The parent company of Professional Investment Services (PIS) has cut ties with Robbie Bennetts.
News of the founder and former chief executive's departure was announced to staff earlier today.
Calls to the Queensland office of Australia's second largest dealer group where Bennetts is based were not immediately returned, however, an unnamed staffer confirmed he would soon leave the group.
Unconfirmed reports speculate the dealer group's parent, Centrepoint Alliance (Centrepoint), made the decision to release Bennetts due to the dealer group's enforceable undertaking agreement with ASIC.
Last month, PIS group managing director Grahame Evans said the dealer group had cut close to 300 financial adviser and staff positions in the last 12 to 18 months as part of the group's push for stronger compliance measures.
At the time, Evans said the dealer group reduced headcounts of about "250 to 300" across its network, the majority of this figure made up of advisers.
Centrepoint purchased PIS in December last year.
