A number of financial planning firms will not hire ex-Storm Financial staff until ASIC and the FPA conclude their investigations of the failed dealer group.
ABN AMRO Morgans Townsville (AAMT) turned away one adviser and two administration staff from Storm.
“We rejected their applications firstly because we don’t have the work for them at the present time,” AAMT branch manager Jason Fittler told InvestorDaily.
“Secondly, we want to see the outcome of the Storm investigation and whether the FPA and regulators will take action against any of these advisers.”
But Fittler has not ruled out hiring ex-Storm advisers in the future as long as they are cleared in the investigations.
Bridges Financial Services Townsville branch manager Gary Hayman and PIS managing director Grahame Evans shared Fittler’s view, although they have not received resumes from ex-Storm staff.
Several former Storm advisers have approached AMP Financial Planning about opportunities in Queensland, but AMP believes it would be inappropriate to consider offering them any roles, an AMP spokesperson said.
The decision was not influenced by the investigations by ASIC and the FPA, she said.
Dealer group Infocus Money Management hired five ex-Storm advisers, InvestorDaily reported on 9 February.
Administrators and receivers were appointed to Storm last month and all 115 staff were dismissed.
