0291252000

Happy,


not sure how this could be the case.  Ivé heard the staff turn over quickly. Could you provide contact details, curious to hear about your advised investment strategy.

***GET A SECOND OPINION***
Carnegie Morgan Hill will try and charge you $5,000 - $10,000 to set up a Self Managed Super Fund

I have made attempts to have this comment removed to no avail so I would now like to re-tract this comment as this dispute has now been resolved and we have now received (are about to receive) the refund of $2,200 from Carnegie Morgan Hill. There was a misunderstanding about the terms of the refund and CMH have now generously agreed to the refund under good faith. I do not dispute the calibre of the advice that was given, it just wasn't suited to our circumstances at the time.

I have been reading the comments and I feel terrible for the effected clients of Daniel White and Carnegie Morgan Hill (CMH).

As an ex-employee of Carnegie Morgan Hill I strongly warn all potentially clients and employees to stay clear. Why Daniel White (the director) isn’t in Jail is beyond me. Here’s what I know:

Carnegie Morgan Hill purposely misleads you into taking on far more risk than you should be. They over promise and deceive you into signing documentation which states you are comfortable with shares, high risk assets as well as borrowing money to do so. This is achieved without making the client aware of the risks and over promising on the investment results. From here, CMH will then organise a new mortgage and margin loan and invest you into risky assets. The new loans they create make it much easier and simpler for you to pay for the $10 ,000 to $30,000 in fees they charge you, and because they are doubling or tripling your initial cash outlay with borrowed funds, guess what? The commissions paid to CMH from the recommended investments double or triple as a result too!. The investments used are solely recommended due to the high commission they are paying with no basis to recommend the investments for the clients at all. Becton Property Group and Linear, pay high commissions with Gunns Limited paying up to 10% commission to the Firm. If you have done your research you would know that Becton and Gunns are in a financial mess and investors have lost a fortune.

For any clients of CMH who are thinking of starting a class action or suing/complaining I would urge you to bring the company down. As a respected financial planner myself, working for a reputable company with over 300 advisers I can tell you now that he would not have a leg to stand on if you took him on. For example:

1)    CMH almost never keep file notes of conversations. One of the main ways an adviser can protect themselves is with detailed file notes and record keeping. Key documents and significant amounts of file notes are missing from almost every client file of CMH.

2)    90 - 95% of their clients risk profiles are (high risk). This is just not possible given that most clients from 2009 - 2012 are usually proceeding with advice as a ‘balanced investor ‘or ‘conservative’ investor. As I see upward of 10 clients per week myself, I know this from experience.

3)    False projections in SoA’s, especially when they demonstrate negatively geared investments as being “positive cash flow”. This alone would be a basis for suing them.

4)    The Financial Plans (SoA’s) are poorly written, and I doubt they would stand up in court. I urge you to have these checked over by a reputable solicitor or legal professional.

I can also confirm that most advisers in the firm, especially Daniel White and Marc Ellis have strong cocaine habits. The advisers are inexperienced and are only employed for their sales skills, not their knowledge or expertise. The advisers are notorious for not returning calls and sometimes they may force admin staff with zero experience to take the call and cop the hit of angry clients.

As for the 1 positive comment on this forum I can already tell you that this is Daniel White trying to save himself. If the comments weren’t true then why would they be here? Their main investments, Becton, Linear and Gunns have all performed horribly and the share market has not performed either since CMH began as a company. There is no way that any clients have done well from him. Also, their website is a false representation of the company. They outsource their accounting, the person who does all the financial strategies and property advice is Daniel White who has worked on oil rigs most of his life and is fraudulent, poorly educated adviser. The lending is controlled by Daniel White who only uses loans that are the easiest to set up, but definitely not the best for the client.

If you are a client and you haven’t done anything, then Daniel white will continue to operate, continue to rip off his clients whilst he will get rich and wealthy. If you do try and sue/make a class action then hopefully you will get some of your money back and save some other honest Australians the heart ache and pain that you have experienced.

Yours sincerely

Ex-employee of CMH

if you are not fake, then you are 1 out of 100.

Interested to know if you got anywhere with your complaints - we are also clients who lost money due to negligent advice & thinking of making formal complaints

My friend had a self managed super with this crowd and they lost the $100,000 in two years, 50% of the initial investment. They charge 5 figure annual fees and move your money around so they can clean up on trailing commissions. They also have a cap which prevents you from earning over 20% annually on your investment. When you sign up they have a contract with a gagging order preventing you from complaining about their awful performance on any forum. They bully people with lawyers letters and threats, this just adds to the financial misery they have caused. When you write to Dan White don't expect a reply, he really doesn't care about what he has done to you, he would prefer to hide behind his lawyer. Do not use this company, this is a warning from a friend who doesn't want to see this to happen to anyone else. Names have not been included for the obvious reasons. In my view they are incompetent and cowardly.

This is how Dan White does business. You will see they get clients to sign contracts which ensure no matter how badly you get ripped off you will be sued for speaking out. Notice the bully boy tactics from White here as he threatens to sue you for daring to point out the flaws in his company. This is just par for the course for White. Massive fees, poor performance, then threats for daring to complain. He has plenty of money to spend on lawyers, sadly its all yours. Stay right away from these guys, flash offices, flash suits, huge fees, bad investments.

Just read the ex employees blog, all exactly right, invest with White at your peril, as he says why on earth would all these people lie? Are we just out to get Dan White? The fact is, if White wants to sue everyone he will even run out of your money. Keep this guys hands out of your pockets, he and his company are seriously bad news.

This company is still ripping people off in August 2015. A number of their so-called financial planners have had a major falling out with boss Daniel White as they believe he is putting clients into bad investments and charging excessive fees. They have left the company and new suckers have been hired who have very little expertise in financial planning but lots in high-pressured sales. They haven't got a clue and are giving very bad financial advice to clients. Peeps - stay away!