ASIC acts against another former FSGA adviser

An adviser that ASIC said was experienced enough to know better than to advise clients to invest in Shield and First Guardian has been banned for five years.

Shane Monte Silva failed to act in certain clients' best interests when he told them to switch their super so they could invest in the now collapsed schemes, ASIC said.

While working at AS Financial Planning, Monte Silva was an authorised representative of Financial Services Group Australia and, between July and August 2023, he recommended five clients roll their super over to invest in specific managed investment schemes, including Shield and First Guardian.

Upon reviewing the advice provided, ASIC said an adviser of Monte Silva's experience should have been aware he was not acting in the clients' best interests when he provided Statements of Advice that included misleading statements and recommended placing entire superannuation balances into high-risk products.

It said this was particularly the case where the fact find had been done by an unlicensed third party, the SOA was prepared by a paraplanner, and where he had only met the client once during a meeting between them and the third party referrer.

He first provided advice in 2010 and was authorised by Commonwealth Financial Planning for about 10 years until December 2021 before moving to Count for less than a year. He then joined Priority1 Wealth Management Group for about six months prior to Financial Services Group Australia.

After leaving Financial Services Group Australia, Monte Silva was running his own firm Gem Wealth Advisory, licensed through Centrepoint Alliance, from March to December of 2025. He still works here as a mortgage broker.

The ban was actually handed down in December, but Monte Silva had made a stay and confidentiality application. The stay has been withdrawn, and the confidentiality application was dismissed, ASIC said.

Monte Silva has also applied to the Administrative Review Tribunal for a review of the decision.