ING funds were frozen in March last year after being hit by the credit crisis.
About 8000 investors were unable to access more than $500 million of their funds.
A protest group called Frozen Funds has been calling for a total product recall of the two funds.
Many were put into the funds by staff of the ANZ's financial advisory network, who, courtesy of the ING link-up, enthusiastically marketed the funds.
ANZ owns 50% of ING in New Zealand.
Mr Myles said the funds had plummeted in value once ING rerated the units, down to 23c and 19c respectively from the original $1 value.
The latest offer was for 60c and 62c respectively.
It would cost ING and ANZ about $400 million.
Although the losses to most unit holders were tax deductible, investors faced some hard decisions about whether to accept the now revised offer, he said.
"The previous offer is off the table.
The added twist to this offer is that if investors put the money into an ANZ cash account, ANZ will pay 8.3% a year, compounded on a monthly basis for up to five years.
"It's clear ING and ANZ want to move on. The issue has been hanging around for several months. They are keen to deal with it."
Making the decision would depend on the circumstances of an individual, Mr Myles said.
Those who were advised by an ANZ staff member to make the ING investment rather than a bank deposit would consider different issues than someone who worked through an independent adviser and had ING as a small part of their portfolio.
"Our view is that before people rush to take up the offer or reject it, people need to get some advice.
If they don't consider the issues appropriately, investors run the risk of not making the right choices," Mr Myles said.
Myles Wealth Management had no clients in either fund.
