Embattled wealth management firm Dixon Advisory has filed for voluntary administration after its directors determined that mounting liabilities from class actions, settlements and regulatory penalties would leave the entity insolvent.

In a statement to the ASX on Wednesday, the firm’s parent company, E&P Financial Group, said PwC partners Stephen Longley and Craig Crosbie had been appointed as voluntary administrators to Dixon Advisory Superannuation Services, after the directors determined that “mounting actual and potential liabilities mean it is likely to become insolvent at some future time”.