Financial planners urged to contact Ombudsman

The financial planning sector has been in a state of flux since the banking royal commission.

Recent media reports regarding AMP Financial Planning’s restructure of its business, have revealed what some financial planners being exited from their small businesses are going through.

My office has received dozens of requests for assistance from small business financial planners across a number of licensors, many of whom say they are facing financial ruin.

Small business owners are reporting they are bearing the brunt of brutal restructures at the hands of their licensors.

They are telling us that licensors’ handling of matters has not been transparent or equitable.

That’s why we want to hear from financial planners impacted by recent changes to the financial planning sector.

We are concerned about a number of behaviours that may include:

·       the conduct of lookback audits

·       licensors shifting responsibility for client compensation payments to planners

·       short notice periods provided to licencees exiting the business

·       restraint of trade provisions.

Any small or family business in the financial planning space is encouraged to share their story via [email protected] or submit a request for assistance using our Online Form.

Feedback is also welcome via ASBFEO’s stakeholder engagement platform Mindhive.