Adviser stripped of AFSL he claimed he didn't hold

ASIC has ceased the Australian financial services licence (AFSL) of a New South Wales financial adviser after he failed to comply with licensee obligations, including payment to statutory levies.

Kyle Clifford Frost's AFSL cancellation took effect on 15 October 2026.

ASIC found Frost had failed to comply with several obligations imposed on AFSLs, including those related to cooperation with the Australian Financial Complaints Authority (AFCA). These obligations included financial reporting, payment of statutory levies and regulatory reporting requirements.

Frost began his financial services career as an assistant at Robson Partners in Gosford, NSW, in 2013, and served in similar roles at Smythe Financial Management and Minchin Moore Private Wealth Advisers before founding his practice, Millennial Independent Advice, in 2018.

In the frequently asked questions section of his website, Frost noted he is not a financial adviser and does not hold an AFSL.

"I'm not a financial adviser. I don't hold an Australian financial services licence and I'm not an authorised representative, so I don't recommend or give opinions on financial products such as super, shares, ETFs, managed funds or insurance," the website noted.

"What I do is build detailed models of the decisions you're weighing up, so you can see the numbers clearly and decide for yourself, or take them to a licensed financial adviser if you'd like product advice."

However, several options on offer for potential clients are still visible at the time of writing, including a one-hour consultation which will set clients back $110 per session, as well as a $3300 plan for more complex strategic guidance.

Frost has the right to apply to the Administrative Review Tribunal for a review, ASIC said.

ASIC may suspend or cancel an AFS licence under section 915C of the Corporations Act 2001 where a licensee fails to comply with its obligations under the Act or certain statutory grounds are established.

Financial Standard notes Clifford made updates to his website since ASIC announced the cancellation.

A previous version of the 'about' section on his website from June this year stated: "I am the owner of Millennial Independent Advice and maybe your financial adviser".

As at the time of writing this has been changed to: "I'm the owner of Millennial Independent Advice and maybe your new money nerd".