ABC Financial Group

Does anyone know anything about a company called ABC Financial Group. I have been contacted by a representative of the company regarding wealth/fiance/retirement etc. relating in the main to property.

Has anyone had any dealings with this company and if so was the experience worth while!

Any info or thoughts appreciated.

Be careful! They are one of a bunch of so called mortgage reducers that suck people in by telemarketing and then make grand promises that you can pay off your loan in 3 years with this wonderful new product that they have and we will only charge you several thousands of dollars to sign you up!

Of course what they are doing is offering a LOC and misrepresenting claims and the LOC is usually way above the normal rate anyway. Oh yeah plus you pay them a whopping great fee for the privilege of being screwed!

My advice, run away as fast as you can.

Thankyou Angel_babe for your comments.

I thought as much but just want confirmation of my gut feelings.

Thanks again

AB

I agree with SOTF never pay for such advice when a good MB will do it for nothing for you.

Cheers

Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
richard@tayloredfinancialsolutions.com.au
Looking for life cover - We Guarantee to beat any quote you have in writing.

I too have misgivings.  So far I have been to their initial presentation and had the "personal assessment" at our home.  Next is to pay $295 for my wife and I to spend a day with them in Melbourne.

From what I can make out, ABC build the properties then look for people, us, to buy them.  It could be a sale and leaseback arrangement or simply them selling an asset, giving ABC an immediate return on their development, with the expectation of rental income for the new owner.  Nothing wrong with that: so far so good.  Then there is the ABC Financial angle.  Essentially they look at our finances to see if we are financial enough to buy their product, plus providing modelling and forecasts based on their projections of rental incomes for their properties that they want us to buy.  And fundamentally it is only their properties that they are marketing not an holistic "all Australia" view as implied at the initial presentation.  I fail to see how this can be impartial advice.  That troubles me.  Then there is the substantial fee: "several thousand depending on how much they have to do" was all I can get so far.  It sounds a bit like going to Coles and having them check your credit card balance whilst telling you how good their products are then charging $100 for that advice.

Maybe I'm just being cynical and this really is a great opportunity.  Does anybody have any experience with this?