Beacon’s managing director Peter Daly told ifa this morning that he had planned a JV with National Financial Advice Alliance (NFAA), which went into liquidation last month.
“Yes, we had planned a JV,” Mr Daly admitted in an email to ifa.
Documents seen by ifa show NFAA owes $450,000 to Linchpin Capital.
Mr Daly also confirmed that the Beacon conference in Adelaide next month is still on and that he will be attending. TAL and IOOF are sponsoring the event.
His comments come after Beacon advisers told ifa they are fearful of switching dealer groups after seeing how their fellow advisers who have exited were poorly treated.
“Exiting advisers have been victims of false allegations, ASIC complaints, FOS complaints and general slander against their good names,” said one source.
However, Mr Daly has rejected these claims, telling ifa that “no advisers have been mistreated. Advisers can leave the group without fear of retribution”.
Yes, I am sure that the train is coming, but with so many facts on the table, why isn’t the police car coming in first???
I worked for a large financial institution that looked at buying AFS. One round of due diligence and we ran for the door. One of Peter Daly’s request was a certain size office in our head office. We took him on a tour of our office and showed him the CEO’s desk in an open plan floor space. He still insisted on a large office. A more pompous person I haven’t met.
Why is this matter not before the Financial Services Royal Commission ?
The Beacon advisers are in more trouble than they know.
The Beacon AFSLs’ professional indemnity insurance policy will not cover this sort of behaviour by their shareholders.
And the Beacon group obviously does not have any money.
And as always the advisers are primarily liable to their clients; but in this case the advisers cannot rely on the statutory or the general law agency to shift that primary liability to the AFSL.
In summary, they are stuffed. If their clients lose money FOS will, rightly, not hesitate to order compensation for the lost capital plus the promised 8% plus costs.
With no insurance back up.
The train is coming… destined to be a wreck with many fatalities (unfortunately).
If you are interested in the facts, check out this story that appeared this morning –
http://mobile.abc.net.au/news/2018-09-21/financial-advice-company-linchpin-lied-to-asic-document-suggests/10287240?pfmredir=sm
Peter Daly’s track record with licensees speaks for itself – I scratch my head in wonder how people like this still get roles – may be that is why we have an RC…………
Poor decision by TAL and IOOF how could u put your hands in your pocket and fork out $$$ for this group, fish rots from the head they say, i would be suing if I was an adviser attached to this group , man this is a disgrace !!
Beacon Group are releasing Advisers but then making it near impossible to get their clients for up to 90 days for no reason, just ask my wife, her best friend nearly went broke trying to get out of that mess
Wow, I can’t believe people still trust Peter Daly, he’s the perfect example of why this industry is under scrutiny.
I am thinking of that phone call between Rod Tidwell and Jerry Maguire. There are valid reasons why someone might yell at you to show them the money.
Really people?
if you are so sure of the facts why do you hide behind “anonymous”?
Your comments might have more weight if you provided your name.
Otherwise it simply looks like opportunistic sniping for some past perceived injury or insult.
Whilst you have to think Beacon crossed a line, the actual loss incurred by investors is yet to be demonstrated from what i have been presented with. An 8% p.a. interest rate offering is hardly low risk.
Hey Michael some people do not need to self promote
Hey Genius,
Read the submissions and more importantly the admissions by the directors when interviewed ?
They own up to foul play and for the greater unwashed they loaned millions to the entities and mislead the auditors deliberately to evade prosecution, why do we need to reveal our names when there is only room for 4 rockstars in the room and they are the directors.
Mr Pinn this is a story worth following, have a look at the permanent damage they will cause the industry.
The IFA space and for all of us is now deeply prejudiced.
Apparently this is the 3rd company ruined by the faceless man with a South African accent.
Well Michael, if you are so brave I am sure you can offer to personally guarantee that no Beacon clients will be out of pocket on this fiasco. You will not be concerned about the Ponzi smell and, knowing Mr Daly’s background and financial strength, you will be supremely confident no one will lose a cent.
If Beacon businesses are falling over for want of a meagre $400,000 you can be sure it’s the poor clients who will lose their money.
What financial planner who owns their own business would stay and remain with a licensee / director and responsible manager who has acted improperly, let alone who has mislead the agents and their clients. why would you stay at a group that is exposed to such potential criminal behaviour. Part A of the fsg is about the licensee, how are you going to explain the directors exposure, resp managers exposure and fund mismanagement to your clients. After all the directors and resp managers are the same people of the fund and the dealer group.
Leave
If TAL and IOOF has any brains, they would be getting the hell away from beacon. #sinkingship
No advisers have been mistreated BUT all clients have been mistreated. What a disgraceful situation. How can anyone be a member of the Allied Idiots Of Financial Planning.
Says the person who mistreated client’s funds!….and why should anyone believe this person? unfit for office…How many collapsed businesses has Daly been involved with now?
Another habitual lie
The rest will come out very soon. This guy could not lie straight in bed.
Clearly by his own admissions under a section 19 he is not a fit and proper person to be a director or responsible manager