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News in Brief

  • Former NAB Adviser Charged With Fraud
  • Lack of Funds Keeping Consumers From Advice
  • FPA Launches Financial Planning Week

Former NAB Adviser Charged With Fraud

A former National Australia Bank adviser, who was banned for seven years, has appeared in court on two charges of forging financial planning documents.

Shane Thompson, of New Gisborne, Victoria, appeared in the Bendigo Magistrates’ Court on 31 July 2017 on the charges bought by ASIC.

The regulator alleged that between 27 December 2012 and 1 March 2013, Thompson completed 22 false client change of adviser forms and submitted them to MLC Ltd to transfer National Australia Bank (NAB) clients to his personal financial planning client list.

ASIC also alleged that Thompson forged client signatures on each form and undertook the transfer process without his clients’ knowledge or authorisation so he could receive additional financial planning remuneration from his employer, the NAB.

The Commonwealth Director of Public Prosecutions (CDPP) is prosecuting the matter and the matter was adjourned for a plea hearing in the Melbourne Magistrates Court on 26 October 2017.

 

Lack of Funds Keeping Consumers From Advice

Consumers have listed insufficient funds or uncomplicated financial needs as key reasons they have not seen a financial adviser, according to the most recent MLC Wealth Sentiment Survey.

The survey, released by NAB and covering the views of 2000 consumers during the first quarter of 2017, found the key drivers that would move people to see a financial adviser would be if they had more to invest, if they thought they would benefit from the advice, if the advice was cheaper and if there needs were more complicated.

The survey also found that only one in four people had received professional advice in the last five years and the but that figure climbed the closer survey respondents got to retirement with 40% of retirees in the survey indicated they had received advice in that time period.

 

FPA Launches Financial Planning Week

The FPA will hold its 17th annual Financial Planning Week later this month using the theme of “Live the Dream”, tied into national consumer research that includes data quantifying a link between our nation’s happiness, and having a financial plan.

The report has been prepared in conjunction with McCrindle Research and will be accompanied by a series of real-life video stories, infographics, media materials to promote the benefits of advice and life the profile of the profession.

The report will be publicly available from www.moneyandlife.com.au/livethedream from the start of Financial Planning Week, which runs from 21-27 August.