Bridgecorp legal tussle looms
Bridgecorp investors will meet in the coming weeks to discuss taking legal action against their financial advisers and the failed investment company.
According to New Zealand wire services, Kapiti Coast sharebroker Chris Lee and Christchurch lawyer Grant Cameron are to meet with Bridgecorp investors in Auckland on October 25 to discuss the matter.
The meeting is being organised by the recently launched Exposing Unacceptable Financial Advice group, which claims to be working to protect mum and dad investors.
As previously reported on moneymanagement.com.au (http://www.moneymanagement.com.au/Articles/iBridgecorpi-falls-down_0c04…), some 18,000 debenture holders were affected by the collapse of Bridgecorp, with around $470 million owed to debenture stock investors and $30 million to unsecured lenders.
Recommended for you
A quarter of advisers who commenced on the FAR within the last two years have already switched licensees or practices, adding validity to practice owners’ professional year (PY) concerns.
Integrated wealth and financial services group Rethink has launched a financial planning arm called Rethink Wealth to expand beyond property investing and into holistic wealth management.
While adviser numbers continue to slowly creep back up, the latest Wealth Data analysis reveals they would actually be in the green for the calendar year if it weren’t for so many losses in the limited advice space.
Iress has appointed a chief AI officer to spearhead the fintech’s strategic focus on AI, with chief executive Marcus Price describing how the technology opens the doors to a “new frontier for wealth advice”.
