Queensland adviser banned by ASIC for poor conduct
A Queensland financial adviser has been permanently banned by the Australian Securities and Investments Commission (ASIC) for lacking honesty, integrity and professionalism.
Totem Wealth sole director, James Carlos Reynolds, of Robina, Queensland was banned from providing financial services, controlling an entity that carries on a financial services business and performing any function involved in carrying on a financial services business.
Totem Wealth, where Reynolds was a sole director from 2017 until the time of banning, was an advisory firm that purported to offer ‘lifestyle’ financial advice.
But ASIC found his conduct lacked the “the honesty, integrity, professionalism and sound judgement expected of someone working in the financial services industry”.
His conduct indicated was not a fit and proper person to provide financial service or operate in any capacity within the industry, ASIC said.
He had the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.
The banning had been recorded on the Banned and Disqualified Persons Register.
AUTHOR
Laura Dew
Recommended for you
Far too few wealth managers are capitalising on the opportunity presented by disruptive technology to deliver personalised investment solutions to the mass affluent demographic, according to PwC.
With over half of advisers using managed accounts, HUB24’s head of managed portfolios has unpacked the benefits driving their usage and how they can be leveraged by advice practices.
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.
ASX-listed platforms HUB24, Netwealth, and Praemium have used their AGMs to detail how they are using artificial intelligence to improve their processes and the innovative opportunities it presents.
What was the conduct that lacked "honesty, integrity, professionalism and sound judgement"? Was it a spelling mistake in a Fee Disclosure Statement? ......Did he leave the $2,000 boat trailor off the Statement of Advice and therefore fail the best interest test? Why do so many trade publications just cut and paste ASIC statements?
That’s journalism today. Just cut and paste from twitter or where ever. No analysis, no nuance.
Just like financial planning.
Failing to recommend Industry Super and be a member of the Labor Party and generally not having the view and values associated with a good Socialist or Communist - clearly the FASEA re-education examination has not worked on this one - but I could be wrong.
What exactly did he do which caused ASIC to label him as someone lacking the expected "honesty, integrity, professionalism and sound judgement" ?
What were the alleged infractions that warranted such a banning?
I would guess he was flogging property off da plan. I derived these clues from the words, "lifestyle" and "totem"(maybe it included a double gearing strategy) as the only other course he did apart from the diploma of financial planning (2008) was the margin lending and geared investment (2015, current cost a whopping $250)
looks like he was one to really invest in his professional education. you would have had to be pretty awful and bad to get a permanent banning from ASIC. ASIC release also shows that he did not turn up for the hearing meaning guilty as charged.
even terry McMaster did not get a permanent ban. does anyone know where he is these days? am missing his posts, missing you Terry, make a comeback to "mentor us". the big nasty insurance companies and banks are thinking about making a comeback to financial planning and hoodwinking poor Aussies again.
also, Reynolds was at one time licensed by Dover and then by Westpac.
glad he is gone. good job ASkick.
I think you would be correct. Property developers (many on GC) partner with accountants /FPs. Each property you flog gets you circa $30k. Saw it only a couple of years ago. Big licensees don’t allow it but small and self license. Still aussies lap up property no matter how much they lose.
It would be interesting to know what travesty of justice occurred, just to make sure we who are left can guard against making the same mistake(s).
I'm sure ASIC will come out and tell us, sooner or later...
We need more information here. I notice his career shows Westpac, Dover and Interprac. I'd expect there to be some history with these firms to show how such a maximum sentence is warranted. The term "lifestyle" adviser keeps coming up, but how that relates is a mystery. In the interest of full disclosure more details please, ASIC.
he is a thief, stole money from clients.