Last week, Beacon managing director Peter Daly admitted he had planned a JV with the National Financial Advice Alliance (NFAA), a firm that went into liquidation last month with Linchpin Capital the largest unsecured creditor at $450,000 owed.
Mr Daly told ifa that NFAA had developed some very successful companies.
“My understanding was that they had offices all around Australia and up to 90 staff, so that’s why I’m talking about a proven success story,” he said.
“What I really liked about them and why I came to choosing them was they represented some dynamic individuals with diverse skills.”
But the most important factor behind the decision, according to Mr Daly, was that NFAA had access to “significant leads” that could he could present to new advisers Beacon wanted to bring on board.
While the initial results were exceptionally encouraging, Mr Daly said Beacon couldn’t “achieve the scale required to sustain the concept”.
“And so unfortunately the pilot was closed. That was basically the story,” he said.
Beacon advisers have come forward to ifa noting their fear of switching dealer groups after seeing how their fellow advisers who have exited were poorly treated.
Mr Daly confirmed that the Beacon conference in Adelaide next month is still on and that he will be attending. TAL and IOOF are sponsoring the event.
Hi, if anyone is a beacon adviser or has dealt with Peter, can you tell the public whether you borrowed money from the group and whether you were sold a book from the same place you borrowed the money. The one thing that we haven’t figured out yet is where the money that’s not being used on weddings parties divorces is how it is being used to grow businesses. If you are a new adviser and you have been lent money to buy a book and convert them into clients, I can understand how you may feel a bit exasperated by all this. There are 200+ ppl on the license and there are 20 million dollars maybe missing so if you wanna help ppl understand where the money went just write us a bit about your story.
It’s in the court submissions by asic, apply for them
You cant just borrow money from investors funds to pay for your daughters wedding as the ABC suggested! This should be a custodial offence surely. Some are saying the beacon planners have to consider legal action asap or else they wont see a cent and neither will their clients.
If Hillary Clinton can do it from her foundation, why cant everyone!
You’re just a basket of deplorables.
What were the proven successes?
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First AFS, and now Beacon, Daly is on a roll.
Beacon should have paid the FPA. If they did, Beacon could simply put out a press release and say “it’s not us it’s planners and we believe the solution is degrees and membership of the FPA”. The FPA could follow this up with a press release of support. Beacon would get off, FPA would have more members and we’d have FASEA . All simple really. If only they paid the FPA money.
Never heard more crap than this story. Clearly Daly’s lies have no bounds. How about supplying some evidence to back up that extraordinary statement! Otherwise it is nothing but a tall story !
Blasphemy!
The Greek God Dolos !
Mr Daly needs to stop playing with his imaginary friends who tell him he’s a wonderful and powerful leader in this industry. He clearly is in need of a new “backyard” to play in. http://www.abc.net.au/radionational/programs/backgroundbriefing/updated-the-talented-mr-daly/10282810
National Financial Advice Alliance Pty Ltd ACN 618 756 844
Registered 27 April 2017 (New Company)
$1.00 company – 99 shares
Brand new co: – No Profit and Loss, no Balance Sheet or guarantees other than the shares of the Company, No personal security ???
Approved by the lending committee of IIOF for $1.7 million on draw down.
Draws down $450,000 Dollars
In liquidation just over 12 Months
Daly’s quote above: –
“My understanding was that they had offices all around Australia and up to 90 staff, so that’s why I’m talking about a proven success story,” he said.
Obviously living in his glass menagerie, Due diligence was magnificent.
When is this narcissist going to learn to shut up. He truly believes in his own frog turd !!!
It will interesting what the liquidators find – ASIC should be proactive here and have a look
Another article about Peter Daly’s great acumen, reminds me of a quote from the Keynote speaker at the IFA Convention, Dr Rick Rigsby…… ‘Ego is the anaesthesia that deadens the pain of stupidity’
This guy is livid with lies, deceit and personal desires to feed his own coffers. He has no respect for any advisers other than rape the margins from their income streams and make it terribly difficult should they wish to separate themselves from his chains. He has made a litany of uneducated errors and will continue to do so. Ask him whether NFAA paid him a financial benefit ??? He loves clips as he has previously gloated!!!
Oh … ” The old ” they have offices all around Australia and up to 90 staff ” trick . Some people look at profitability Mr Daly .
Aha. So previously successful until Daly came on board? Bit like the prior successful planner created dealergroup, AFS, that he also became involved with?