Willmott growers asked to reinvest
The Willmott Action Group has asked investors in floundering Willmott Forests managed investment schemes to give consideration to reinvesting in the schemes and replacing the responsible entity.
The proposed new strategy aims to get investors' trees back on track in terms of their care and maintenance, and seeks to restore the original investment decision, according to a letter to investors from the Willmott Action Group.
The proposal would require altering the constitution of the various project schemes to allow maintenance to be paid annually rather than at the end of the project, with an anticipated annual cost of around $75 per woodlot.
The group's proposed changes also included changing the responsible entity away from PPB advisory, although no replacement entity has yet been named.
The changes would also require a one-off project re-establishment fee of $150 per woodlot to provide cashflow to allow the changes to occur and for your trees to be professionally managed; would provide an exit mechanism to allow growers to sell their woodlots at a future time after the schemes have been reconstituted; and would provide a mechanism where growers are formally and legally represented as an advisory committee to the new responsible entity.
The proposed changes to the scheme would require the support of a minimum of 50 per cent of growers by woodlots, the group stated.
"We need to know how many of you are prepared to spend money now to get the strategy in place," the letter stated.
"Please note we are not asking for money now, however, if the survey results are positive we will be asking for money within the next 45 days."
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
