Financial Planning.

[Cookie]

Hi this is a greneral SOS to see if anyone has delt with a firm called Montfort International Plc Global Financial Planning? We have just had an interview with this company and they seemed alittle pushy. Also they wanted £1200 for there services - anyone know of a company that charges you upfront for information. Still not sure we really need it as I feel we should be able to get all the info from the net and great sites like this. Any help appreciated.
Regards
Angela

[ABCDiamond]

Originally Posted by Cookie

Hi this is a greneral SOS to see if anyone has delt with a firm called Montfort International Plc Global Financial Planning? We have just had an interview with this company and they seemed alittle pushy. Also they wanted £1200 for there services - anyone know of a company that charges you upfront for information. Still not sure we really need it as I feel we should be able to get all the info from the net and great sites like this. Any help appreciated.
Regards
Angela

I suggest doing a few searches. But sometimes your "gut feeling" can tell a lot.

What was the $1,200 for ? OH.. its in £ !!!

[Cookie]

Morning ABC Diamond
the money was to build a profile of where they can save us money on pensions and savings. This company suggested that our childrens savings may be taxed at 63% upon entering Oz also that we may be means tested for our pension. Although he didnt mention a threshold figure. He was quite vague. He also had concerns with our endowments in this country which are due to mature in 6 yrs. He seeemed to think that we had left everything till the last minute even though we are not leaving till March 06. Thanks for you help in this matter - we are terified now!!!
Angela

[ABCDiamond]

Angela

If you are referring to the Government aged pension here in Australia

also that we may be means tested for our pension

The Australian Government aged pension is means tested for everyone, but you aren't eligible for it until you have been here for 10 years (cumulative total)

With the endowments it can take time for Insurance companies to do things, unfortunately I know vey little about that aspect, even though I was involved in the Insurance industry many years ago. If you keep them, you will be taxed "annually" on any growth by the ATO. I have heard that some people have cashed them in, in preference to keeping them, but for some it can be worth keeping.

childrens savings may be taxed at 63% upon entering Oz

If this is just money being brought into Australia, then it shouldn't be taxed, unless there is something peculiar about it. ie: My daughter had a UK savings account, but no tax is payble on bringing it into Australia. However, if it is in special investments that are tax free in the UK but not tax free here, then the interest will be taxed even if it is still left in the UK, and at a high rate.

If it was me, I would get all the details down on paper, and ask the Australian Tax Office for their opinion. You can always use a friends name and address, if you don't want to advertise your details to the ATO yet. ;)

On the face of it, I feel that £1200 does seem a high figure, but I have nothing to compare it against. And your situation may be such that it is OK.

I have heard some good reports about:
Alan Collett - http://www.collettandco.co.uk

It may be worth a 2nd opinion before you decide who to use ?
If nothing else, you can get some free fact sheets from his website: http://www.collettandco.co.uk/factsheet.cfm

But remember, I have not used either, and only offer this as an option to check out.

[Cookie]

ABC Diamond
thanks for all that info, will try the web site for more.
Angela

[ironmaggi]

we went to the taxation talk at the recent expo [I think by Global Destiny] and chatted to 3 different advisors about moving our pensions and all sorts of different savings plans. They were all helpful but 2 out of 3 wanted money upfront to build your profile and then more when you needed to transfer. We ended up having a [free!] meeting with the Australian Financial Services who we then paid to have a report done [still no where near as much as yours] which will advise what to do with everything. It's the pensions that cost loads to transfer - we have four and I think our total for everything together was less than £1000. PM me if you want more details!