Storm Financial offshoot to be wound up in Federal Court
A financial planning offshoot of Storm Financial, Victorian Families Retirement and Investment Group, will appear in the Federal Court in Brisbane today.
Money Management understands the financial planning group, which was placed into liquidation last month, will be formally wound up.
A statement from Worrells Solvency and Forensic Accountants last month said Victorian Families has many clients on its books and at least $41 million in assets under management.
The financial planning group ceased providing advice to its clients in February when its directors came under pressure as a result of their involvement with Storm.
There have been concerns that clients of Victorian Families may have a basis for legal action against the group. Korda Mentha — the receivers of Storm Financial appointed by the Commonwealth Bank of Australia — declined to take control of Victorian Families for this reason.
Recommended for you
With Fortnum Private Wealth and Professional Financial Services now unified under the Entireti umbrella company, CEO Neil Younger has detailed to Money Management the firm’s new direction and future expansion.
The FAAA has suggested looking offshore for overseas financial advisers to ease the adviser shortage, but are employers willing to take on the burden of workplace visas?
There may be a huge influx of alternatives coming to the market, but timing and access difficulties mean advisers can easily end up disappointed with their selection, according to Morningstar global CIO Dan Kemp.
An NSW individual has pleaded guilty to one criminal charge of providing unlicensed financial services after promoting crypto investments at national seminars.