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Custom Wealth Solutions enters receivership

Mid-tier non-institutional dealer group Custom Wealth Solutions has had external receivers appointed, allegedly following an unresolved business dispute between its directors.

According to ASIC documents, AFSL holder CWS has entered into receivership, with receiver managers John Morgan and Geoffrey Davis of BCR Advisory appointed to the company on 11 June.

Custom Wealth Solutions director Chris Appleyard confirmed to ifa that receivers have been appointed and that the licensee’s 60-plus authorised representatives have been informed.

“I am co-operating fully with ASIC and complying with all of the set policies and procedures,” Mr Appleyard said.

“This is not the result of any complaints received or allegations of inappropriate advice.”

A source close to Custom Wealth Solutions has told ifa the receivership follows a spat between the licensee’s directors which ultimately meant “the licence could not be salvaged”.