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Austen Morris Associates - All sales, no management. As a result: you WILL LOSE money.

  • by   Nov 27, 2013
  • 4 comments
  • Review #: 460388
Company Austen Morris Associates
Product / Service Investment Plans
Category Brokerage and Brokers
Views 221
Monetary Loss
$50000
 

I am pissed at Austen Morris Associates #AMA for deceveing their clients. They lie and will make you lose money in most cases unless you are lucky.

Their sell you some "retirement planning" or other savings plans telling you they will manage it for you and that is a lie. They have no financial analysts. Just sales people like a car dealership. And because they make their commission for selling the product, not for managing it, they have no incentive to perform and as a result, they couldn't care less about your performance. My portfolio is down 10% with them after 10 years ! And I know a lot of their clients. Not ONE of them is actually up or just by a few percentage points after many years. How do you explain that ? Well you can't ! Especially if you consider the bonuses given by the plans you invest into. That also explains why sometimes you end up being invested in real bad funds. Look at the list of funds available and see how some really *** choices were made. They pretend to manage your funds by calling you or sending you recommendations every 3-6 months. But these are fakes and their recommandations are poor because they do not have any analyst. Put yourself in their shoes. Why would you care since you already got the commission and will not get more for managing ?

STAY AWAY from AUSTEN MORRIS ASSOCIATES and all companies selling the same deceiving investments. You WILL LOSE MONEY you actually need for your kids education or for your retirement.
Also notice how they only operate in countries with no laws to protect investors from such deception. 305fdbe

 
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Dec 31, 2013 
Having worked at Austin Morris Financial Advisor for a brief spell last year I can tell you it really is a scam.

For example. Say you have 20,000 saved and you are looking to make a lump-sum investment. The Advisor will make hardly any commission off that.

Rather the training advised that you instead take out a 25 year plan and drop 1,111 per month over 18 months (the lock in period) equalling the same 20,000 in total investments and a much larger commission, some 5X bigger. Of course, it's horrible for the client, who don't usually figure it out until YEARS later.

Sad.
Reply to Scam-artists

Dec 01, 2013 
I actually spent a short time at Austen Morris Associates a few years back and frankly, this post is very mild compared with the *** that actually goes on.

These guys are nothing short of criminal, they actively encourage (and reward) their salesmen to mis-sell. Qualifications? Not required! Austen Morris are the worst IFA (and I use that term very loosely) in Shanghai by far and rival anything Devere have done.

During my time the *** was to put single premiums into 25 year contacts. They simply divided the premium by 18, made that the monthly commitment, then made the plan paid up 18 months later. If the customer was lucky, they would sign him up for another one at that time.

I hear the current fav is to use capital platforms to churn the *** out of clients via transaction fees. T

Consumers should be warned about companies like Austen Morris because they give everyone a bad name and they are destroying peoples lives. Anyone commenting on here who works or has worked for Austen Morris and disagrees is full of it.


Reply to China no more

Nov 27, 2013 
I am lucky enough to have been in financial services for many years and have now retired from the industry. This now allows me to present my views without the fear of retribution against my old company. Ann_Phillipe, the author of all this nonsense is a very upset man because his wife was caught having sexual liaisons with a financial adviser. The actual adviser is a very close friend of mind and still works in China. I am fully aware of the name of the poster and will consider releasing his name unless the comments on this site are kept factual because most of what is on this blog is trash. Please see the below post made earlier this year,


Dave
Aug 17
Hamilton, it's obvious you know who this ann-phillipe is, it's time to name and shame and then all of us will know. A lot of his original post is factually rubbish as well, nice to see AMA in the spot light for a change, sorry guys :)
Reply

Bluegreen
Aug 17
Hamilton please don't release ann_Philippe's real name, this would be entirely unfair on his wife and will cause problems. Not good either if these other IFA companies get his name, you must know that.
Reply

HAMILTON
Aug 14
Here we go again, ann_Philippe bashing the whole financial industry whether it is Manila, China or elsewhere.

Take it out on the Adviser that slept with your wife, not the entire
... Show more
Reply to Geiliete

Dec 03, 2013 
Get a clue...this posting has nothing to do with Ann_Philippe...is it possible to have a genuine complaint against AMA?
Reply to Anonymous
 

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