AAA planners may flock to Suncorp
Suncorp-owned dealer group Guardian Advice is set to provide refuge to a few AAA Financial Intelligence authorised representatives.
Suncorp's spokesperson confirmed to Money Management that, while Guardian Advice had not yet signed any AAA planners on, it is definitely in talks with a "number of high quality advisers from the dealer group".
AAA Financial Intelligence and AAA Shares had their licenses recently cancelled by the Australian Securities and Investments Commission (ASIC), after a two-year surveillance of the business.
ASIC Commissioner Peter Kell said the licensee had an "appalling record" which placed at risk the advice provided to retail clients.
ASIC claims AAA Financial Intelligence failed to put proper compliance and human resources systems in place, and failed to properly train its advisers.
Money Management understands Guardian's move is in line with the dealer group's strategy to drastically increase its adviser numbers.
Recommended for you
Net cash flow on AMP’s platforms saw a substantial jump in the last quarter to $740 million, while its new digital advice offering boosted flows to superannuation and investment.
Insignia Financial has provided an update on the status of its private equity bidders as an initial six-week due diligence period comes to an end.
A judge has detailed how individuals lent as much as $1.1 million each to former financial adviser Anthony Del Vecchio, only learning when they contacted his employer that nothing had ever been invested.
Having rejected the possibility of an IPO, Mason Stevens’ CEO details why the wealth platform went down the PE route and how it intends to accelerate its growth ambitions in financial advice.
