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Financial Planning

Former adviser hit with three-year ban

A former financial adviser that failed to consider his clients' best interests copped a three-year ban from the regulator.

Brisbane-based Nathan Smith was a representative for MyPlanner Professional Services and Total Financial Solutions Australia.

ASIC investigated Smith's conduct during his employment with the two licensees, finding he failed to do a number of basic procedural requirements. He began practicing as an adviser in 2010, working for other licensees.

ASIC found Smith failed to consider his clients' existing products when making recommendations to switch products and did not align recommended investment strategies with client risk profiles.

Smith failed to properly disclose costs in advice documents and the consequences of switching products.

He did not provide clients with fee disclosure statements within the 60-day statutory timeframe and failed to provide compliant renewal notices in relation to ongoing fee arrangements.

Smith has the right to appeal to the Administrative Appeals Tribunal to review ASIC's decision.

His banning has been recorded on ASIC's Financial Advisers Register.

Read more: ASICNathan SmithAdministrative Appeals TribunalFinancial Advisers RegisterMyPlanner Professional ServicesTotal Financial Solutions Australia