Australian Securities and Investments Commission (ASIC) permanently bans former financial adviser with Spectrum Wealth, Jane Elizabeth Myers. The action follows a period when Myers was authorized to represent Spectrum Wealth Advisers Pty Ltd between October 2013 and March 2017.
Myers claimed to only facilitate the establishment of self-managed superannuation funds (SMSFs) for her clients. However, surveillance on Myers found uncovered that Myers gave her clients financial product advice recommending they establish SMSFs and abandon their existing superannuation for SMSFs. Myers failed to identify her clients’ circumstances and consider whether SMSFs would suit her clients’ needs. She also failed to inform her clients of associate costs and provide them with statements of advice. In doing so, ASIC found that Myers did not act in the best interest of her clients.