Advice firms try to claim outstanding Trio Capital commissions
A number of financial planning firms have been named as unsecured creditors of failed investment manager Trio Capital.
The New South Wales based advice groups have made claims regarding outstanding commission payments they believe they are owed for recommending Trio Capital products – which subsequently resulted in significant client losses.
Administrator PPB compiled the creditors’ report. A spokesperson for PPB confirmed New South Wales advice firms Dominion Admin Services and Wealthy and Wise Lifestyle Financial Planning have filed claims for $60,000 and $44,000 respectively.
An advice firm called Kilara Financial Solutions has also made a claim for $60,000, but Kilara partner Malcolm McLean said the claim related to investment management fees, and not commissions for advice.
A further $31,000 is owed to unnamed advice firms.
Trio’s Australian auditors WHK Financial Services made a claim for $194,000.
A spokesperson for PPB said the administrator had not, and would not, adjudicate on proofs of debt from the investment managers and advice groups, as there was “absolutely no likelihood” of a dividend to any creditors of Trio Capital.
Recommended for you
An adviser has received a written reprimand from the Financial Services and Credit Panel after failing to meet his CPD requirements, the panel’s first action since June.
AMP has reported a 61 per cent rise in inflows to its platform, with net cash flow passing $1 billion for the quarter, but superannuation fell back into outflows.
Those large AFSLs are among the groups experiencing the most adviser growth, indicating they are ready to expand following a period of transition and stabilisation after the Hayne royal commission.
The industry can expect to see more partnerships in the retirement income space in the future, enabling firms to progress their innovation, according to a panel.
