Forums / Property Investing / Help Needed! / Has anyone dealt with the Spring Financial Group or AWA

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Viewing 20 posts - 1 through 20 (of 27 total)
  • Profile photo of NewSamNewSam
    Member
    @newsam
    Join Date: 2010
    Post Count: 12

    Hi All, new at this trying to get into property investing looking at positively geared properties and NRAS properties, has anyone dealt with the Spring financial group or AWA 

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,010

    Hi Sam

    Firstly welcome to the forum and I hope you enjoy your time with us.

    I won't repeat what I have just written in response to a similar post on the same forum about another mob promoting the same concept as you can read my thoughts on that.

    Again just ask them why they don't ever recommend 2nd hand property In their positive cash flow push.

    Sure we recommend newish property and even new property where a real estate agent is involved.

    From someone who built his portfolio on income over 18 odd years trust me you can't live off capital growth.

    That will come but your prime focus needs to be income producing property. Capital Growth doesn't help pay the loan back when interest rates start to increase.

    Cheers

    Yours in Finance

    Richard Taylor | Mortgage Broker helping investors build their wealth thru property
    http://www.mortgagecapitalaustralia.com.au
    Email Me | Phone Me

    0-40 Properties in a decade with a unencumbered portfolio value in excess of $40M. Ask me for a copy of my API Interview.

    Profile photo of NewSamNewSam
    Member
    @newsam
    Join Date: 2010
    Post Count: 12

    Hi Richard,

    Thanks for your comment, I have also looked at your other comment you referred to and this is a great help.

    I suppose one of the major things I got from your comments and other comments on the forums is to be wary of the "one stop shop" groups and get independent advice/valuations on things.

    We have meetings with both groups, will see what they come up with.

    I may need to contact you for some more specific advice if that's OK.

    We are treading wearily at this stage.

    Any other suggestions regarding CF+ and NRAS properties would be much appreciated.

    Thanks

    Profile photo of Omni TrioOmni Trio
    Participant
    @omni-trio
    Join Date: 2014
    Post Count: 1

    be wary of Spring Financial Group – they recently had an enforceable undertaking from ASIC. They tend to recommend off plan units and receive high commissions in return from the developer (6% – 8%). Two tier marketing at its best

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,010

    Yes had another forum client here in Brisbane who was going with them and then decided to switch and used our Buyers Agency service.

    When we told him we don't buy off the plan he was relieved and we ended up finding him something which perfectly met his needs.

    You have to ask yourself why do these mobs not sell second property ….. whatever they tell you there is no difference in buy something new and something a year old.

    Cheers

    Yours in Finance

    Richard Taylor | Mortgage Broker helping investors build their wealth thru property
    http://www.mortgagecapitalaustralia.com.au
    Email Me | Phone Me

    0-40 Properties in a decade with a unencumbered portfolio value in excess of $40M. Ask me for a copy of my API Interview.

    Profile photo of NandiNandi
    Participant
    @namay
    Join Date: 2015
    Post Count: 1

    Hi All
    We are planning to sign up with Spring Finacial group for holistic financial advise.We would ideally like to set up SMSF and also build our investment property portfolio.However I’m stumbling across advisors/planners who only recommend brand new properties as they have a vested interest in the same.Has anyone from the forum dealt with Spring FG?Please feel free to share your feedback as it will help us make an informed decision.We are currently on the lookout for a reputed and trusted financial planner who can advise on a range of matters including SMSF,tax,property,insurance and the like!

    Thanks
    Nandita Rao

    Profile photo of BuyersAgentBuyersAgent
    Participant
    @knightm
    Join Date: 2005
    Post Count: 317

    Hi All
    We are planning to sign up with Spring Finacial group for holistic financial advise.We would ideally like to set up SMSF and also build our investment property portfolio.However I’m stumbling across advisors/planners who only recommend brand new properties as they have a vested interest in the same.Has anyone from the forum dealt with Spring FG?Please feel free to share your feedback as it will help us make an informed decision.We are currently on the lookout for a reputed and trusted financial planner who can advise on a range of matters including SMSF,tax,property,insurance and the like!

    Thanks
    Nandita Rao

    Nandi welcome to the forum please see the comments above. Marketing firms that recommend new property are working for the developer. You are not the client you are the patsy. Please be careful. You need independent advice from someone who is only being paid by you and no one else. Shire Financial/Shire Accounting is one service who offer independent financial planning and advice Ben Poppett is someone I have known for years and would trust with that spread of queries. Best of luck.

    BuyersAgent | Precium
    http://www.precium.com.au
    Email Me | Phone Me

    South Coast NSW Independent Buyers Agent - Wollongong to Batemans Bay and Regional NSW. DOWNLOAD OUR FREE 14 POINT PROPERTY BUYER'S CHEATSHEET to avoid painful mistakes at precium.com.au

    Profile photo of MuraliMurali
    Participant
    @ilarum
    Join Date: 2015
    Post Count: 4

    Hi Nandita Rao,
    Did you finally go with Spring Financials can you provide some feedback on them? What are the drawbacks?

    Regards
    Murali

    Profile photo of BuyersAgentBuyersAgent
    Participant
    @knightm
    Join Date: 2005
    Post Count: 317

    Hi Nandita Rao, Did you finally go with Spring Financials can you provide some feedback on them? What are the drawbacks?
    RegardsMurali

    @ilarum unfortunately many come to ask a q but don’t stick around to learn and participate. As you can see above the companies that take commissions for recommending new properties and advertise as financial advisors or investment gurus are in a conflict of interest. Some are in trouble with ATO for a range of blatant problems, others not but still a conflict in my opinion. At least sales agents are (mostly) honest about the fact that they work for the vendor.

    BuyersAgent | Precium
    http://www.precium.com.au
    Email Me | Phone Me

    South Coast NSW Independent Buyers Agent - Wollongong to Batemans Bay and Regional NSW. DOWNLOAD OUR FREE 14 POINT PROPERTY BUYER'S CHEATSHEET to avoid painful mistakes at precium.com.au

    Profile photo of MuraliMurali
    Participant
    @ilarum
    Join Date: 2015
    Post Count: 4

    Hi Thanks for the response. Yes you are right that they take commissions etc… What I am looking for specifically is feedback on their financial services (I am looking at Financial Services as whole investments, growing your wealth, property, insurance, superannuation, health insurance), I am not particularly looking at Property alone, though I am keen on property.

    With Regards
    Murali

    Profile photo of BuyersAgentBuyersAgent
    Participant
    @knightm
    Join Date: 2005
    Post Count: 317

    Hi Thanks for the response. Yes you are right that they take commissions etc… What I am looking for specifically is feedback on their financial services (I am looking at Financial Services as whole investments, growing your wealth, property, insurance, superannuation, health insurance), I am not particularly looking at Property alone, though I am keen on property.
    With RegardsMurali

    If you want a good financial advice company there are plenty that do it well and don’t muddy the waters with property sales commissions. You want to be the one paying them as much as possible, and you want to know they have a track record. Separating the property choice keeps it cleaner. I have discussed mutual clients and heard good reports with boutique firms like Canopy Private (Sydney CBD), and The Wealth Connection (Thirroul)

    If you want an all around accountant who is actually a property expert (personally and via thousands of clients) you should call Dave Shaw from WSC Group (offices in several cities – Your IP Mag award winner) I know him personally and find him to be excellent in all regards. (No I don’t get a commission for saying that)
    http://wscgroup.com.au/articleGroups/newsletter-march-2014/message-from-david-shaw,-ceo?subSiteId=1

    BuyersAgent | Precium
    http://www.precium.com.au
    Email Me | Phone Me

    South Coast NSW Independent Buyers Agent - Wollongong to Batemans Bay and Regional NSW. DOWNLOAD OUR FREE 14 POINT PROPERTY BUYER'S CHEATSHEET to avoid painful mistakes at precium.com.au

    Profile photo of MuraliMurali
    Participant
    @ilarum
    Join Date: 2015
    Post Count: 4

    @knightm Thanks for the quick responses. Appreciate the help. I will explore the options.

    Regards
    Murali

    Profile photo of donxxxdonxxx
    Participant
    @donxxx
    Join Date: 2007
    Post Count: 7

    hi Murali, Anyone…
    did you get any advice from Spring? were they any good?
    I met with them and they want me to come back with a whole lot of details around my financial situation etc. during this first meeting we talked about what interested me and why i came to them. This included things like their providing accounting services, checking my investment structure and the relevance to my circumstances and strategy and analysing the suitability of SMSF for me at this stage of life etc. maybe checking my loans ….
    cheers,
    Don

    Profile photo of zenzen
    Participant
    @zen007
    Join Date: 2016
    Post Count: 46

    Good Morning PI team :)

    Questions, is a “detailed” Financial Plan relevant and appropriate to an individual who already know where they are going???

    SpringFG http://www.springfg.com/ called me and said they can create a detailed financial plan to tax minimise my wealth creation and save me $150,000 in the next 10 plus years. They will organise a 2hr consultation meeting (free) next week to go thru my wealth goals and financial position etc…..Even though I do not have a detailed plan of my 20year wealth creation goals, I have written in my journal my vision and goals and how to go about it (strategy) which is to accumulate positive geared, capital growth, small scale property development, corporate trust in the next 19years etc….he said after the free meeting they will give me a statement that if I would like to proceed with their financial plan they made for me then I will pay their fee which ranges from $600 to $1500, and this fee is not tax claimable!

    Shouldn’t my property tax accountant have this role to minimise my tax and forward plan to purchase the next one in whichever structure that is relevant in that time? Also accounting fees towards investments are claimable?

    Zen

    Profile photo of MuraliMurali
    Participant
    @ilarum
    Join Date: 2015
    Post Count: 4

    Hi,
    I dealt with them. What I cannot comment on their services since I didnt go with them (or anyone else). But after the 2 hour session they wanted us to signup for the plan which was in the range of 600-1500$. I think this was not a good approach because we just finished the session and we didnt get a chance to think. Ideally they should have let us go and given us some time to think. I thought this was a sales tatic.

    I didnt see anything concrete from them. I am not sure about experiences of people with them.

    With Regards
    Murali

    Profile photo of zenzen
    Participant
    @zen007
    Join Date: 2016
    Post Count: 46

    Thanks Murali, great to know you attended the consultation meeting, I will attend next week and see if their of service to me.

    Thank you

    Zen

    Profile photo of Colin RiceColin Rice
    Participant
    @fms
    Join Date: 2011
    Post Count: 338

    There spruikers and dont give a sh*t about you!

    Watch this video to identify if you are dealing with a spruiker;

    http://www.thepropertycouch.com.au/how-to-spot-a-property-spruiker/

    Colin Rice | CDR Finance
    http://cdrfinance.com.au/
    Email Me | Phone Me

    Perth Based Mortgage Broker - Investment Property Finance Specialist | E: [email protected]

    Profile photo of zenzen
    Participant
    @zen007
    Join Date: 2016
    Post Count: 46

    Hi Colin, great link and video!!! If they start doing a sales pitch, i’ll be out the door like road runner!!!

    zen

    Profile photo of Colin RiceColin Rice
    Participant
    @fms
    Join Date: 2011
    Post Count: 338

    @zen by all means please go but dont proceed haha!

    At the very least dont use their broker as they will cross the property with your PPOR and hide the 40k commission in that and you will likely never know! Other broker will do it as well so use an investment broker who knows how to structure debt to your benefit and not the banks or spruikers.

    • This reply was modified 3 years, 2 months ago by Profile photo of Colin Rice Colin Rice.

    Colin Rice | CDR Finance
    http://cdrfinance.com.au/
    Email Me | Phone Me

    Perth Based Mortgage Broker - Investment Property Finance Specialist | E: [email protected]

    Profile photo of zenzen
    Participant
    @zen007
    Join Date: 2016
    Post Count: 46

    Thanks Colin, appreciate your thoughts and experience. I’ll attend, listen, ask questions, and as soon the sales pitching, i’ll be out the door like speedy gonzales :)

    Zen

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