Adviser banned for life
The Australian Securities and Investments Commission (ASIC) has banned a Canberra financial adviser for life.
Warren John Aitken was found by the securities watchdog to have made recommendations to clients about investments that Digman Gisz Financial Planners, of which he was an authorised representative, had not endorsed, nor knew about.
While Aitken was representative of Digman (later to become Futures Financial Group), he purchased units for his clients in a unit trust that funded a ski lodge development at Perisher Valley in NSW. Aitken carried out the purchases in association with another company, Laseron Custodians.
And in a separate incident, ASIC found that Aitken had transferred around $300,000 from superannuation funds of his clients without their authority.
Aitken is currently not representing any securities dealer, but ASIC's action in banning him for life was taken to prevent him from returning to the industry.
Recommended for you
The new financial year has got off to a strong start in adviser gains, helped by new entrants, after heavy losses sustained in June.
Michael McCorry, chief investment officer at BlackRock Australia, has detailed how investors are reconsidering their 60/40 portfolios as macro uncertainty highlight the benefits of liquid alternatives.
Having reset its market focus to high-net-worth advisers, Praemium’s administration solution has been selected by Bell Potter in a deal that increases the platform's funds under administration by $6 billion.
High transition rates from financial advisers have helped Netwealth’s funds under administration rise by $3.7 billion in the fourth quarter of FY25.
