Having announced its interest in commencing an action against the bank and licensee Financial Wisdom in May, the litigation specialist law firm has announced it has received sufficient response from prospective class members for the suit to go ahead.
In a statement issued yesterday, Shine solicitor Sasha Ivanstoff said the action will allege that as many as 3,000 clients of former Financial Wisdom authorised representative Meridian Wealth received “inappropriate advice” and are seeking collective redress to the tune of more than $200 million.
“We have been contacted by a group of Australians who suffered loss at the hands of rouge financial planners employed by Financial Wisdom and its subsidiary Meridian Wealth,” Mr Ivantsoff said.
“The number of people who have come forward and the losses we are seeing has confirmed the need for Shine to push ahead with the action on behalf of those affected.”
The announcement follows the revelation by InvestorDaily's sister title, ifa, that one former authorised representative of the beleaguered Financial Wisdom licensee has jumped ship to a non-aligned financial planning group.
Shartru Wealth – the financial advice arm of boutique investment manager Shartru Capital – has been successful in recruiting Brisbane-based financial planning firm Ethical Financial Advice to its growing network.
Shartru Wealth chief executive Rob Coyte said the acquisition reflects the growing disgruntlement of institutionally-aligned financial planners and the appeal of a “non-conflicted” advice provision philosophy.
