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6 questions from our users
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.
Hornswoggleasked
Any comments? https://www.cnbc.com/2018/12/30/nyc-housing-prices-slide-further-may-last-for-months-warburg-realty.html
No answers
carterasked
hi. i am long term worker in Melbourne for a large global car company. In retirement they offer a non indexed defined benefit 100k pension or alternatively 1mill payout. i am age 61.have another 700k in smsf. what is seen benefits of each DB pension or payout? thanks in advance. Des
2 answers
Haydn S.Dixon Advisory
Hi Des,
Thanks for your question. This is an area we may be able to help you with but it would be best to discuss over the phone or in person so we can get a better understanding of your situation and provide you with the most relevant information. If you contact our Client Services Team on 1300 852 017 they will be able to put you in touch with one of our advisors in Melbourne.
Best regards,
Dixon Advisory Team
Oh please!!! More bad advice. I hope you didn't make that call.
tony fahyasked
listening to daryl Dixon on Tony Delroys show the other night, he implied that if I was between $500 and $1.2 million I would be better off to blow that money on an expensive house and live off the full pension. 250K would yield me about $120 / week in income which would hardly cover my rates and electricity. What would I live on. Currently I am receiving a yearly pension of $50k from VicSuper. Could you please explain how I would be better of upsizing on my house? Tony Fahy [email protected]
1 answer
Haydn S.Dixon Advisory
Hi Tony,
Thanks for your question. We have passed this on and Daryl will contact you directly with a response.
Best regards,
Dixon Advisory Team
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