<table
The Geelong-based financial planning firm closely associ ated with the principals of Storm Financial, Victorian Families Retirement & Invest ment Group, has written to clients informing them that it cannot provide financial advice because it does not have any advisers.
In a letter dated February 12, the firms stated: “We regrettably write to inform all our loyal clients that due to circumstances beyond our control, we currently do not have an adviser available to provide any financial advice to our clients.”
However, the letter went on to say: “As such, we are working quickly towards rebuilding our advisory staff and hope to be back in a posi tion to provide financial advice to our clients very soon. We expect this may take us 30 days to resolve. This means that we are unable to provide you with any advice or recommenda tions at this time.”
Dispatch of the letter appears to have coincided with the publication of a news story in Money Management revealing the links between the Geelong firm and Storm Financial and naming the Storm principals as being among the authorised repre sentatives. That story was fol lowed by reports in other publications suggesting that the firm is up for sale.
Those reports also claimed that despite Storm founders Julie Cassamatis, Emmanuel Cassamatis and George Cas samatis being listed as autho rised representatives of Vic torian Families, none are actively advising at the group.
The firm’s letter to clients suggests that if they need urgent financial advice, they should contact the “Financial Planners Association” [sic] and that “the FPA will pro vide you with contact details of an independent financial planner in your local area”.
The letter also contains a special note in relation to the Challenger withdrawal win dow for a range of Challenger funds.
“To all those clients who hold funds within the above mentioned Challenger prod ucts and have received com munication from either Chal lenger directly or via their platform fund manager such as Navigator/Aviva, Synergy or Asgard in relation to this withdrawal window, we are unable to provide any advice or recommendations in relation to this matter, and suggest you consider the following options:
(a) proceed or decline on the withdrawal offering, under your own decision to do so, and instruct accord ingly directly with either Challenger or your platform fund manager prior to the window closing date noted below;
(b) contact the FPA and the FPA will assist you in finding an alternative adviser in your local area;
(c) directly contact an alternative adviser in your local area.”
The letter finishes on the note, “We sincerely apologise for any inconvenience this temporary issue may cause and we will be in touch with you as soon as possible to keep you updated on our position”.
