Penioners are under increasing pressure to make their investments go further and often fall victim to unscrupulous financial advisers who promise unrealistic returns. These are the lowest of the low who are preying on people who are feeling insecure about their future retirement income, convince them that by investing in a particular scheme that their retirement income will grow significantly, take their money, invest it in high risk and often illegal schemes. What usually transpires is that the pensioner receives the promised income for a few months and then it all falls in a heap leaving them with nothing.
The FSB and the Ombud for Financial services providers are taking a very dim view on this devastating activity by ordering the financial advisors to repay the money to these investors, so if you have been a victim of a reckless financial advisor, do not sit back and accept it, contact the FSB or the Ombud and lay a formal complaint.
There have been many high profile schemes, most in property syndication that have been in the headlines lately for potentially operating as deposit takers which they are not entitled to be, which has resulted in the Reserve bank halting all operations and hence investors, many of whom are retired and used their retirement savings to invest, reulsting in the complete loss of income.
A retirement portfolio should be a wholistic portfolio made up of Annuities, property, cash and stocks to protect you against any dramatic turn of events. A portfolio that is spread across the main asset classes offers you as a retired individual the safest possible investment mix.
Contact us for free financial advice and consider the safer options. This is not to say that a retirement portfolio should not have some investments that offer potentially high returns, but should be done with money after your basic needs are already taken care of. Have your retirement portfolio assessed and know the risks by getting free financial advice.