Ann: 2014 AGM corporate presentation to sharehold, page-10

re: Ann: 2014 AGM corporate presentation to s... "don't know why with that amount in there you didn't get a smsf long ago."

The fund was originally set up so that I can put money in it for my own purposes, plus it was in the same fund which was set up for my employees.

The idea was, that, when I was ready to retire and do it myself in a SMSF, I was then advised/told in no uncertain terms by my Investment adviser that I could not transfer any of my portfolio anywhere else for a short period of time, and that could only have been done if I was to sell out of all of my shares and assets which, at the time, I wasn't willing nor ready to do so.
The only way I could transfer it to another fund, any fund for that matter wether or not it was a SMSF or any other fund, it could only be transferred in cash money.

I couldn't believe it, but he pointed out to me the small printing and when I searched for other avenues and advice, I was told the same thing.

The moral of the story, seeing that you have raised this issue, is for everyone reading these threads, to do their own research and read the fine printing before falling for what I did. More so, don't take for granted what you are told by your Investment advisor. Just ask questions, and plenty of them, before going ahead with anything.


You also wrote:

"""anyhow wish you well with smsf as I have found that you have just as good a chance in picking a "winner" as any broker does as there is a lot of self-interest around not to mention churning etc etc etc"""


True. But at least with a SMSF, you can buy and sell shares when it suits you, not when it all depend on what your super fund will want to do.

I have asked to buy or sell some shares and it takes them forever to do anything about it, and if you want to cancel your order once it is in place, they told me that it couldn't be done, and that it has to stay there until the preset time has being reached.

Just the other day I phoned and gave them (My Local Advisor who happens to be the Local Manager of my portfolio) a list of the shares that I wanted sold at a set price, only to receive a phone call back from him that he was advised by the fund that I couldn't sell any shares at a set price, but only at market. For what it was worth I went off my brains, while it was all for nothing.

If you only knew how many times I asked the question if any of my shares are lent out for shorting purposes, and never received a clear answer, you'd be surprised.

And there is more but I don't want to bore you anymore than what I have done already.

All I am concerned about it, is as to how and why ASIC and our Lawmakers are letting this to happen, without being pulled into gear.

DYOR!!!