ASX builds fund supermarketBY DARREN SNYDER | MONDAY, 10 AUG 2015 12:20PMThe Australian Securities Exchange (ASX) openly says one of its strategic priorities is to continue to build out an investment supermarket. Related News |
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Hugh Killen
MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER
AUSTRALIAN AGRICULTURAL COMPANY LIMITED
AUSTRALIAN AGRICULTURAL COMPANY LIMITED
For Hugh Killen, several life lessons came from spending time on pastoral properties stretching across northern New South Wales and South-West Queensland.
The Financial Standard podcast Tune in each week as we discuss the latest developments in Australia's wealth management industry. |  |
Question to all fund managers, and please be sincere.
At IPO, how many of you own LICs, have family members who own LICs, and would recommend to any loved one they buy LICs?
Hint, at full rack rate, the same rate the schmuck off the street buys off and IPO?
If you don't own, nor would you recommend it to any loved ones, then please don't sell them to the unsuspecting public. The days of cigar chompin' worry beads "advisors" should be well behind us.
I have nothing against the underlying investment, I can assure you. It's just the vehicle to which Mums and Dads are accessing active funds which I have a beef with. They're getting ripped on fees and widening discounts, which ironically will only promotes passive options. And no one should know this more than the same PMs who profess long term active investment.
How on earth ASIC hasn't put a stop to these is beyond me. Were financial planners to offer such vehicles, ASIC would be all over them like white on rice. Yet the broking community seems to be unobstructed. Makes no sense, if you ask me.