AAA planners may flock to Suncorp
Suncorp-owned dealer group Guardian Advice is set to provide refuge to a few AAA Financial Intelligence authorised representatives.
Suncorp's spokesperson confirmed to Money Management that, while Guardian Advice had not yet signed any AAA planners on, it is definitely in talks with a "number of high quality advisers from the dealer group".
AAA Financial Intelligence and AAA Shares had their licenses recently cancelled by the Australian Securities and Investments Commission (ASIC), after a two-year surveillance of the business.
ASIC Commissioner Peter Kell said the licensee had an "appalling record" which placed at risk the advice provided to retail clients.
ASIC claims AAA Financial Intelligence failed to put proper compliance and human resources systems in place, and failed to properly train its advisers.
Money Management understands Guardian's move is in line with the dealer group's strategy to drastically increase its adviser numbers.
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