Sydney-based financial planning firm enters into liquidation
Sydney-based financial planning firm Jade Private Wealth has entered into receivership.
The firm was placed into liquidation on 8 May, 2019 and Adam Prienier of O’Brien Palmer was appointed as a liquidator. Gayle Dickerson and Stephen Vaughan of KPMG were subsequently appointed as agents for the mortgagee in possession in relation to the secured property of the company.
Creditors were advised to contact the liquidators if they had any outstanding payments due from the business.
The business was an authorised representative of MyPlanner Australia.
In December 2017, MyPlanner adviser, and latterly Jade Wealth director, James Fraser was subject to an enforceable undertaking by the Australian Securities and Investments Commission (ASIC) after failing to act in the best interest of clients.
This meant he was unable to provide financial services for at least two years and was required to complete self-managed super funds training.
However, Money Management understood he had still been dealing with clients in recent months.
The firm, based in Cronulla, Sydney, offered services including retirement planning advice, financial management, wealth protection and estate planning.
AUTHOR
Laura Dew
Recommended for you
The Reserve Bank of Australia (RBA) has lowered rates to a level not seen since mid-2023.
Financial Services Minister Stephen Jones has shared further details on the second tranche of the Delivering Better Financial Outcomes reforms including modernising best interests duty and reforming Statements of Advice.
The Federal Court has found a company director guilty of operating unregistered managed investment schemes and carrying on a financial services business without holding an AFSL.
The Governance Institute has said ASIC’s governance arrangements are no longer “fit for purpose” in a time when financial markets are quickly innovating and cyber crime becomes a threat.
