The corporate regulator has found that Trent Allan and Fabrizio Urrutia, who were authorised representatives of Financial Masterplan from 24 June 2016 until 25 May this year, had not complied with financial services laws.
ASIC also has reason to believe both men are not adequately trained or competent to provide financial services.
Mr Allan and Mr Urrutia were involved in the activities of Vision Wealth (a corporate authorised representative of Financial Masterplan) and used a website run by the group used to attract clients by helping them find their lost super through the ATO’s free service.
ASIC claim that Mr Allan and Mr Urrutia provided advice without a thorough investigation of the clients’ needs and objectives or in many cases did not make “adequate” inquiries about their clients’ existing superannuation and insurance products.
Both advisers were found to have failed to act in the best interests of their clients and that the advice documents were “materially misleading”.
Wow the comments on here are suprising. Pretty obvious these advisers are lazy and incompetent at best, at worst belong in jail! Misleading clients with the ATO free super search, rollover super to whoever and charge $4k for the service! Better out of the industry
“ASIC also has reason to believe both men are not adequately trained”
Facts no longer required people.
Think about what is happening here.
This is Outrageous!! They should have acted like Union, I mean Industry super funds do and considered all the consequences of rolling over the funds with fully qualified staff without the use of bombarding advertising, oh wait….
Ah. So they were doing what the union industry funds do. Rolling over without checking appropriateness, enticing with false advertising and getting remunerated to do so.
Yes I can see why ASIC would so concerned about the damage this small group could do to consumers compared to the millions affected by union industry funds. Adviser levy money well spent, i am sure we’d all love to pay at least another 50% higher on next year’s levy just to ensure that you catch such bad criminals, ASIC.
I wonder how ASIC would have seen this situation if the clients of these advisers had actually received payouts for the insurance they took out with these advisers? Seems to me that ASIC view advice given as never actually getting to claim stage and that its just an adviser getting commission for premiums paid by clients.
Who’s BEST INTEREST is a payout in ASIC? The advisers who receives didley-squat or the client and/or their family?
Did they pass their ethics exam??