Sydney-based financial planning firm enters into liquidation

liquidation financial planning firm Jade private wealth Adam Prienier Gayle Dickerson Stephen Vaughan KPMG myplanner Australia James Fraser enforceable undertaking EU ASIC the Australian Securities and Investments Commission best interest of clients self-managed super funds super funds superannuation funds

19 July 2019
| By Laura Dew |
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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.

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