James, what are your thoughts on Hybrids & restrictions?
Question on Hybrids I note restrictions in place on reinvesting into new hybrids as an existing hybrid matures seem quite onerous for retail investors. The major sticking point for me is the requirement to have received personal advice from a licenced professional advisor. Can you give me an idea how much this advice is likely to cost? I know that will depend on my circumstances but anything more than a negligible sum would probably prelude rolling over the old hybrid to the new one. Seems a crazy situation for both advisors and the advised! I note that with the change in ANZ Bank structure recently all the banks hybrids have been renamed ANZPG changed to AN3PG. The resultant December quarterly Calculations of distributions announcements for each hybrid due for payment in March are not listed on the Commsec website. Will this be rectified for the next quarterly payments or can you suggest a more reliable site that I can access to find this info for the future? I note also that AN3PF is noted on the shaw and partners daily Hybrid Rate Sheet as "<90 days to call no franking eligibility" What is the reason for this non eligibility? Does this apply just to AN3PF or is it likely be the same for all other ANZ Hybrids or indeed all bank hybrids nearing maturity? As a currently self advised private investor I greatly appreciated all that the Market Matters website has to offer and also the daily Hybrid rate sheet. The higher rates on offer via Hybrids do provide a much better return than CBA pays SMSF's on savings account. Indeed I struggle to understand why Banks treat SMSFs as a business account and pay substantially lower rates than personal accounts. I guess its profit driven and my loyalty to my existing bank now non existent.as a result Thanking you in advance
