-'Not there to protect you'

Clinton Vandenberg was 23 when Queensland's Public Trustee office was appointed to manage his finances. He'd received a $380,000 compensation payout after a car accident left him with a brain injury at the age of 14, and the agency was tasked with making sure that money lasted into his 60s.

Each year, Mr Vandenberg was charged for advice about how to invest his money. An external wealth management firm, Morgans, gave the advice which was the same strategy given to virtually every client under the Queensland public trustee: Invest the money in financial products managed by the public trustee office itself, earning it yet another management fee.

Lawyer Jeff Garrett describes it as a "huge conflict of interest".

"We don't know what the agreement is between the public trustee and Morgans but every advice that they give, with few exceptions, says that the assets (of clients) are to be liquidated and invested in one or all of those three funds held by the public trustee," he said.

After 17 years, Mr Vandenberg had the Public Trustee orders revoked. However, by then he had less than $1,500 left.

Mr Vandenberg needed to withdraw large amounts of money for the upkeep of his house and medical expenses. But the public trustee made the withdrawals at inopportune times which whittled his investment away to nothing.

Overall, he paid $72,000 in financial administration and asset management fees.

"They're not there to protect you. They're there to fill their own pockets. They're there to actually make money for themselves," he said.