Slater & Gordon is investigating compensation claims
on behalf of investors who received
financial advice from Commonwealth Financial Planning and Financial
Wisdom, subsidiaries of the Commonwealth Bank of Australia.
Slater & Gordon has extensive experience in acting for people
who have suffered loss as a result of poor financial advice. Below
is a recent example of a professional negligence case run by Slater
Slater & Gordon acted for a client who had a protracted
dispute with her financial advisor. The client had previously
engaged other solicitors who had been unable to resolve the
The client approached the financial advisor for advice following
the sale of her small business, which she had worked to build up
over many years. The proceeds of the sale represented her
'nest-egg' for retirement. As our client was very concerned
to protect the funds, she sought the advice of a financial advisor
on how best to invest them.
Our client had told the financial advisor that she wanted a
reliable and stable income during retirement. She said she
didn't want the money being put into high risk investments and
that she wanted to be able to access the funds in an emergency. She
was uncomfortable with borrowing money to invest.
The investments that were recommended did not meet these
objectives. The financial planner put our client into investments
that were risky and were not able to be easily accessed. Further,
the financial adviser failed to properly explain the risks
associated with the investment strategy.
A number of the investments recommended preformed very poorly.
Some investments were frozen. This placed our client's plans
for retirement in serious jeopardy. Our client did not know that
her money had been invested into risky products by their advisor.
By the time that she realised her investments were in danger, it
was already too late – significant losses had been
As a result of the settlement negotiated by Slater & Gordon,
our client is now enjoying a financially secure retirement.
People wishing to obtain independent advice regarding
their claims against Commonwealth Financial Planning and Financial
Wisdom or seeking further information about our investigation
us as soon as possible.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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In the years following the global financial crisis of 2008 many Australian investors lost their life savings as financial products failed and the Australian Stock Exchange shed over 3,000 points.
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