Dixon IV and can't get out with forfeiting my initial investment and paying all sorts of penalties. All the while they have been creaming off large fees for themselves. I put the off market investments, CDIV & Fort St up up for sale months ago but there are no buyers Dixons stacked my portfolio with their own produc...Read more
ts and when things went sour they had a conflict of interest and told me to hold when they should have told me to sell. I live on my super and thanks to Dixons my life has been severely impacted. Stay away from Dixons they not the company they used to be. I would love to speak to other dissatisfied Dixon investors. How they are getting 5 stars is beyond me, one has to wonder who is writing such glowing reviews. I am 70 yrs, I should never have been advised to invest in this way, I was naive and Dixons have destroyed me. We need to unite against this arrogant and uncaring company.Similar opinion? Write a review on ieatwords.com.au!
John M.Greater Melbourne (Metropolitan), VIC
- 2 reviews
- 5 likes
Investment advise is conflicted
This company started out as a reasonably objective investor of its clients funds. Unfortunately over the years it has has become a fee gouging organisation which continually recommends low performing products which it has a financial interest in.
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JayelSydney, NSW
- 2 reviews
- 12 likes
Not so sure anymore!!
I have been with Dixons for 3 years. Administration and staff are flawless. Their operating model however is not in the best interest of its clients. URF (US Masters Residential Property), Cordish and NEW are just a few examples . I trusted the investment advice and invested my life super savings of just under $500k. 3 years later it is only $30k better off with some significant losses incurred from my relatively small super fund. The remainder of my balance now is from my own contributions and salary sacrificing. Seriously considering going back to a managed fund. The fees are relatively reasonable for the SMSF service but returns are poor.
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Sandie D.Mid North Coast, NSW
Excellent Service
We have been with Dixon Advisory since 2012. Throughout that time they have provided an excellent service which is personal and tailored to our needs. They keep us well informed of the wider financial and economic scene which at times can be bewildering to us ordinary folk. We appreciate the strategic approach taken in managing our financial future and the attention taken in meeting our current requirements & needs.
They have always given us 2 staff members as our personal contacts. While this team has changed over time it has always maint...Read more
ained the same level of personal service. We have no hesitation in emailing or ringing them for guidance. This provides a great deal of comfort and security as we now move into our retirement years. Our personal thanks to Lester & Alice who have been there for us the past 3 years. Many thanks to Dixon and their team. Sandie & Paul DicksonSimilar opinion? Write a review on ieatwords.com.au!
FREDMawson 2607, ACT
- 4 reviews
Asked To Leave
I started a self managed superfund with this organisation but when they realised I was not generating enough revenue they asked us to leave. Their is nothing further to say however I only recently discovered this fact due to a recent interaction with this organisation.
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robertlimSydney, NSW
Reliable and objective
We have been with Dixon Advisory for over 20 years and have always trusted our advisors to provide reliable and objective advice. We are very satisfied with the high quality service we have received and remain confident that we will continue to enjoy our retirement as our savings are secure and well-managed.
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JoannesSouth East Queensland, QLD
Great and solid advice for our SMSF following a review of our 10 year old Fund by Dixon
The two trustees of this SMSF are retiring this and next financial years and we needed a thorough review of the 10 year old SMSF because of our due retirements, our fund dependence on Australian listed shares with franking credits were another big concern for us with the looming Labor proposals and we were looking for opportunities available to us to benefit and correct our situation. We used E-Superfund for the last 10 years for our SMSF administration, we don't have any complaints with them but they clearly advice clients to get financial adv...Read more
ice from suitable financial and competent advisers. Dixon did a thorough review of our situation and came up with solid recommendations with regards to: 1. The mix of our SMSF investments (ours - mainly Australian shares with a lot of franking credits), and recommendations on potential remedies for diversification. 2. Address the funds and personal taxable positions for the now and the future and how to remedy any issues. 3. Address the SMSF set-up and structure from a legal and inheritance perspective so that surviving partner(s) don't have the stress when you don't need that.Similar opinion? Write a review on ieatwords.com.au!
Phill and Mandy DackSydney, NSW
- Verified customer
Dixon Advisory Review
We have been clients of Dixon Advisory for 12 months, and we have been very satisfied with the decision to move from our previous advisor on our SMSF. In particular we have found the regular communications beneficial, and the high standard of Customer Service provided by Laura and Nicky to requests we have made to Dixon. Their response times to our requests have always been exceptional, and greatly appreciated.
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Review collected in partnership with Dixon Advisory
- Verified customer
Dixon Advisory
We have been clients of Dixon Advisory since 2012 when we established our SMSF. Since then we have been very satisfied with our choice of Dixon and the high standard of service provided by their staff. We appreciate the independence of the advice offered, and the high level of competence provided by all of the staff with whom we have dealt. The assistance provided has been excellent and rewarding by staff capable, knowledgeable, experienced and proficient. Although the service is not cheap, in our opinion it represents value for the broad spe...Read more
ctrum of services provided in a personable and approachable manner. We live in a major regional centre of NSW and although all Dixon’s seminars are available on-line it would be very much appreciated if an occasional event could be offered elsewhere other than a capital city.Similar opinion? Write a review on ieatwords.com.au!
Review collected in partnership with Dixon Advisory
MJBSydney, NSW
CONFLICTED ADVICE
The Hayne Royal Commission outed the high flyers like AMP and the big banks. left hidden in the weeds is Evans Dixon and others.
I was with Dixon Advisory after taking over my deceased parents SMSF managed by Dixons (only 3 years thankfully). Whilst I thought at the time they did a good job- Post GFC everyone did well as markets rebounded. This hid their conflicted vertically integrated model. (See Hayne's opinions on AMPs vertical integration)
I transferred part of my deceased parents URF holdings to my personal name and soon after sold out,...Read more
thankfully before it plummeted below the price I inherited it at. My intention for the fund was to hold real estate in my SMSF. It became clear that since I would be buying little if any of Dixons own investment products they made it clear they did not want me as a client. I left Dixons 4 years ago. The extraordinarily high costs of managing my quite simple fund at Dixons was in my view-unjustifiable. Reading articles in the AFR and other online references made me realize just how much I was paying to Dixons- especially through my ownership of the URF units. Paying out distributions through debt and by selling down assets in the fund has a finite life yet they still presumably direct new clients into this fund.Similar opinion? Write a review on ieatwords.com.au!
- Verified customer
High management fees and conflicted advice. Stay Away!
I was a client of Dixon Advisory for 10 years and have consistently lost my capital on the recommendations from Dixon advisors and their broker RBS Morgans of Hervey Bay (Macquarie Fortress Notes, URF and Solar Energy). My advisor (name deleted) said he had invested in URF because of the yield and I should do the same. However, the high fees that Dixon take from this product erode its value. The dividends are being paid from capital raisings as new shares are issued. I am glad I have now left Dixon as I would have lost 50% of my investment ca...Read more
pital for a mere 5% yield. Dixon now almost exclusively steers clients to its own products. They also limited the banks I could use to those they receive commissions from. Although their admin side is good, steer clear of Dixon's in-house products with high fees and conflicted advice. It's a pity they weren't considered by the Hayne Commission as Dixon (like the banks) has developed and promoted the vertical integration model to the detriment of clients.Similar opinion? Write a review on ieatwords.com.au!
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- Verified customer
Custom-Designed to Weather the Storms
Our SMSF was first set up in 1996. After 2007, with little background, I have relied heavily on Dixon Advisory to help me navigate and better understand the many complexities involved in managing my retirement finances. From the heady years of 25%, the gloom of the GFC to the current doldrums, the changing teams have worked tirelessly to meet my needs by keeping up with national and global trends. The organisation has seen considerable growth and employs personable, energetic, versatile and dedicated young advisers in whom I put significant tr...Read more
ust. They have educated me, through personal advice and many seminars, to appreciate the forces which propel the ups and downs of "the bottom line". My current investment and fund advisers, Andrew, Komal and their colleagues, are professional, patient, thorough, and adaptable to the many often burdensome changes effected by market trends or government policy. My portfolio is steady and for the moment sufficiently diversified to withstand too many shocks. As i continue to age I know I will be in safe hands and my family will transition easily into the Dixon world.Similar opinion? Write a review on ieatwords.com.au!
Review collected in partnership with Dixon Advisory
GeorgeSouth East Queensland, QLD
Good service
With Dixon for eight years. Their regular advice and market insights have been very valuable to my decisions. As always, there have been winners and losers, but overall my portfolio has performed very well. I am a well satisfied customer.
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G McDermottCanberra
- Verified customer
Terrific service
I have been with Dixon Advisory for more than 10 years and am generally very satisfied with their recommendations which are based on a personal profile they have prepared, and regularly review, based on many considerations including my appetite for risk. I particularly value the personalised service I have been getting on a regular basis from Rahulan, George and Joy, who are always responsive, knowledgeable, and unstinting in their advice.
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Review collected in partnership with Dixon Advisory
SatisfiedDubbo
Dixon Advisory the place to find well informed advisors.
I have been with Dixon Advisory for 9 years. During that time my portfolio has shown pleasing results both in growth of value and the care taken to insure that my assets are well distributed over a range of investment products. The advisors and accountants that I speak to on a regular basis are always well informed and courteous. I have happily recommended this company to friends and family over the years.
A satisfied customer
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WaxheadSydney, NSW
Poor advice, high fees, direct investments to own products
Our SMSF was (expensively) with Dixons for a short time 5 years ago. I've just looked over their advice we received at the time. They basically advised us to sell most of our performing assets and move into their own such as URF which have sustained large losses since. We didn't implement most of their advice but if we had we would have been down over $300,000! Obviously this was in the days before new regulations mandating the client's best interests as the priority!
A big advertising budget does not mean a quality service!
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Questions & Answers
Emikoasked
If we can't sell our Fort Street funds, how can we close our account and leave Dixson? Do you charge us an exit fee?
2 answers
Emiko, If you have an SMSF with Dixons you need to check with them on the procedure to close the SMSF. There are requirements to be met with the ATO. Dixons charged me fees to close my SMSF - a flat fee of $2990 plus about 1% of the value of each investment (up to a maximum of $399).
I do not know how you sell the Fort St funds if there are no buyers - maybe you have to wait until Dixons sell all the assets held by the funds. Ask them what they plan to do with the Fort St funds.
R
Emiko, you can move your entire fund to another accounting firm, your smsf owns Fort Street, not Dixon's. If you want to fold the fund and cash out, you'll have to wait for Fort Street to sell. As Dixons charges fees up front, wait until they have finished your end of year tax return, you've already paid for your end of year financials - you won't get a refund from them if they don't do it but you'll have to pay someone else to prepare it for you. Messy.
Anneasked
Does anyone think that Dixon Advisory in 2020 has changed under the new investment committee and administration and would be worth giving a second chance to manage one's SMSF? Any comments gratefully received.
2 answers
My experience with their investment advice was not good and I've since separated from Dixons. . They were OK with general administration of the SMSF .
I dont know if the investment committee has changed but be wary of them recommending their own financial products.
R
Thank you very much!
hate2seeitgoasked
Like many others, we are increasingly disillusioned with Dixons' tendency to push investments in which they have a stake, and we have lost a lot of capital as a result, so my question is: are people going to a different SMSF manager, or to industry funds or retail funds, what's your solution?
5 answers
Cant sell Fort Street (Walsh & Co. A subsidiary of Dixons) so stuck with an SMSF until all assets are sold. I dont trust advisors at all after this experience so opened a Commsec account and bought ETFs for now. Will go with an industry fund as soon as I can. Advised by Dixons that there is a long list of sellers and Fort Street has no buyers (also controlled by Dixons) but they will need to do something by June 2020. Till then, ETFs and a Commsec account is working better than my years at Dixons. At least I can trust myself.
I lost so much money with Dixon's I took my SMSF to another advisor. On his advice I have sold just about all the Dixon products and am in no fee paying ones now. I am completely disillusioned with Dixon's and regret having ever been a client.
Likewise, all Dixon products (except Fort Street that cant be sold) gone. Too unethical for me and funds are not performers. I lost a lot also on totally non performing funds recommended by Dixons that just happened to be their own products. Best advice is to get out or don't consider getting in.
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