Mr Soleiman was an authorised representative of Apogee Financial Planning during the period June 2013 to February 2018.
According to ASIC, clients of Mr Soleiman approached him for advice about establishing self-managed superannuation funds (SMSFs) for the purposes of either investing into property or property development companies. The regulator said Mr Soleiman had a conflict of interest because his clients were looking to invest through his brothers who were in the property development business.
Mr Soleiman referred his clients to an SMSF administration business to facilitate the establishment of their SMSFs without providing advice. He then provided advice to rollover their existing super funds into their recently established SMSFs.
In respect of advice provided to four clients, ASIC found Mr Soleiman failed to prioritise his clients’ interests and failed to act in the best interests of his clients because he did not scope the advice to be consistent with his clients’ circumstances and subject matter of advice sought; failed to make reasonable inquiries to obtain complete and accurate information about his clients’ relevant circumstances; did not address how an SMSF property investment strategy would meet his clients’ retirement objectives; focused the advice to his clients on rolling over to SMSFs without adequately considering alternative options, such as whether his clients would be better off retaining their existing super funds; failed to adequately consider and provide information about significant risks and consequences when recommending his clients rollover their existing super funds to SMSFs for the purpose of investing into property; and was told by his licensee that he did not have the required expertise to advise on SMSFs generally, but still proceeded to provide SMSF advice to his clients.
“It is essential that before consumers commit to a significant decision to establish an SMSF, that they have access to quality advice that is tailored to their personal circumstances,” ASIC commissioner Danielle Press.
Mr Soleiman’s banning is recorded on ASIC’s register of financial advisers.
In addition to an authorised representative of Apogee, Mr Soleiman was the sole director of W C R S Nominees (trading as Wealth Protection Solutions), a corporate authorised representative of Apogee during the same period.
Mr Soleiman was most recently an authorised representative of Infocus Securities Australia.
Well done ASIC, another minow. How about chasing the big banks and AMP now? Or are they a protected cartel
I’m still waiting for a corporate exec casualty… oops.. just too easy to keep hitting the small planners with a big stick
Press is reporting that Dover and Terry McMaster have lost their case in the Federal Court against ASIC. Judgement handed down this afternoon. https://twitter.com/danziffer?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor
THIS SHOULD BE TITLED:
APOGEE ISSUES AUTHORITY TO AN ADVISER NOT QUALIFIED TO GIVE ADVICE IN SUPERANNUATION
AND THEN
ADVISOR BANNED FOR:
FAILING TO PROVIDE ADVICE HE WAS NOT QUALIFIED TO GIVE TO CLIENTS REFERRED TO HIM FOR LIFE INSURANCE BUSINESS
FAILING TO RECORD SMSF TRANSACTION AS EXECUTION ONLY INSTEAD REFERRED TO A SUPERANNUATION INDUSTRY EXPERT
Nice heading. Not much room for the details.
Yeah, yeah we’re all thinking the same thing no doubt.
Apart from that, good job to the Apogee PDM building the Adviser numbers and the Advice Coach.
This is nothing unlicensed Accountants do…. Will ASIC target them too?
If I was one of these advisers I’d just be walking through the front door of asic to hand myself in… Why both continuing anymore in the hope the past won’t get you.
Won’t matter how much you’ve tried to fix your issues they will still bring you down.
Only six years? Should be forever if the facts are correct.
Chris.Emphasis is on – if fact are right!
They arent!
Coming from the guy who’s not even licensed? lol and with Libertas previously no less… I’d expect a knock on your door soon if your files aren’t air tight.