The advisors who participate in the "grow your wealth" network are required to meet strict compliance requirements. It not met, a variety of bodies may take action to redress losses suffered by clients. The advisors also maintain professional standards of ethics and best practice expected by bodies such as the Financial Planning Association. As a general practice, Internal Audit programs especially for financial planners associated with larger practices, keep standards high.
ASIC has been active recently demonstrating their willingness to pursue those operating outside legal frameworks - none of whom participate in this service.
For example, ASIC recently banned an advisor from practice for 18 months for a variety of failings including
• Recommendations not appropriate given the clients personal circumstances.
• Misleading statements about a client’s existing policies and fees for the advisor should the advice to change policies be accepted.
• No details of advisor remuneration or other benefits receivable by the client or the licensee.
We are confident in the quality & compliance programmes of the advisors we recommend. If you have any doubt, you are always entitled to ask advisors about qualifications, experience, membership of professional bodies, codes of ethics and how work is audited.