Licensee balance sheets threatened by CSLR
Poor advice delivered by a single adviser to high net worth (HNW) clients could end up seriously impacting and threatening the balance sheets of financial advice licensees, according to a licensee panel.
Clime Investment Management chief executive, Annick Donat told Financial Newswire’s Platforms, Wraps and Advice Technology Conference in the Hunter Valley today that she held serious concerns about the implications of the Compensation Scheme of Last Resort.
Speaking on a panel alongside Infocus Wealth Management chief executive, Darren Steinhardt and AdviceIQ general manager, Paul Harding-Davis, Donat said that, as currently structured, the CSLR had serious implications for the advice licensees who were expected to fund the regime.
“It would only take on adviser dealing with HNW clients and working for a micro-licensee to generate those problems in terms of funding the compensation bill,” she told Financial Newswire.
It's entertaining watching people who didn't care at toss about equity when advisers copped it, but now they're facing the…
Besides AI has made these "Research Houses" obsolete. Go use Grok or Gemini.
Only took six months
No way would I pay for the rubbish that comes out of so called rating and research houses. Paying someone…
And people wonder why advisers are leaving the industry (or just getting out of providing any form of personal advice…