Ex-adviser banned for three years
Former financial adviser Nathan Smith has been banned by the corporate regulator for three years after failing to provide appropriate advice that was in the best interests of clients.
The Australian Securities and Investments Commission (ASIC) said Brisbane-based Smith did not consider his clients’ existing products when making recommendations to switch products and did not align recommended investment strategies with client risk profiles.
“He also failed to properly disclose in advice documents all the costs and significant consequences of switching products,” ASIC said.
“Smith did not provide clients with fee disclosure statements within the 60 day statutory timeframe and he failed to provide compliant renewal notices in relation to ongoing fee arrangements.”
Smith had been a financial adviser since 2010 and was authorised by a number of Australian financial services licensees.
His misconduct occurred during the time he was an authorised representative of MyPlanner Professional Services and Total Financial Solutions Australia.
Recommended for you
A NSW-based adviser has been banned from providing financial services for five years for inappropriate advice and the AFSL of his business has been cancelled by ASIC.
The introduction of Rhombus Advisory has caused a shift in the top advice licensees as Insignia separates its advice business into two channels.
Given the clear divergence between the cost of financial advice and clients’ willingness to pay, two experts explore how advisers can transform the way they convey value to potential clients.
Nearly 18 months since Invest Blue adopted its nine-day fortnight structure to support employee wellbeing, the national advice firm has enjoyed positive results across all metrics.
