Advisers, lawyers postpone Willmott Forests meeting
A Melbourne law firm has assisted financial planners in postponing a meeting of Willmott Forests grower investors after the administrator failed to properly notify grower investors.
The meeting was scheduled to be held on Wednesday this week, but according to Clarendon Lawyers director Mark Bland, the administrator, A. T. Fernandez, did not serve notices of the meeting to growers, only other creditors.
Bland said that left many growers unaware of the meeting, at which the administrator would either be retained or replaced and at which a committee of creditors would be formed.
Bland and fellow Clarendon director Dan Mackay said financial advisers had “rallied their grower clients” and fought to have the meeting adjourned until investors were able to be properly notified of the meeting.
Bland and Mackay said this was one example of the “critical ongoing role of advisers”.
“The efforts of certain financial planners to protect the value of their clients in [distressed investments] does credit to the financial planning industry,” the pair said.
Bland and Mackay said it is part of an adviser’s “ongoing obligation to actively seek to protect their clients’ interests in distressed investments and facilitate investors exercising their right to influence the management of their investments.”
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
