Aon Hewitt Financial Advice has stepped in to service around 700 clients of former authorised representative Moneywise Wealth Management Pty Ltd, after it went into receivership last month.
On 12 January, Ferrier Hodgson representatives Brendan Richards and Morgan Kelly were appointed to the Wollongong-based financial planning group after it defaulted on its banking facilities with National Australia Bank, a Ferrier Hodgson spokesperson said.
"The receivers and managers of [Moneywise] are now responsible for the management of all of the property of [Moneywise], including its clients," Ferrier Hodgson said in a statement.
"While clients were formerly serviced by [Moneywise] under a licence agreement with Aon Hewitt Financial Advice Limited, this agreement has since been terminated, resulting in Aon becoming responsible for servicing all clients."
Ferrier Hodgson representatives had worked closely with Aon since the date of their appointment, and "will continue to do so", the spokesperson said.
In a letter to Moneywise clients, Aon Hewitt Financial Advice said as a result of going into receivership, the authorised representative status of Moneywise Wealth Management Pty Ltd and David McNeice were terminated.
An Aon spokesperson said the company was fulfilling its obligations to Moneywise clients.
"Our responsibility is to all the clients of Moneywise," the spokesperson told InvestorDaily.
Aon has set up a dedicated email and support line for any Moneywise client enquiries.
