My experience with Philco Financial Strategies was NOT a good one. I was referred by a work colleague and met with Phil himself at our home and had a meeting at their office two weeks later. Both meetings were a total waste of time. With Phil you never get a genuine two way conversation. He doesn't make any attempt to find out your level of financial literacy. He simply talks at you for hours on end giving you a very polished sales pitch. I get the feeling his company is looking for uneducated and unsophisticated investors who will sign on the dotted line without question. All the hallmarks of high pressure sales were there. * VERY limited detail *Promises of NO cost to you *Promises the 'Bank' will verify his figures *Promises of overseas holidays and referral bonuses *Exaggerated property growth rates...
Our meeting at his office was supposed to be one where the 'detail' would be provided as we'd been pressured to provide all our financial details within a strict time frame to show we were serious. I went in with the attitude that if there was a detailed plan based on our financial situation then their service sells itself. However this was simply another 60 minute sales pitch with specific tailored information what so ever. The closest suburb to the one recommended had 3.5% growth per year for 5 years yet he wasted our time showing us 8% figures. On a side note our surname was incorrectly spelled on their presentation material and their projection figures were WRONG and had to be corrected half way through the presentation.
I hope this information helps future clients to properly vet this company.
The worst part.... Although we informed them of my wife's superannuation fund from the very first contact, they failed to research and find out she is in a defined benefit fund that DID NOT allow the balance to be transferred to a SMSF. So from the get go this was a total waste of time as my super balance alone would not suffice.
Asking Phil questions is difficult as his answers are rambling and he falls into well trodden rehearsed answers.
Toward the end of the office meeting when he requested a refundable $440 commitment, I requested a fortnight to think about it and was met with a response that I could have 5 minutes... This was enough for me to say GOODBYE.