PIS reviewing MIS exposure: media report
The Australian Financial Review (AFR) is reporting that Professional Investment Services (PIS) is reviewing the recommendation of all managed investment schemes (MIS) following the collapse of Timbercorp and Great Southern.
The AFR reports in its Street Talk section that the only MIS investments now back on the dealer group’s approved product list are Forest Enterprises Australia, Gunns and Perth-based TFS. The AFR reports that other companies under review include Willmott Forests, Macquarie, Almond Investments and Olive Growers Australia.
The paper reports that the MIS’ allowed back onto the list were those that could prove they could carry on a business without the support provided by MIS sales.
The AFR also reported today that PIS is flying 70 to 80 of its advisers to its head office in Queensland to discuss the structure of the business in the wake of the two MIS operators.
The AFR said PIS managing director Grahame Evans confirmed that the group would discuss certain issues including commission versus fee arrangements for its planners.
Money Management contacted PIS for a response to the article but none was received at the time of publication.
Recommended for you
ASIC has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
Count Gold Coast, an equity partner of Count, has entered into binding agreements to acquire clients of two accounting businesses, providing new opportunities for its financial advisers.
With wealth management M&A appetite only growing stronger, Business Health has outlined the major considerations for buyers and sellers to prevent unintended misalignment between the parties.
