Former Suncorp adviser banned
The Australian Securities and Investments Commission (ASIC) has banned former Suncorp financial services adviser, Gerald Grubwinkler, for four years for failing to act in his clients’ best interests when providing advice on superannuation and insurance between 2009 and 2016.
Grubwinkler was subsequently an authorised representative of Matrix Planning Solutions from May, 2016 to September, 2017 and Clearview Financial Advice from September, 2017 to January, 2018.
ASIC found that Grubwinkler did not adequately identify the subject of the advice sought by his clients, did not make reasonable enquiries into his clients’ relevant circumstances and did not adequately investigate alternative products and strategies.
He also failed to provide a Statement of Advice (SOA) to recommending the establishment of a self-managed superannuation fund (SMSF).
According to ASIC, Grubwinkler had the right to appeal to the Administrative Appeals Tribunal (AAT) for a review of its decision.
AUTHOR
Oksana Patron
Recommended for you
BT is to launch a new low-cost “Focus” investment menu for its Panorama platform this October, in partnership with Vanguard, seeking to compete with industry superannuation funds.
Net gains of financial advisers have already doubled since the start of FY25, according to this week’s Padua Wealth Data, with momentum gathering pace far faster than the previous financial year.
National advice firm MiQ Private Wealth has appointed a new chief executive to lead the business through a “transformative era” after penning a partnership deal with AZ NGA earlier this month.
WT Financial’s managing director, Keith Cullen, believes the firm’s Hubco model with Merchant Wealth Partners will be a “repeatable growth model” for the business as it scales its adviser numbers.
