Victorian financial planner permanently banned


The Australian Securities and Investments Commission (ASIC) has permanently banned Victorian financial planner, Ahmed Saad of Glenroy, from providing financial services for dishonestly obtaining money from retail superannuation fund accounts for the purposes of operating a scheme providing clients with illegally early access to their superannuation.
The banning followed ASIC’s investigation into Saad’s conduct as an authorised representative of Apogee Financial Planning and through his business Saad Wealth Management, between October 2016 and September 2017, which found that he had breached financial services laws by:
- Engaging in dishonest conduct on approximately 164 separate occasions illegally obtaining funds from client superannuation accounts for a total of $1.4 million from Nulis Nominees Australia
- Engaging in misleading and deceptive conduct by falsifying figures and details in client statements of advice and adviser remuneration fee forms
- Failing to act in the best interests of his clients and not providing them with appropriate advice
Saad, who according to ASIC “was not of good fame and character”, has the right to lodge an application for review with the Administrative Appeals Tribunal (AAT).
Recommended for you
ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test.
Quarterly Wealth Data analysis has uncovered positive improvements in financial adviser numbers compared with losses in the prior corresponding period.
Holding portfolios that are too complex or personalised can be a detractor for acquirers of financial advice firms as they require too much effort to maintain post-acquisition.
As the financial advice profession continues to wait on further DBFO legislation, industry commentators have encouraged advisers to act now in driving practice efficiency.