POWERED BY MOMENTUM MEDIA
Former adviser has assets frozen amid ASIC super fees investigation
ASIC has commenced “urgent proceedings” in the Federal Court of a former Sydney financial adviser regarding fees charged to clients' superannuation.
These are against David Valvo and the company Your Financial Freedom as ASIC is investigating the financial services provided by David Valvo and Your Financial Freedom during the period 1 January 2015 to 21 September 2021, regarding fees charged to client superannuation funds.
Valvo is the sole director and shareholder in Your Financial Freedom.
On the same day (5 July), the Federal Court made orders freezing the assets of Valvo and the company, restrained him from leaving Australia and required him to surrender his passport.
According to the Financial Advisers Register, Valvo was authorised by Nextgen Financial Group at the time of the alleged action. He previously worked at Insignia Platforms from December 2007 to September 2013.
It also noted he had failed to complete the relevant CPD for 2019 and 2020.
As well as his work as a financial planner, Valvo also works as a comedian, voiceover artist and impersonator at events in Sydney.
The orders were varied on 7 July and 4 August 2023 with Valvo’s consent.
The matter is listed for a case management hearing on 29 September 2023.
ASIC’s investigation is continuing.
AUTHOR
Laura Dew
Laura Dew is editor at Super Review. Prior to joining SR, she spent five years working at Investment Week in the UK covering asset and wealth management.
Recommended for you
The future of superannuation policy remains uncertain, with further reforms potentially on the horizon as the Albanese government seeks to curb the use of superannuation as a bequest vehicle.
Superannuation funds will have two options for charging fees for the advice provided by the new class of adviser.
The proposed reforms have been described as a key step towards delivering better products and retirement experiences for members, with many noting financial advice remains the “urgent missing piece” of the puzzle.
APRA’s latest data has revealed that superannuation funds spent $1.3 billion on advice fees, with the vast majority sent to external financial advisers.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
90.28 3 y p.a(%)
2
GAM LSA Private Shares AU I
37.08 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.44 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
31.12 3 y p.a(%)
5
Global X GlobalX FANG+ ETF
28.28 3 y p.a(%)
