ASIC takes Advanced Wealth Financial to court
The Australian Securities and Investment Commission (ASIC) has taken court action against Richard Gardner, a former financial adviser, and Advanced Wealth Financial Services for providing financial services with no licence.
According to the regulator, Gardner provided recommendations to his clients to establish a self-managed superannuation fund (SMSF) in order to buy newly constructed investment properties.
He also recommended specific properties for development as well as specific developers or builders to construct those investment properties.
At the same time, Gardner was said to have received substantial commissions from the builders and developers, ASIC said.
Advanced Wealth Financial was not licenced to provide financial services, but only credit services.
The matter would be heard in the Supreme Court in Brisbane in February while ASIC would continue its investigation.
AUTHOR
Oksana Patron
Recommended for you
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.
Morningstar has made two business development appointments to drive the growth strategy of its financial advice software, AdviserLogic.
