Ex-adviser banned for three years


Former financial adviser Nathan Smith has been banned by the corporate regulator for three years after failing to provide appropriate advice that was in the best interests of clients.
The Australian Securities and Investments Commission (ASIC) said Brisbane-based Smith did not consider his clients’ existing products when making recommendations to switch products and did not align recommended investment strategies with client risk profiles.
“He also failed to properly disclose in advice documents all the costs and significant consequences of switching products,” ASIC said.
“Smith did not provide clients with fee disclosure statements within the 60 day statutory timeframe and he failed to provide compliant renewal notices in relation to ongoing fee arrangements.”
Smith had been a financial adviser since 2010 and was authorised by a number of Australian financial services licensees.
His misconduct occurred during the time he was an authorised representative of MyPlanner Professional Services and Total Financial Solutions Australia.
Recommended for you
A financial advice firm has been penalised $11 million in the Federal Court for providing ‘cookie cutter advice’ to its clients and breaching conflicted remuneration rules.
Insignia Financial has experienced total quarterly net outflows of $1.8 billion as a result of client rebalancing, while its multi-asset flows halved from the prior quarter.
Prime Financial is looking to shed its “sleeping giant” reputation with larger M&A transactions going forward, having agreed to acquire research firm Lincoln Indicators.
An affiliate of Pinnacle Investment Management has expanded its reach with a London office as the fund manager seeks to grow its overseas distribution into the UK and Europe.