Pete Wargent blogspot

Co-founder & CEO of AllenWargent property advisory, offices in Brisbane (Riverside) & Sydney (Martin Place) - clients include hedge funds, resi funds, & private investors.

4 x finance/investment author - 'Get a Financial Grip: a simple plan for financial freedom’ (2012) rated Top 10 finance books by Money Magazine & Dymocks.

"Unfortunately so much commentary is self-serving or sensationalist. Pete Wargent shines through with his clear, sober & dispassionate analysis of the housing market, which is so valuable. Pete drills into the facts & unlocks the details that others gloss over in their rush to get a headline. On housing Pete is a must read, must follow - he is one of the better property analysts in Australia" - Stephen Koukoulas, MD of Market Economics, former Senior Economics Adviser to Prime Minister Gillard.

"Pete Wargent is one of Australia's brightest financial minds - a must-follow for articulate, accurate & in-depth analysis." - David Scutt, Business Insider, leading Australian market analyst.

"I've been investing for over 40 years & read nearly every investment book ever written yet I still learned new concepts in his books. Pete Wargent is one of Australia's finest young financial commentators." - Michael Yardney, Australia's leading property expert, Amazon #1 best-selling author.

"The most knowledgeable person on Aussie real estate markets - Pete's work is great, loads of good data and charts, the most comprehensive analyst I follow in Australia. If you follow Australia, follow Pete Wargent" - Jonathan Tepper, Variant Perception, Global Macroeconomic Research, and author of the New York Times bestsellers 'End Game' and 'Code Red'.

"Pete's daily analysis is unputdownable" - Dr. Chris Caton, Chief Economist, BT Financial.

Invest in Sydney/Brisbane property markets, or for media/public speaking requests, email pete@allenwargent.com

Thursday, 22 December 2011

More great Super swindling

I was doing some research for some writing this week on superannuation and was pretty amazed at what I discovered.
It’s no secret that fund managers tend to charge a percentage of your super balance to manage your fund - up to 1 or 2% of your balance per year depending on the fund. 
What I was shocked to discover was the outrageousness of the exit fees – up to 5% of your balance being swiped by some funds just for leaving the fund, which you should surely be entitled to do if the fund is not meeting your retirement needs.
The most ridiculous fees I found were for a fund proclaiming:
-Entry fee – 5% of balance
-Management fee - 2% of your balance per year
-Exit fee – 5% of balance
Good luck trying to make a decent pension with those kind of numbers.
I won’t name the firm (I used to work for them once upon a time in my backpacking days) but you can see for yourself on SMH’s website here.
It seems mean-spirited to me that such funds sell themselves under the heading of being a ‘value*’ fund.  Value for whom?


*Value, in this instance, refers to the style of investing - i.e. buying value stocks at lower than their intrinsic value.  But, still...
***
Have slowly crept along the Great Ocean Road over the last week.  It’s belting hot during the day and rather cold at night on the coast. 
Staying in Warrnambool tonight, about 300km left to go to Melbourne or so. Looking forward to a day at the cricket when there is no driving to be done.  It’s my wedding anniversary #3 today!