Certified Financial Planner Malcolm Eves will answer your money and investment questions. The replies are general and should not be taken as specific advice. Neither Malcolm Eves nor Eastern Asset Management Limited take any responsibility for any loss incurred by any individual should they use comments in the 'Knowledge Base' section of this website as personal advice to them.
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21 November 2007
Question
We have recently sold a business and have retired to Hawke’s Bays sunshine where we have bought a house that should suit us for some years ahead. (Ages 63 and 61). We have a small ski lodge in Turangi which we will keep for family reasons. We have over $1 million to invest and would like your comments on what we have been recommended plus some answers to questions we have. Our bank has been chasing us hard to invest with them because they know we have money in our account on call and we have taken some advice from them. A lot of the investments were term deposits and funds the bank offers. We saw a sharebroker who gave us a list of companies that they recommend and we liked the sound of some of their recommendations but are unsure of the share markets, having never before bought shares. They also recommended bonds for 40% of the investments. Is the 60/40 split about right for us or is that too risky? Is it a good time to be investing money in shares now or do you think we should be wait because the outlook doesn’t sound good. We are getting 8.55% on a quarterly deposit rollover and we are afraid of finance company failures too. We told the bank and broker that we wanted to have a minimum of $65,000 pa income with sometimes the ability to take a lump sum for trips.
Planners Response>>>
7 November 2007
Question
I recently started a KiwiSaver account with an investment adviser and completed an application form to go with ING as my provider. I am assured that my application is held by ING and deductions have already been taken out of my wages by my employer for some time. Now the IRD have sent me a letter saying that they have placed my investment with AMP. I am mad about this because I didn’t want to have them. How can I change this?
Planners Response>>>
22 October 2007
Question
My late husband and I developed good assets over many years. We had a farm and were freehold. From the time we sold our farm 8 years ago we owned a commercial property plus we have had our freehold home until not long ago. I was recently suddenly widowed and I sold the house we were in straight after my husband died because I didn’t want to stay in that house with the memories. I bought another house but now have a $55,000 mortgage as I lent this money to one of our sons. He needed money to put into his business in Wellington so I borrowed on this new house. I don’t have any agreement with him, it is verbal but although I can afford the mortgage I am worried. He wants to marry his girlfriend, someone we both thought was not suitable for him. Now it’s difficult to talk to him as he is distant following his fathers death and I don’t think his business is doing that well. I am fearful that things might go bad for my son and am wondering what to do about securing the investment. It is a touchy subject now, his fianc� interferes with me talking to him. I am not sure what I should do now and I if I ask for the money back I fear I might lose my son too.
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