Last night’s ABC Four Corners programme “Banking Bad” aired details regarding the activities of banned FPA member Mr Rollo Sherriff.

Last night’s story was a follow-up a Fairfax Media’s weekend report (“Rollo Sherriff and Meridien Wealth: How a rock-solid institution backed impenitent maverick”.)

It is on the record that the Financial Planning Association of Australia (FPA) took disciplinary action against Mr Sherriff as early as 2004. Mr Sherriff’s membership to the FPA was suspended a decade ago.

In addition to this disciplinary action, Mr Sherriff was terminated as a member of the FPA well over four years ago.
Mr Sherriff is listed on the FPA’s consumer website as a banned member in accordance with section 16.1 of the FPA professional constitution.

At the time of writing Mr Sherriff does not appear on the ASIC website as a banned or disqualified person. The FPA believes this case serves to demonstrate the strong need for legislation to formally differentiate between professional advice and non-professional product sales.

The FPA calls again on legislators to heed this vital message: the time has come to support the minimum consumer protection standards within FoFA, by enshrining the terms financial planner and financial adviser in law for the protection of all Australians and their life savings.

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Meridien Wealth has been in operation for more than 15 years and is headquartered inCairns, with satellite offices in Sydney and Melbourne. 

The Firm was purchased by former fund manager, David Adiseshan and became a Corporate Authorised Representative of Premium on 25 June 2012. 

Premium CEO, Paul Harding-Davis, said Premium had recently announced a number of new initiatives for the Group and that the recruitment was representative of the strong demand for the Premium dealer group model.  

“We recently announced that we have formed an alliance with The Emerald Club toprovide licencee and dealer group support for members.  

“Additionally, we have developed a new succession planning policy that we believe sets us apart from other dealer groups and removes one of the main barriers to small firms groups remainingnon-institutionally owned.  

“These initiatives are important steps in running a dealer group that delivers real value to its adviser members.  If our members have the right support structures in place, they can focus on delivering a highly-valued and professional level of service; and not simply become part of the product-distribution focused world of institutionally owned planning firms.” 

Mr Adiseshan was previously Chief Investment Officer of Balmain Corporation, an Australian commercial mortgage originator and fund manager. He has also held senior roles in institutional funds management with Lend Lease and Rothschild and was Managing Director of Massachusetts Financial Services in Australia. 

Meridien Wealth MD, David Adiseshan, said; “Businesses focusing on providing quality advice in challenging markets require Licensees capable of evolving with them.  Advice business models are evolving in response to changed investor circumstances and a bolstered regulatory environment.  We believe selecting a capable Licensee partner is as important as selecting one independent from the big 4 Australian banks.”

 1 August 2012

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