Non-bank licensee Sentinel Private Wealth will be placed into voluntary administration, with its authorised representatives given 30 days to find a new licensee.
Sentinel director and responsible manager Brad Gunn has confirmed to ifa that the dealer group will be terminated and that while it remains solvent currently, will be placed in voluntary administration.
The licensee entered an enforceable undertaking with ASIC in October 2017, but Mr Gunn said the decision to close the business was an economic one.
ifa understands the announcement was first made at an internal conference last week, with authorised representatives expected to make individual decisions about switching to a new licensee rather than moving collectively.
"We have been totally transparent with our advisers," Mr Gunn said. "We want to do the right thing by them."
He said the licensee currently has 28 advisers, having removed some from the AFSL in recent months following the regulatory intervention.
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