The ex-Vestar business is being passed around faster than a ticking pass-the-parcel at an Iraqi birthday party.

This time (more…)

In a response today to the “Gould letter to Vestar clients” article (http://www.vov.co.nz/?p=3), JM left the following comment…

I am also a victim of Vestar. I am not sure what I should be doing and who to turn to. Do I sign with Gould or transfer all our investments with Vestar to some other advisor? But who? I would love to hear what others have decided to do.

What have YOU decided to do?

Please leave a reply below and let us know what your decision is and the reasons for that decision. If we collectively share our intentions, it will be most helpful for those who are currently trying to reach a decision. So come on, what have you decided to do…

I thought long and hard before deciding to publish this article. We’re not here to endorse financial planners but Gareth Morgan makes some very good points. Besides, I regard him as one of the good guys. But to all the other financial planners out there, if you have nothing to contribute to the dialogue and you’re just touting for business like some who’ve contacted us, don’t bother. [Victims of Vestar]

Dr Gareth Morgan is dismayed at the way some players are still treating Vestar investors. Gareth Morgan Investments has been taking over portfolios of Vestar clients and not charging any fees at all on the investments that are currently suspended or of doubtful value.

“I found the statement attributed to Vestar bidder George Gould an indictment on how financial advisers treat their clients”.
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Victims of Vestar, did you receive a letter from Gould Holdings Ltd earlier this month? Not all investors received the letter and I know some of you are curious about its contents.

Click the following link to read the letter now, or right click and select “Save Target As…” to download it to your computer: Gould letter (PDF, 1.05 MB). This is a large file so if you’re on dial-up it might take a while.

Dated 5 June 2008, the letter says that Gould Wealth Management Ltd has entered into a conditional contract with Vestar to buy their investment advisory business. They want us to agree to a new portfolio management agreement with Gould Wealth Management on identical terms and conditions as our current Vestar contract, but with a fee concession. More on that in a moment.
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