Despite seeing his AR status under Libertas being terminated due to a racist Twitter tirade over the weekend, Retirement Wealth Advisers principal James Howarth had positive words for the self-licensed dealer group.
“Libertas are a fantastic organisation and I would recommend them to anyone,” Mr Howarth told ifa.
A report in the Courier-Mail also said that Mr Howarth was apologetic about his comments and was surprised that they were seen as anti-Semitic.
“I am honestly very sorry if anyone in the Jewish community was offended,” he told the Courier-Mail.
“My comments were directed at continued Government interference in the marketplace, one that the life insurance companies have convinced the Government that they are the victim of.”
Yesterday, Libertas managing director Mark Euvrard immediately terminated Mr Howarth’s AR status after he directed a slew of anti-Semitic comments against Assistant Treasurer Josh Frydenberg on Twitter.
He posted a series of tweets in which he calls Mr Frydenberg a “tinkering Jew” and a “central planning Jew” to his followers after the Assistant Treasurer released the Life Insurance Framework.
“It’s inappropriate and unacceptable and does not reflect the culture of our dealer group and appropriate action has been taken,” Mr Euvrard said yesterday.
“[Mr Howarth] has been served notice, terminating his [authorised representative status]. He now has to find a new dealer group”.
The ASIC Financial Advice Register said that Retirement Wealth Advisers also has AR status under Dover Financial Advisers.
However, when contacted by ifa, a Dover Financial Advisers spokesperson said the authorisation agreement had ceased.
ASIC confirmed that the arrangement had in in fact been halted at the end of February.
“ASIC Connect Search does show that Dover Financial Advisers did cease the authorisation for Mr Howarth to be its representative on 27/2/2015. His only current authorisation is for Libertas,” an ASIC spokesperson said.
“This is in conflict with the Financial Advice Register, which provides his authorisation is ongoing. This is the responsibility of Dover and we will take up this inconsistency with them shortly.”
In an email exchange with ifa, Mr Howarth also vented his ire at ASIC and the dealer group structure.
“I consider the rules around financial dealer groups as very conflicted. Dealer groups are a body that essentially act like ASIC but takes up to 30 per cent of the costs for doing essentially nothing (that an auditor does not also do),” Mr Howarth wrote.
“So the effect is that the adviser has to pander to the bank/dealer group for the ability to work…True conflict of interest that is directly caused by ASIC’s poor legislation.”
Libertas has around 45 authorised representatives working under its AFSL.
Howarth, thanks for putting advisers in an even worse light than we already are. This gives the manipulated media just another reason to continue the witch hunt.
Your personal opinions should stay personal, only a fool would write the crap you wrote in the public arena.
Sell out and get out of the industry and do us all a favour.
Regardless of what anyone thinks, feels, etc, any professional with half a brain should know that any views of race, religion, politics, etc are all fraught with danger when publicly espoused and thus should be kept to oneself.
When emotional, I type emails to myself and re-read the next day in a more objective frame of mind and more often than not I delete them instead of sending them and am thankful I didnt send directly to the intended recipient in the first place!
Instead of Mr Howarth whingeing and complaining about how much he feels he has to pay in fees for the dealer group that authorizes him to act under their license, for as he put it, doing essentially nothing, perhaps he could go and get his own license. But you’d have to be adequately qualified and credible to do that and unfortunately, he does not sound like he might be. Never mind, there is always some dealer group out there who makes a living out of bundling up together a bunch of losers and charge them 30% to compensate them for the high risk to which they expose the dealer group. You ought to know that Mr Howarth…… Good luck to the next dealer group that takes you on.. they will need it…..
Steve, I’m assuming you (like me) have never been a victim of much in the way of discrimination.
Thankfully, yes, we have free speech. However, we are not able to remove ourselves from the consequences of our words.
It sounds like your life is so hard with the Linkedin problems and all, but seriously, suck it up big guy. Have you really got anything more than a first world problem where you want to be racist and not get called on it?
Steve – you are as out of touch as the man you are defending. Firstly – he hasn’t apologised, secondly – how do you think his comments were helping the debate? I apauld his DG for revoking his status and some time in the wilderness may teach him some manners.
I feel for this guy. He is now a victim of the PC police & every gutless PC pandering organisation bowing subservantly to political correctness. I thought we had freedom of speech now days? Obviously not with people & organisations frightened senseless by social media backlash. Welcome to this PC world where all that counts is your FALSE LinkedIn profile & PC correct views. We are turning into drones. Give the guy a break! What an opportunity for a dealer group to show tolerance or compassion after his apology has been written. We all make mistakes, it takes a big person to admit them & a bigger corporation to have the confidence to accept the apology & not give in to the lynch mob & LinkedIn buzz word crowd. Oh no! How is this comment going to reflect on my LinkedIn profile?! Oh dear! I better get my BS bingo quotes out.
Do I hear the sound of digging?