Gold Coast advisers hit with 5-year bans

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”.

Neil Griffiths

Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily.

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Neil is also the host of the ifa show podcast.